Carlsbad Real Estate Update

Located just north of Encinitas, Carlsbad is a midsized city housing 107,000 residents. This beachside community, also known as the “village by the sea,” was named one of the most desirable places to live in America by Money Magazine. The city covers 42.8 square miles, 40 percent of which is dedicated to open space, including three lagoons, miles of hiking trails and nearly seven miles of coastline. The annual median household income in Carlsbad is $72,802. Regardless of its popularity, Carlsbad Real Estate has seen a decline in the real estate market over the past few years. While home values plummeted early in the year, the number of sales diminished as well.

 

Currently there are 463 Carlsbad, CA homes for sale with an average listing price of $1,045,481. From January to August of 2009 there were 5,605 active homes on the market with 1,089 of them being new listings. During the same period of this year, there were 5,457 homes for sale, with 1,375 new listings over the eight month period. In August 2009, there were 90 homes sold in Carlsbad, with a median sales price of $631,833. The average listing price during this time was $729,889. In August 2010, there was slightly less homes sold in the area. A total of 80 homes were sold with a median sales price of $694,812 and an average listing price of $733,138. These figures tell us that the local real estate market in Carlsbad has been mostly consistent over the past few years with little variation. While we have seen home values drop since the height of the market and sales decrease, the market seems to be stabilizing in the area.

 

La Jolla is another great buyers market. Click on La Jolla Luxury Homes to find out more.

 

Mortgage rates in San Diego County have managed to remain below the national average over the past few months, a good sign for the local real estate market. As of October 11^th, 2010 a 15 year fixed mortgage rate is 4.003%, 30 year fixed is 4.480%, and a 40 year fixed is 4.665%.These rates have helped generate activity in the real estate market, and are expected to stay low through out the rest of the year. However, mortgage rates tend to fluctuate on a daily basis and depend on the qualification of each applicant. If you are thinking of buying or refinancing in Carlsbad, now would be a great time to look into it and take advantage of these rates.

 

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Encinitas Real Estate Update

Encinitas is located in North County San Diego between Cardiff-By-The Sea and Carlsbad. The city can be divided into several different areas: Old Encinitas, a small beachside community that has both business and residential sections; New Encinitas, which has a golf courses, tract homes, and shopping centers; Olivenhain, a rural region with mostly single family homes; and Luecadia, an older area which features a lot of art galleries, shopping, restaurants, and some residential areas. Encinitas offers an intriguing mix of old and new, rustic and modern, with gorgeous beach views and fantastic weather. Despite all the sunshine, beaches, and wonderful neighborhoods, residents of Encinitas, like many other markets, Encinitas Real Estate has also seen the effects of the recession on their local real estate market.

 

Currently there are 172 Encinitas homes for sale with an average listing price of $1,458,674. From January to August 2009, there were 2,581 homes listed, 527 of them being new listings over the period. From the same period of 2010, there were 2,553 active listings with 560 of them new. In August 2010 there were 40 homes sold in the area with the median sale price at $379,000. During this period the average listing price was $920,764. This tells us that most of the transactions took place on the lower end of home prices. In August 2009, there was a significantly less amount of home sales in Encinitas. The total number of homes sold during this time was only 29, with a median sales price of $1,150,000. During this month, the average listing price was $1,079,842. These figures tell us that in August 2009, there was much more activity in the high range pricing than this year, but a less number of transactions that we have had this year.

 

With mortgage rates at record lows, it is a great opportunity for potential homebuyers to save in the purchase of their new home, and homeowners to refinance. As of October 11^th, 2010 in San Diego County a 15 year fixed mortgage rate is 4.003%, 30 year fixed is 4.480%, and a 40 year fixed is 4.665%. These rates have helped generate activity in the San Diego real estate market over the past three quarters this year, and are expected to stay low through the rest of the year. However, mortgage rates tend to fluctuate on a daily basis and depend on the qualification of each applicant. If you are thinking of buying or refinancing, now would be a great time to look into Encinitas Condos, La Jolla Condos, Carlsbad condos, Del Mar Condos, and Solana Beach Condos.

Carmel Valley Real Estate Update

Carmel Valley is a beautiful community located in the upper northwestern area of San Diego County. One of the newer communities in San Diego, Carmel Valley is a master-planned community that was formed by the city of San Diego in 1975, but construction in the area didn’t start until 1983. Originally just a small area, the community of Carmel Valley has grown substantially recently. The community now fills the entire 92130 zip code. Carmel Valley’s current population is 42,047 and the median household income equals $120,886. The community is conveniently located near the beaches, and has a fabulous climate.

 

Like many neighborhoods around the country, Carmel Valley real estate was hit hard by the recent recession. Home values plummeted however, only 7 foreclosed homes came on the market from January to September of 2009 in Carmel Valley. The average listing price at the time was $2,380,285. In September of 2009, the number of Carmel Valley homes for sale was 79. Homes were sold in the area after spending an average of 411 days on the market. From January through September 2010, 249 homes came on the market with an average listing price of $1,107,157, and spending 72 days on the market. This year in September 2010, 55 homes sold in Carmel Valley, a 1.43% decrease from the same month last year.

 

As of October 6, 2010, there are 271 active listings and 12 foreclosures on the Multiple Listing Service in Carmel Valley. The average listing price is $917,813 and the median sales price is $651,930, up 8.7% from last year. Earlier in the year, the real estate market was seeing more activity in the lower range pricing, but this increase in the median sale prices tells us the mid to high range pricing are starting to see more movement. Over the past 9 months there have been 488 homes sold in the 92130 zip code. While the number of homes sold decreased from September 2009 to September 2010 from 79 to 55, the price of the homes sold has increased tremendously.

 

The continual decrease in mortgage rates throughout the country, and San Diego County has also played a significant factor in the rehabilitation of the San Diego real estate market. Lower rates are attracting buyers, and help to generate more activity. Currently in San Diego County a 15 year fixed mortgage rate is 4.016%, and 30 year fixed mortgage rate is 4.499%, and a 40 year fixed mortgage rate is 4.684%. While rates are slightly higher than last week, San Diego County has managed to stay lower than the national average in recent months.

 

Keywords: Carmel Valley real estate, Carmel Valley homes for sale, San Diego real estate

 

Carmel Valley Real Estate Update

Carmel Valley is a beautiful community located in the upper northwestern area of San Diego County. One of the newer communities in San Diego, Carmel Valley is a master-planned community that was formed by the city of San Diego in 1975, but construction in the area didn’t start until 1983. Originally just a small area, the community of Carmel Valley has grown substantially recently. The community now fills the entire 92130 zip code. Carmel Valley’s current population is 42,047 and the median household income equals $120,886. The community is conveniently located near the beaches, and has a fabulous climate.

Like many neighborhoods around the country, Carmel Valley real estate was hit hard by the recent recession. Home values plummeted however, only 7 foreclosed homes came on the market from January to September of 2009 in Carmel Valley. The average listing price at the time was $2,380,285. In September of 2009, the number of Carmel Valley homes for sale was 79. Homes were sold in the area after spending an average of 411 days on the market. From January through September 2010, 249 homes came on the market with an average listing price of $1,107,157, and spending 72 days on the market. This year in September 2010, 55 homes sold in Carmel Valley, a 1.43% decrease from the same month last year.

As of October 6, 2010, there are 271 active listings and 12 foreclosures on the Multiple Listing Service in Carmel Valley. The average listing price is $917,813 and the median sales price is $651,930, up 8.7% from last year. Earlier in the year, the real estate market was seeing more activity in the lower range pricing, but this increase in the median sale prices tells us the mid to high range pricing are starting to see more movement. Over the past 9 months there have been 488 homes sold in the 92130 zip code. While the number of homes sold decreased from September 2009 to September 2010 from 79 to 55, the price of the homes sold has increased tremendously.

The continual decrease in mortgage rates throughout the country, and San Diego County has also played a significant factor in the rehabilitation of the San Diego real estate market. Lower rates are attracting buyers, and help to generate more activity. Currently in San Diego County a 15 year fixed mortgage rate is 4.016%, and 30 year fixed mortgage rate is 4.499%, and a 40 year fixed mortgage rate is 4.684%. While rates are slightly higher than last week, San Diego County has managed to stay lower than the national average in recent months.

Keywords: Carmel Valley real estate, Carmel Valley homes for sale, San Diego real estate

North County Real Estate Update

September 15th, 2010

This August, the number of home sales dropped, while the median sale price increased in the North Country real estate market. This trend is more commonly seen in the winter months, and a rare occurrence in the summer months such as July and August. Home sales fell to 604 houses, down 24 percent from July and 34.3 percent from August 2009. Condos experienced a similar trend with sales down by 15 percent from July and 23.4 percent from August 2009. The market had hit comparable low in January of this year, and before that in 2007.

Despite the drastic drop in sales over the summer months, the median homes sales price increased. This boost can be attributed to the types of sales buyers gravitated towards. We saw more traditional sales and foreclosures than short sales, where sellers are able to price their home below what they owe on it. For this reason, the median sales price in North County increased by 1 percent in July and 5.7 percent from the same time last year. However, condominiums saw a decrease in the median price of 5.6 from last month, and 7 percent from 2009. Unfortunately, forecast for the next few months does not look like the prices for North County condos are likely to increase.

Buyers’ preference for traditional sales is due to the obvious frustrations of the short sale process. Short sale transactions are long and drawn out for months with negotiations and unpredictable lenders that do not guarantee approval. Meanwhile, bank-owned properties that don’t require a lot of repair are getting multiple offers in cash from buyers looking for a good deal. Traditional sales are attractive to buyers, because they know what to expect throughout the transaction. For this reason, sellers may be able to get 6-10 percent above market price.

Here is a look at local North County cities change in the average median price from August 2009.

Carlsbad 10.15%
Oceanside 12.16%
Carmel Valley 15.8%
Del Mar -11.6%
Encinitas -23.3%

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Recognizing a Sellers Market

September 22nd, 2010

As a homeowner and prospective seller how do you recognize when it is a good time to put your home in the market? There are many important questions you need to ask yourself and information to review before making your decision. The first thing to consider is the desirability of your location.

The national real estate market draws all areas together to give an average or overall picture. The idea here is to look at extremely localized market conditions for your community and neighborhood. The recent activity in the area should be the first clue to whether you live in a desirable neighborhood. Some contributing factors may include a prestigious school system, local amenities, or even status. Local communities such as La Jolla have a world wide reputation of being a beautiful and esteemed location to live in.

The statistics to pay close attention to are: existing and pending sales, prices of those homes, foreclosures in the area, and days on the market. To find out how much you could get for your home in the current market compare it to homes for sale that are similar in size, location, upgrades, and condition. Unfortunately, foreclosures in your neighborhood will bring your price down. Buyers will be searching for the best deal, and if there in a similar home priced much lower, you may have to drop your price to remain competitive. There are some ways to make your home stand out and the price reduction may not be necessary.

Traditionally, you can recognize a sellers market if local homes have been on the market for less than six months. More than six months indicates a buyers market. Unemployment rates can also affect how the market will fair for a seller. When unemployment rates are low, home values should increase each year and vice versa.

As a prospective seller it is important to evaluate all these aspects of the market to know what to expect if you decide to put your home up for sale, as well as determine if now is a prudent time or not to put your home on the market.

Community Median Sales Price # Homes for Sale
Carmel Valley $553,000 99
Encinitas $636,750 322
La Jolla $829,500 570
San Diego $328,000 5,971

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Winning the Bank’s Approval

The latest news on low mortgage rates is attracting many home buyers and we are seeing an increase in demand over the past few months. However, low mortgage rates are not the critical factor in the home buying process. While average mortgage rates are still hovering below 5 percent, it has become very difficult to qualify and get a loan. Lenders have been far more scrutinizing of mortgage applicants’ financial documents, even those who seem to have plenty of collateral and spotless credit records are facing resistance. For buyers who do not fit in the conventional model- having verifiable income and high credit scores- it is especially difficult to get approved for a mortgage.

Along with low mortgage rates and bank approvals, another influential factor in the real estate market is the uncertainty surrounding the economy. While low mortgage rates are attracting more potential buyers into the market and are expected to remain low, they are looking for signs of stabilization. On July 22, 2010 the California Association of Realtors reported the median home prices in San Diego County in June 2010 to be $397,910, up 1.7 percent from May 2010 and an increase of 9.7 percent from last year. Local neighborhoods such as Carlsbad have also seen an increase in their median home price of 5.2 percent, and Encinitas median home prices have increase significantly by 13.6 percent over the past year. This is a positive sign of stabilization in the local real estate market, which helps entice more renters to become buyers. Recently, in some cases the average many renters are paying has surpassed the average price on a monthly mortgage on numerous homes.

For many home buyers their applications for mortgages are denied because they do not have sufficient equity in their existing home. With the banks putting a higher level of scrutiny every loan applicant, it is important to evaluate your buying power. A qualified applicant will have good credit, good income, and some equity to win over the lender approval.

For information on La Jolla Home, Carlsbad Homes, San Diego Condos, Carmel Valley homes for sale, San Diego homes, San Diego Realtor please visit our website http://www.premieresd.com