San Diego housing inventory is up year-over-year for the first time in three years which means that home price appreciation will likely begin to slow down. If you're looking to buy or sell a home, now is still a great time! Let's get together today to go over what this shift in the market means for you.

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How Much Equity Do You Have in Your Home?

As home prices have continued to rise in San Diego and across the country, so has our home equity. If you're looking to sell your house and move up to your dream home, right now is a great time to use your equity to do so. Let's get together today to go over how much equity you have in your house right now!

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4060 Altura Drive, Oceanside, CA. 92056

First time on the market since 1966! Mostly original, but well maintained SINGLE LEVEL 3BD/2BA home in a wonderful and well-established Tri-City neighborhood. Large 7,100 sqft lot! Open flowing floorplan that’s clean & bright with a large living room for entertaining, sunny kitchen with attached dining area. Backyard has fruit trees and deck. Front yard is fenced with driveway gate. Welcome Home!

Contact Suzy Morris (760) 487-8399 for more info.

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Aren't We Grateful Not to Pay High Interest Rates Like Our Parents?

Aren't we 🍀lucky not to pay the interest rates our parents did?? Interest rates hovered around 4% for the majority of 2017, which gave many buyers relief from 📈rising home prices and helped with affordability. In the first quarter of 2018, rates have increased from 3.95% up to 4.45% and experts predict that rates will increase even more by the end of the year.

Looking for a great lender?  We'll put you in touch with our lender partner for a free no obligation telephone consultation.  https://www.seesocalrealestate.com

The rate you secure greatly impacts your monthly mortgage payment and the amount you will ultimately pay for your home. Don’t let the prediction that rates will increase stop you from purchasing your ❤️dream home this year. 🏡. Let us put you in touch with our lender partner to secure a low-interest rate for you today! (760) 487-8399.

Be 🙏thankful that you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago!!

Why Buyer Demand Is Still Outpacing the Supply of Homes for Sale

Supply & Demand:  The price of any item is determined by the supply of that item, as well as market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.

Their latest edition sheds some light on the relationship between Seller Traffic (supply) and Buyer Traffic (demand).

Buyer Demand

The map below was created after asking the question: “How would you rate buyer traffic in your area?”

The darker the blue, the stronger the demand for homes in that area. Only four states had a ‘stable’ demand level.

Seller Supply

The index also asked: “How would you rate seller traffic in your area?”

As you can see from the map below, 25 states reported ‘weak’ seller traffic, 21 states reported ‘stable’ seller traffic, 3 states and Washington D.C. reported ‘strong’ seller traffic, and only 1 state reported ‘very strong’ seller traffic. This means there are far fewer homes on the market than what is needed to satisfy the buyers who are out looking for their dream homes.

Bottom Line

Looking at the maps above, it is not hard to see why prices are appreciating in many areas of the country. Until the supply of homes for sale starts to meet buyer demand, prices will continue to increase. If you are debating listing your home for sale, let’s get together to help you capitalize on the demand in the market now!  Call us at (760) 487-8399 or visit our Website at www.SeeSoCalRealEstate.com. 

2017 Fall Buyer Guide

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San Diego Homes for Sale  The Morris Team at Keller Williams  2017 Fall Buyer Guide

San Diego Continues to be in a Seller's Market! Should I Downsize Now?

It's a Seller's Market! Should I Downsize Now?

A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their houses in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for many homeowners, as the majority of the country is currently experiencing a seller’s market.

In a blog, Dave Ramsey, the financial guru, highlighted the advantages of selling your current house and downsizing into a smaller home that better serves your current needs. Ramsey explains three potential financial advantages to downsizing:

1. A smaller home means less space, but it also means less time, stress and money spent on upkeep.
2. Let’s assume you save $500 a month on your mortgage payment. In 30 years, you could have an additional $1–1.6 million in the bank to get you through your golden years.
3. Use the proceeds from selling your current home to pay cash for a smaller one. Just imagine what you could do with no mortgage holding you down! If you can’t pay cash, aim for a 15-year fixed rate mortgage and put at least 10–20% down on your new home. Apply the $500 you saved from downsizing to your new monthly payment. At 3% interest, you could pay off a $200,000 mortgage in less than 10.5 years, saving almost $16,000 in the process.

Realtor.com also addressed downsizing in an article. They suggest that you ask yourself some questions before deciding if downsizing is right for you and your family. Here are two of their questions followed by their answers (in italics) and some additional information that could help.

Would you like to know how much your home is worth?  Click here for a free online home valuation:  http://www.themorristeam.com/sell//

Q: What kind of lifestyle do I want after I downsize?

A: “For some folks, it’s a matter of living a simpler life focused on family. Some might want to cross off travel destinations on their bucket lists. Some might want a low-maintenance community with high-end upgrades and social events. Decide what you want to achieve from your move first, and you’ll be able to better narrow down your housing options.”

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Comments: Many homeowners are taking the profits from the sales of their current homes and splitting it in order to put down payments on smaller homes in their current locations, as well as on vacation/retirement homes where they plan to live when they retire.

This allows them to lock in the home price and mortgage interest rate at today’s values which makes sense financially as both home prices and interest rates are projected to rise.

Q: Have I built up enough equity in my current home to make a profit?

A: “For most homeowners, the answer is yes. This is if they’ve held on to their properties long enough to have positive equity that will be sizable enough to put a large down payment on their next home.”

Comments: A study by Fannie Mae revealed that only 37% of Americans believe that they have significant equity (> 20%) in their current home. In actuality, CoreLogic’s latest Equity Report revealed that 78.9% have greater than 20% equity. That equity could enable you to build the life you’ve always dreamt about.

Bottom Line

If you are debating downsizing your home and want to evaluate the options you currently have, let's meet up to help guide you through the process.

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