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Christy Mobile: 858-220-3003 | Christy Email: christy@gellens.com

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What is Going On in the San Diego Real Estate Market?

What is Going On in the San Diego Real Estate Market?

June 2022

What is Going On in the San Diego Real Estate Market?

That’s the question we are asked daily

Here’s the quick answer:

A Balancing Out in the Real Estate Market

 Our team has 8 homes that have come to the market in the past month:

Off Market home La Jolla Shores (Please contact us for details)

939 Coast Blvd.

939 Coast Blvd. ​

El Paso Real

Muirlands Vista Way

La Jolla Farms Road

San Elijo Ave

Chesterfield Dr.

We are seeing a balancing out in the market. We are still well below normal inventory, but we are seeing more supply of homes coming to market. The increase in interest rates is thinning the buyer pool, which means we are seeing homes sitting on the market longer than we have over the past 2 years. We are expecting more homes to come to market as we move through summer.

What does that mean for sellers? Now is the time to sell if you have been waiting for the market to peak. San Diego will see a regulation in STVR at the end of the year which may have an impact on the supply and selling.

What does this all mean for buyers? Because we are expecting more supply there will be more choices of homes available, more time to decide, and more time to offer. Less competition. If you have any questions about your real estate plans this summer, let’s chat.

 

San Diego Short Term Vacation Rental Update

Opponents and supporters of vacation rentals voice their concerns at a San Diego City Council meeting. / Photo by Adriana Heldiz

The San Diego City Council Moving Closer to Regulating Short Term Vacation Rentals

The San Diego City Council has approved fees to be charged to those seeking a license to operate short-term vacation rentals.

Licenses for homes rented more than 20 days will cost $1,000 a year. Licenses for rentals where the owner lives onsite will cost $225. Licenses for homes rented fewer than 20 days per year will cost $100.  Licenses for rentals where the owner lives onsite will cost $225.  Revenues from the fees will go toward staffing, software, and enforcement.

A lottery system is being crafted by city staff that will distribute the licenses that fall under the cap system. The city will limit licenses to about 1% of the city’s total housing stock. (Excluding Mission Beach, which will have it’s own cap at 30% of the neighborhood housing stock)

San Diego City staff estimated there would be 1,081 licenses available in Mission Beach and 5,416 licenses in the rest of the city.

Whether the City Council’s decision to agree to the regulations, on the condition that good hosts be given priority in obtaining licenses, is needing approval by the California Coastal Commission

If the CCC approves the lottery system presented then homeowners looking the operate a vacation rental for more than 20 days will be able to apply for a license between March 1, 2022-April 15, 2022.  The new regulations are expected to be enforced starting July 2022.  However many residents have requested that the enforcements begin after San Diego’s tourism season.

SanDiegoCitySTVR

Frequently Asked Questions

Happy Veterans Day-Honoring the Women’s Army Corp

Women’s Army Corp (Photo Credit U.S. Army) 

Today We Honor All of Veterans on this Veteran Day!
Thank you for your service!

We would like to also specifically honor the Women’s Army Corp
1942-1978

Christy being from a family of veterans, it is always a special day for us to think of her father (Airforce Vietnam War), her grandfather (Army WWII), her great uncles (Army WWII), and her brother (Army Iraq War & Afghanistan War). However today we specifically want to remember her grandmother,  Mary Lewis.  Raised in the Army from 14 on, she served in the Women’s Army Corp during WWII along with the other WAC’s, as they were called then.

Remembering the Women’s Army Corp

General Douglas MacArthur called them “My best Soldiers,” during World War II, saying that the women serving in the Women’s Army Corps worked harder, complained less and were better disciplined than many of his male Soldiers.

Born out of the Women’s Army Auxiliary Corps in 1943, the WAC enabled women to take over more routine service and office jobs and free men for combat roles during World War II. Although disestablished in 1978, the WAC-and similar female components for other services and military nurse corps-was the only way women could serve their country. They often did so for less pay, limited advancement opportunities and flagrant harassment and disrespect from male counterparts.

WACs landed in France 38 days after D-Day and later served in both the Korean and Vietnam Wars, although women had to remain far behind the front lines. They weren’t even considered “real” Soldiers. According to Chief Warrant Officer 5 Jennifer Redfern, a former WAC and now the Criminal Investigative Division’s warrant officer career manager and counselor, they were “women servicemembers.”

“I think that when the Women’s Army Corps first started, that was the only way women could serve because society would not allow them to be full-fledged Soldiers. Of course, being a Soldier wasn’t necessarily a long-term commitment. Society in those days expected women to be housekeepers and child rearers. But I think that…it’s been pretty much accepted that we can do what everyone else does and still successfully raise children. I think that the Women’s Army Corps allowed us to slowly demonstrate our abilities…to serve in the armed services as equals,” she recalled.

While WACs worked long hours beside their male counterparts, they did so with training that was far different. Several women said they were disappointed at how easy physical training was during the WAC basic course. Retired Maj. M. Susan Windsich expected to complete low-crawls and difficult obstacle courses like the men. Instead, she was only expected to do exercises like modified push-ups, run either half a mile or in place and do a modified obstacle course called “run, dodge and jump,” which involved running around fences and jumping over a small ditch.

“They would take us on marches in the hills around Fort McClellan, Ala.-a five-mile march, and at the end of it we would have grape juice and cookies. It was very, I guess, genteel…would be one way to describe it,” said Maj. Gen. Mari K. Eder, deputy chief of the Army Reserve, who graduated in the second-to-last WAC Officer Orientation Course.

They even had makeup classes and were required to carry lipstick at all times, according to M. Isabelle Slifer, who retired from the Army Reserve as a lieutenant colonel. Blue eyeshadow, however, was forbidden, she said. Eder remembered the small regulation black bag that was almost useless for carrying anything but lipstick.

Retired Maj. Gen. Donna Dacier, recently the commander of the 311th Command and the G-6 (Communications) for U.S. Army Pacific, agreed that it was similar to finishing school, but added that the overall education about the Army’s history, customs and courtesies was top-notch.

Nothing, she and other WACs said, beat the PT uniform, which consisted not only of a blouse and shorts, but also a wrap-around skirt that had to be worn over the shorts until WACs made it to the field.

“It was some guy’s bright idea…totally inadequate for the type of physical-fitness training Soldiers would have,” said Dacier.

The field uniform wasn’t much better, with snug pants that buttoned up over the hips. The field boots-they were never referred to as combat boots because that would imply women could go to combat-didn’t have any traction on the bottom so the WACs tended to slip and slide when participating in any exercises. According to Slifer, a WAC company commander had to show their commanding general the bottom of their boots before their footgear changed.

The class-A equivalent, known as “cords,” was heavily starched. They looked nice, said Slifer, but keeping them wrinkle-free was difficult. Eder remembered traveling to her WAC graduation kneeling backwards on the bus seats, because their leaders didn’t want the WACs’ uniforms to wrinkle.

As the draft ended in 1978, the Army could not sustain an all-volunteer force solely with male recruits, according to Windisch, so women became more important. Change came throughout the mid-1970s, the WACs said, and they were gradually allowed to participate in things like M-16 rifle training, and began attending branch schools and officer-candidate school with male Soldiers.

Their reception was mixed. As ——Dacier pointed out, many of their classmates had gone to coeducational universities and were used to being around women. Some of the older Soldiers, however, either resented the women or harassed them. Slifer said she was often asked what she was doing there, and was told that she was taking the place of a man.

“I had a good time most of the time,” said Windisch. “There were some real idiots-I’m being very nice-and there were some really wonderful people. We all got hit on back in those days a lot.

“For example, we were waiting for a ceremony in the colonel’s office. I sat down on a chair…and the lieutenant colonel came in and plopped himself down on my lap. He said, ‘So honey, do you come here often””

Until 1973, if a WAC was married, her husband did not receive the same benefits as a military wife did, such as commissary and exchange privileges. And if she became pregnant, she had to get out of the military. Redfern joined a group of women who were petitioning to be able to remain in the military while pregnant and after giving birth. Even after they won the fight in 1975, Redfern said some people still tried to convince her to put her baby up for adoption. Later, when she decided to get remarried to a fellow Soldier, she was first told she would have to leave the Army.

Windisch had transitioned to the Army Reserve by the time she became pregnant and was surprised to find that she had to make her own uniform.

“There were no uniforms for maternity. So, I bought a pair of green slacks and a pretty flowered green blouse and wore that every day as my maternity uniform. They said, ‘You can’t fit into your fatigues, what are you going to do” I said, ‘Well, I’ve got this,'” she said.

The disestablishment of the WAC in 1978 was not without its hiccups. No one knew when they joined that they would eventually serve in the regular Army, and with excitement came nostalgia, a sense of a great tradition ending. The WACs would have to compete against male Soldiers who had varied experiences and more military schooling for promotions and choice assignments. The older WACs, said Dacier, were particularly “irritated” about the end of the WAC because they were losing their power base.

“So it was exciting for us and they really didn’t like how enthusiastic we were about being able to take Pallas Athena off and put on our branch insignia,” she said, describing how women could fully join different branches once the WAC was disestablished. Previously, women had been detailed to the Signal Corps or the Military Police Corps or other branches without being full members. They had separate companies, barracks, everything.

“When you go through basic training, you get pumped up because that’s part of their job, to get you excited about what you’re doing,” said Redfern.

“So I was all pumped up about wearing the Goddess of Athena brass. But when working with my male counterparts as an MP, they were wearing crossed pistols and the women were still wearing the Goddess Athena.

“So the day that we were integrated into the MP Corps…they had all three of us step forward in front of the formation and the platoon sergeant and company commander came up and they took our Goddess Athena brass off and put crossed pistols on us.

“I didn’t think it would be any big deal, but it was. I was really excited because now I was a Soldier. I was very proud to be a WAC, but I was equally proud to be integrated within the Army itself.”

Gwendolyn Hendly, who retired from the Army Medical Corps in the 1980s as a staff sergeant, said that even by that time personnel staffs weren’t used to women retiring and she was listed as male on all of her paperwork. “When I retired…the guy told me he had never seen a woman come through before to retire.”

For Hendly and the others who persevered, the Army turned out to be tremendously rewarding and somewhat humbling, as other women Soldiers now look to them as examples. Both Eder and Dacier said they expected to remain in the Army a few years, never that they would become generals. “I remember going to the dry cleaners and picking up my uniforms with that star on it,” said Dacier. “I didn’t feel like it was me picking up my own uniform. I felt like I was somebody else who was running an errand…because it was hard for me to fathom that that name tape and that star were linked together,” said Dacier.

“I have been both honored and awed to have been a part of history, even if in a small way,” said Eder. “I never thought I would be here at this place and time in my life, and wearing this rank…I believe you pay it forward and are obligated to help others in the same way.”

Ask these women about the WAC, and they talk about how wonderful it was, in spite of the challenges and prejudices they faced.

“When I look back, I realize we broke down a lot of barriers we didn’t even realize were there,” said Windisch. “We just put our heads down, did work, kept moving and earned respect.

“The women with whom I worked, they are friends I’ve taken through my whole life. I think that’s part of being a Soldier anyway, but being part of the Women’s Army Corps makes it even tighter,” Windisch added. “Any time another WAC sees the Pallas Athena on your lapel…you’re already friends. You already know each other even if you’ve never met before.”

https://www.army.mil/article/17673/remembering_the_womens_army_corps

 

Monday Real Estate Market Stats-La Jolla Townhome & Condo Market Oct. 2021

Monday Real Estate Market Stats-La Jolla Townhome & Condo Market Oct. 2021. We have seen a 6% increase in Median Price Sales in 2021 vs. 2020. However the inventory of homes for sale in the townhome and condo market dropped -76% in 2021 vs 2020 (YTD). The low inventory is still driving the sellers’ market in La Jolla and San Diego. Each area does have it’s own micro market. So who you work with as a realtor when selling or buying is extremely important when it comes to real estate in San Diego. If you are thinking of buying or selling, we would love to chat. Call, text, or email us to discuss your plan.

La Jolla Real Estate Market Stats (YTD) Sept. 20, 2020

Monday Market Stats

Sept. 20, 2021

La Jolla

Detached Homes 

2020 vs. 2021

Year to Date (YTD)

2020

Median Sales Price (YTD): $2,205,000

2021

Median Sales Price (YTD): $2,840,000

+28.8%

Condos & Townhomes

2020 vs. 2021

Year to Date (YTD)

2020

Median Sales Price (YTD): $780,000

2021

Median Sales Price (YTD): 840,000

+7.7%

Will this rise in value continue? 

For now, Yes.

1. Housing supply is still low

2. Buyer demand is still high

3. Interest rates are still low

Now is really a great time to sell  your home if you have been thinking about selling.  Now is the time to take advantage of this sellers’ market. Contact us today to go over your plan.

Our team lists and sells about 80-100 homes a year with a full concierge staff to help all the way from beginning to end bringing our clients top dollar.

Are you signed up for our weekly E-newsletter?

Get the latest local market news.

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Drew Littlemore, Realtor
BHHS/Maxine & Marti Gellens Team
DRE#01935574

Home Price Appreciation Is Skyrocketing in 2021. What About 2022?

Home Price Appreciation Is Skyrocketing in 2021. What About 2022?

Home Price Appreciation Is Skyrocketing in 2021. What About 2022? | MyKCM

One of the major story lines over the last year is how well the residential real estate market performed. One key metric in the spotlight is home price appreciation. According to the latest indices, home prices are skyrocketing this year.

Here are the latest percentages showing the year-over-year increase in home price appreciation:

The dramatic increases are seen at every price point and in all regions of the country.

Increases Are Across Every Price Point

According to the latest Home Price Index from CoreLogic, each price range is seeing at least a 19% increase year-over-year:Home Price Appreciation Is Skyrocketing in 2021. What About 2022? | MyKCM

Increases Are Across Every Region in the Country

Every region in the country is experiencing at least a 14.9% increase in home price appreciation, according to the Federal Housing Finance Agency (FHFA):Home Price Appreciation Is Skyrocketing in 2021. What About 2022? | MyKCM

Increases Are Across Each of the Top 20 Metros in the Country

According to the U.S. National Home Price Index from S&P Case-Shiller, every major metro is seeing at least a 13.3% growth in prices (see graph below):Home Price Appreciation Is Skyrocketing in 2021. What About 2022? | MyKCM

What About Price Appreciation in 2022?

Prices are the result of the balance between supply and demand. The demand for single-family homes has been strong over the last 18 months. The supply of houses available for sale was near historic lows. However, there’s some good news on the supply side. Realtor.com reports:

“432,000 new listings hit the national housing market in August, an increase of 18,000 over last year.”

There will, however, still be a shortage of supply compared to demand in 2022. CoreLogic reveals:

“Given the widespread demand and considering the number of standalone homes built during the past decade, the single-family market is estimated to be undersupplied by 4.35 million units by 2022.”

Yet, most forecasts call for home price appreciation to moderate in 2022. The Home Price Expectation Survey, a survey of over 100 economists, investment strategists, and housing market analysts, calls for a 5.12% appreciation level next year. Here are the 2022 home appreciation forecasts from the four other major entities:

  1. The National Association of Realtors (NAR): 4.4%
  2. The Mortgage Bankers Association (MBA): 8.4%
  3. Fannie Mae: 5.1%
  4. Freddie Mac: 5.3%

Price appreciation is expected to slow in 2022 when compared to the record highs of 2021. However, it is still expected to be greater than the annual average of 4.1% over the last 25 years.

Bottom Line

If you owned a home over the past year, you’ve seen your household wealth grow substantially, and you’ll see another nice boost in 2022. If you’re thinking of buying, consider buying now as prices are forecast to continue increasing through at least next year.

Monday Market Stats: San Diego Real Estate-Clairemont 92117

 

Market Stats for San Diego’s neighborhood- Clairemont 92117 

Monday Market Stats
Aug. 23, 2021
Clairemont 92117

Detached Home Sales
2020 vs. 2021
year to date (YTD)

2020
213 homes sold
median sales price: $750,000

2021
258 homes sold
median sales price: $902,000

Clairemont had a 20% increase in value in one year

If you know of anyone who is thinking of taking advantage of this  sellers’ market, send them our way.
Our team lists and sells about 80-100 homes a year with a full concierge staff help all the way from beginning to end bringing our clients top dollar.

#1 in Production for San Diego at BHHS 

What Does Being in a Sellers’ Market Mean?

What Does Being in a Sellers’ Market Mean?

What Does Being in a Sellers’ Market Mean? | MyKCM

Whether or not you’ve been following the real estate industry lately, there’s a good chance you’ve heard we’re in a serious sellers’ market. But what does that really mean? And why are conditions today so good for people who want to list their house?

It starts with the number of houses available for sale. The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers (see graph below):What Does Being in a Sellers’ Market Mean? | MyKCMWhen the supply of houses for sale is as low as it is right now, it’s much harder for buyers to find homes to purchase. That creates increased competition among purchasers which leads to more bidding wars. And if buyers know they may be entering a bidding war, they’re going to do their best to submit a very attractive offer. As this happens, home prices rise, and sellers are in the best position to negotiate deals that meet their ideal terms.

Right now, there are many buyers who are ready, willing, and able to purchase a home. Low mortgage rates and the ongoing rise in remote work have prompted buyers to think differently about where they live – and they’re taking action. If you put your house on the market while supply is still low, it will likely get a lot of attention from competitive buyers.

Bottom Line

Today’s ultimate sellers’ market holds great opportunities for homeowners ready to make a move. Listing your house now will maximize your exposure to serious buyers who will actively compete against each other to purchase it. Let’s connect to discuss how to jumpstart the selling process.

Housing Market Update June 30, 2020

What Are the Experts Saying About the Rest of 2020?

One of the biggest questions on everyone’s minds these days is: What’s going to happen to the housing market in the second half of the year? Based on recent data on the economy, unemployment, real estate, and more, many economists are revising their forecasts for the remainder of 2020 – and the outlook is extremely encouraging. Here’s a look at what some experts have to say about key areas that will power the industry and the economy forward this year.

Mortgage Purchase Originations: Joel Kan, Associate Vice President of Economic and Industry ForecastingMortgage Bankers Association

“The recovery in housing is happening faster than expected. We anticipated a drop off in Q3. But, we don’t think that’s the case anymore. We revised our Q3 numbers higher. Before, we predicted a 2 percent decline in purchase originations in 2020, now we think there will be 2 percent growth this year.”

Home Sales: Lawrence Yun, Chief Economist, National Association of Realtors

“Sales completed in May reflect contract signings in March and April – during the strictest times of the pandemic lock down and hence the cyclical low point…Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year.”

Inventory: George Ratiu, Senior Economist, realtor.com

“We can project that the next few months will see a slow-yet-steady improvement in new inventory…we projected a stepped improvement for the May through August months, followed by a return to historical trend for the September through December time frame.”

Mortgage Rates: Freddie Mac

“Going forward, we forecast the 30-year fixed-rate mortgage to remain low, falling to a yearly average of 3.4% in 2020 and 3.2% in 2021.”

New Construction: Doug Duncan, Chief Economist, Fannie Mae

“The weaker-than-expected single-family starts number may be a matter of timing, as single-family permits jumped by a stronger 11.9 percent. In addition, the number of authorized single-family units not yet started rose 5.4 percent to the second-highest level since 2008. This suggests that a significant acceleration in new construction will likely occur.”

Bottom Line

The experts are optimistic about the second half of the year. If you paused your 2020 real estate plans this spring, let’s connect today to determine how you can re-engage in the process.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

March 25, 2020 La Jolla Housing Market Update Video (Covid-19) by Drew & Christy Littlemore @ BHHS

Meditation & Hope, La Jolla Housing Market Update During the Covid-19 Virus

March 25, 2020

Meditation

“Finding Strength Through Hope”

     We are coming to you from our dining room on Wed. March 25, 2020 in the middle of this very weird time staying home here in La Jolla because of the Covid-19 virus.  Today we started our practice of mediation in taking our MEDS (meditation, exercise, diet, sleep) by starting the 21 day meditation series with Deepak Chopra & Oprah. Meditation & hope is where we can find our strength, stay sane, and stay healthy during this Covid-19 virus. We hope you join us.  https://chopracentermeditation.com.

 

Housing Market Update

Questions we are getting about the Housing Market

We are getting a lot of questions about the housing market right now. The number one question is “What is going to happen in the housing market when we are out of this?”  We get this question from builders, landlords, sellers, buyers, & pretty much everyone.  Economist we listen to are comparing this unprecedented time more like that of the late 1990’s (dot.com) and early 2000’s (9/11) and expecting our recovering to be similar after.  Those two events in history are what we can look at to compare to today. It does give us a little bit of hope going forward, although of course there is uncertainty.  We don’t have a crystal ball, but we can look back in history, stay in touch with the economists and watch our mirco-markets to bring you the most up to date information about our housing market.  See the graph below from Keeping Current Matters.

Recession Vs Housing Crisis

 

We are getting information weekly from our CEO & legal counsel @BHHS, Tom Ferry, Keeping Current Matters, and REBA.  If you want to be informed every week on what’s happening in our La Jolla market, what businesses are open, and new homes coming to the market, sign up for our weekly newsletter via email at Littlemore Weekly Newsletter

Drew & Christy Littlemore at BHHS/ Maxine & Marti Gellens’ Team