Drew Mobile: 858-220-3004 | Drew Email: drew@gellens.com

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

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Do you want top dollar for your home?

Do you want top dollar for your home?
Many sellers believe that they can put their home on the market “as is” and get top dollar because we’re in a hot sellers’ market. Yes, we are in a HOT sellers’ market, but getting Top $$$ takes expertise from professionals.
Here’s one of our seller tips: Paint & stage your home to get top dollar.
Use light and bright paint that is neutral in color. White paint is clean and fresh.
Staging is key for really making each room pop and give buyers a feel of how the home lives. We work with specific stagers who assist us when prepping a home for market. Each home in our market is quite unique and requires a personalized touch.
Thinking of selling, we would love to assist you, too.
Drew & Christy Littlemore
Maxine & Marti Gellens/BHHS
858-220-3004
858-220-3003
DRE#01935574
DRE#01923461

Interest Rates 2019 vs. 2022 & Home Loans

Interest Rates are rising. Did you know that interest rates for home loans in 2019 were just about 5% before Covid? They were. So yes, the interest rates are going back up to where they were just before Covid. 2019 was a great year in real estate in California. Home prices were still rising even though we were seeing interest rates at around 5%.

Now about home loans: 30yr Fixed Conforming at 5% with a 25% down payment 15yr Fixed Conforming at 4.125% with a 25% down payment 30yr Jumbo Loans are 4.875% with a 25% down payment VA & FHA are low down payment options. VA options are for U.S. Veterans, only. For more information https://www.phmloans.com/rates

#interestrates #homeloans #sandiegorealestate #realestatenews #Lajolla #Housingmarket #housing

Drew & Christy Littlemore are realtors with BHHS in La Jolla on Maxine & Marti’s Team, one of the top teams in San Diego. We represent buyers and sellers throughout San Diego County. Drew Littlemore is a La Jolla native as well as co-founder & owner of Headhunter Suncare, one of the leading sunscreen brands for surfers. Christy Littlemore has lived and worked in La Jolla for over 20 years, selling real estate since 2012. Prior to real estate she taught elementary and middle school in the San Diego Unified School District. Want to receive our Housing Market Newsletter and find out what’s happening in the La Jolla & San Diego market sign up here: https://bit.ly/39zQo6P

Want to know the value of your home?

Get three estimates in just seconds: http://yourlajollahomevalue.com/

Drew & Christy Littlemore
DRE#01935574 DRE#01913461
7910 Girard Ave Ste 9
La Jolla, Ca 92037
858-220-3004

http://littlemoregroup.com

Unlock Your Home Equity to Buy Your Next Home

PROSPERITY HOME MORTGAGE IS PROUD TO PARTNER WITH PINNACLE FORWARD

WHAT IS FORWARD?
Prosperity Home Mortgage is proud to partner with Pinnnacle Forward. Forward enables you to unlock your home
equity so you can make a strong, non-contingent offer on your next home before you sell your current house.

Forward also allows you to avoid living through renovations, showings, and the uncertainty of a traditional sale.
With FORWARD, and Prosperity Home Mortgage, you can move at your own pace with peace of mind.

HOW DOES FORWARD WORK?
1. Zoom Casa acquires your property* for an initial payment of up to 75% of the current value of your home,
unlocking the majority of your equity and enabling you to pay off any mortgages.
2. Once you move out, we prepare your home for sale with our expert designers and proprietary vendor platform.
3. We resell your home for top dollar and you keep all the upside.
That’s right – you keep all the upside!
*Seller must apply and attain a Pre-Approval from Prosperity Home Mortgage prior to signed contract.

WHAT DOES FORWARD COST?
Zoom Casa charges a base service fee that is typically 3% of the value of your home upon resale.
Since we are paid as a percentage of the resale value of your home, our incentives are totally aligned to ensure that
your home sells for the highest price and as quickly as possible. As of December 31, 2021, our properties sell for
11.1% more than their as-is value as determined by third-party valuation providers, 4x as fast as listings on the broader
market and have an average return on investment of 650%. You keep all that upside.

PINNACLE is powered by Zoom Casa. Brokerage makes no representations or warranties,
expressed or implied. Terms and conditions apply. All rights reserved. © 2022 Zoom Casa, LLC.

#homesforsale #housingmarket #housing #berkshirehathaway #Pinnacleforward #Littlemoregroup #teamgellens #lajolla #lajollarealestate #sandiego #beachlife #realestate

 

San Diego Local Real Estate Market Updates February 2022

Mission Beach

Mission Beach-San Diego, Ca

 

What’s Happening in the Market?

We are still in a very strong sellers’ market with low inventory driving prices up. Your home just may be making more money than you are in San Diego. The average income in San Diego is $68,000 p/year with the average median home increase in appreciation of value at $92,000 this year.

February 2022
Local Real Estate Market Updates (YTD)

La Jolla 92037
Single Family Homes
Median Sales Price
2021: $2,385,000
2022: $3,380,000
+42%

Mission Beach/Pacific Beach 92109
Single Family Homes
Median Sales Price
2021: $1,562,500
2022: $1,923,750
+23%

University City 92122
Single Family Homes
Median Sales Price
2021: $1,090,000
2022: $1,485,000
+36%

Downtown 92101 
Townhouse-Condos 

Median Sales Price
2021: $587,000
2022: $700,000
+19%

If you would like any market update for a specific San Diego location, please let us know

Who You Work With Does Matters!
Contact Us Today to Create Your Selling Plan!

Drew & Christy Littlemore
858-220-3004  858-220-3003
www.littlemoregroup.com

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.

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.

Realtor.com® August Housing Report:

Realtor.com® August Housing Report: Seller Activity Warms Up as 432,000 Newly-Listed Homes Hit the Market
U.S. housing inventory declines (-25.8%) and new listings growth (+4.3%) continued to improve over last year; August listing price adjustments approach typical 2016-2019 levels
– New listings rise 5.1% in the 50 largest metros, led by Columbus, Ohio (+25.6%), Louisville, Ky. (+22.8%) and Cleveland, Ohio (+21.6%)
– The U.S. median listing price grew 8.6% year-over-year to a median $380,000
– The typical home sold in 39 days, 17 days faster than last year

SANTA CLARA, Calif.Sept. 2, 2021 /PRNewswire/ — August housing data shows early signs of sellers beginning to compete for buyers, according to the Realtor.com® Monthly Housing Report released today. As inventory and new listings continued to improve in August, the rate of sellers making price adjustments1 has begun to approach more normal levels.

U.S. housing inventory declined 25.8% year-over-year in August, an improvement over last month (-33.5%). New listings were up 4.3% from last year as new sellers continued to list entry-level homes in more affordable price ranges. Additionally, the share of sellers who made listing price adjustments grew 0.7% year-over-year to 17.3% of active inventory – the highest share in 21 months and closer to typical 2016-2019 levels.

“Low mortgage rates have motivated homebuyers to endure this year’s challenging market and now some buyers are starting to see their persistence  pay off. This month, new sellers added more affordable entry-level homes to the market compared to last year, while others began adjusting listing prices to better compete with an uptick in inventory,” said Realtor.com® Chief Economist Danielle Hale. “It’s still a strong seller’s market, with homes selling quickly at record-high prices. But now a home priced well and in good condition may see two or three bids compared to 10 last year. For sellers not seeing as many offers, it may be worth revisiting pricing strategies as buyers continue searching for homes that fit their budgets.”

Inventory continues to improve as new sellers list more entry-level homes
While August marked the fourth consecutive month of national inventory improvements from the steepest 2021 declines seen in April (-53.0%), the U.S. housing supply is still short 223,000 active listings compared with last year. Inventory was improving at a faster pace across the 50 largest U.S. markets in August, down an average 20.7% year-over-year, and six metros like Washington, D.C. (+17.1%) saw inventory surpass 2020 levels.

Additionally, 432,000 new listings hit the national housing market in August, an increase of 18,000 over last year. Continuing last month’s trend, more new sellers added to the share of entry-level homes (+6.4%), defined as single-family homes in the 750-1,750 square foot range, whereas listings with 3,000-6,000 square feet declined 4.6% in August. Virginia Beach (+17.0%), Milwaukee (+16.7%) and Tampa (+13.7%) posted the highest yearly gains in the share of entry-level homes.

Across the 50 largest markets, new listings increased an average of 5.1% year-over-year in August. Regionally, the Midwest saw the biggest increase in newly-listed homes over last year (+12.5%), with Columbus, Ohio (+25.6%) and Cleveland, Ohio (+21.6%) taking two of the top five spots by highest new listings growth over last year. The South also saw a sizable yearly increase in new sellers in August (+6.1%), with Louisville, Ky. (+22.8%), Baltimore (+20.2%) and New Orleans (+19.9%) rounding out the top five metros with the biggest new listings gains.

Listing price growth remains high as price adjustments approach more typical levels
The U.S. median listing price increased 8.6% year-over-year to $380,000 in August, just 1.3% below last month’s record price ($385,000). Yearly price growth continued moderating month-to-month in August, down from July (+10.3%), driven in part by the inventory mix shifting to include a higher share of smaller homes at lower price points. With first-time homebuyer demand still high in August, the entry-level home price ($235,000) grew 17.6% year-over-year, faster than the 15.3% increase in 3,000-6,000 single-family home prices ($749,000). However, overall yearly price growth remained historically-high in August, with only two months during the 2017-2019 period meeting or exceeding the month’s growth rate over last year.

Over one-third (18) of the 50 largest metros posted double-digit price gains over last year in August. Among the four primary U.S. regions, the highest yearly price increases were in the West (+9.3%) and South (+7.4%). Markets in these regions also dominated the top 10 list of metros with the biggest year-over-year price growth, at five each, including: Austin (+36.0%), Las Vegas (+22.9%), Tampa (+20.0%), Riverside, Calif. (+17.6%) and Orlando (+15.4%).

Many of the metros where price growth was highest in August also saw a rise in listing price adjustments, including Austin, at a 4.1% increase in the share of price drops over last year. With Austin median home price ($544,000) up by over one-third of last year’s levels in August, 23.8% of sellers in the metro made a price reduction, potentially to help compete with higher numbers of new sellers than last year (+19.6%). Additionally, as Austin first-time buyers pursued new inventory of relatively affordable entry-level homes, entry-level home prices ($404,000) posted a significant gain of 47.9% year-over-year in August.

“With big city employers increasingly meeting talent in more affordable secondary metros in recent years, Austin has become one of the nation’s most popular next gen tech hubs and hottest housing markets. However, data shows that even as some sellers are starting to compete for home shoppers in Austin, buyers still face fierce competition for a limited number of homes. Homebuyers looking for their next home in a tight market can use features like those on Realtor.com® to set up price alerts for new listings that match their criteria, or finetune price adjustments to surface homes closer to their budgets,” said George Ratiu, Realtor.com® Manager of Economic Research.

Homes continue flying off the market; seasonal norms slowly take hold
The typical U.S. home spent 39 days on the market in August, 17 days faster than last year and 24 days faster than in the same month during a more typical year from 2017-2019, on average. However, time on market continues to moderate from the record-fast pace seen earlier in the pandemic, at two days slower in August than in June (37 days)Nashville had the fastest time on market, at a median of 18 days.

The pace of home sales was even faster across the 50 largest U.S. metros, averaging just over a month at 33 days in August, but the yearly gap is shrinking more quickly (-12 days). Although the South saw the steepest decline in time on market (-17 days), the pace of home sales moderated from July (-22 days) across the region and in many of the fastest-selling metros. In August, Miami (-34 days), Jacksonville (-26 days) and Raleigh (-24 days) saw the biggest drops in time on market compared to last year.

August 2021 Housing Metrics Overview – National over Time

Metric

August 2021 (where
applicable)

August 2021 Year-over-Year

August 2021 over August
2019

Median Listing Price

$380,000

+8.6%

+19.6%

New Listings

432,000

+4.3%

-8.6%

Active Listings/Inventory

641,000

-25.8%

-52.8%

Time on Market

39 days

-17 days

-24 days

 

August 2021 Housing Overview – Top 50 Largest Metros

Metro

Median Listing Price

Median Listing Price YoY

Active
Listing
Count YoY

New Listing
Count YoY

Median Days on
Market

Median
Days on
Market Y-Y

Price Reduced Share

Price
Reduced
Share Y-Y

Atlanta-Sandy Springs-Roswell, Ga.

$398,000

12.2%

-32.4%

2.4%

34

-13

16.3%

-1.8%

Austin-Round Rock, Texas

$544,000

36.0%

-28.1%

19.8%

23

-20

23.8%

4.1%

Baltimore-Columbia-Towson, Md.

$335,000

-4.3%

-5.3%

20.2%

34

-8

22.2%

4.9%

Birmingham-Hoover, Ala.

$273,000

0.1%

-25.7%

9.3%

38

-14

14.8%

-1.7%

Boston-Cambridge-Newton, Mass.-N.H.

$659,000

-2.9%

-21.2%

-9.0%

31

-7

13.7%

-2.2%

Buffalo-Cheektowaga-Niagara Falls, N.Y.

$229,000

1.8%

-5.1%

0.3%

33

-11

15.2%

-1.1%

Charlotte-Concord-Gastonia, N.C.-S.C.

$385,000

4.1%

-29.2%

6.0%

28

-15

19.0%

1.0%

Chicago-Naperville-Elgin, Ill.-Ind.-Wis.

$341,000

-2.3%

-16.8%

-4.9%

36

-7

20.9%

0.6%

Cincinnati, Ohio-Ky.-Ind.

$320,000

-2.3%

-3.2%

13.9%

31

-13

20.2%

-0.7%

Cleveland-Elyria, Ohio

$200,000

-14.0%

0.3%

21.6%

39

-11

23.1%

0.1%

Columbus, Ohio

$300,000

-5.2%

2.0%

25.6%

21

-15

22.2%

-0.1%

Dallas-Fort Worth-Arlington, Texas

$396,000

10.1%

-37.3%

-0.7%

31

-15

21.8%

-3.6%

Denver-Aurora-Lakewood, Colo.

$600,000

11.2%

-34.0%

-5.9%

22

-14

20.9%

-3.0%

Detroit-Warren-Dearborn, Mich.

$268,000

-4.1%

-15.5%

7.4%

24

-13

19.9%

0.3%

Hartford-West Hartford-East Hartford, Conn.

$330,000

10.4%

-55.6%

-12.3%

32

-12

17.2%

5.7%

Houston-The Woodlands-Sugar Land, Texas

$364,000

10.5%

-25.2%

4.4%

37

-14

22.6%

0.9%

Indianapolis-Carmel-Anderson, Ind.

$279,000

-6.7%

-23.0%

14.5%

35

-12

22.4%

-2.9%

Jacksonville, Fla.

$360,000

12.3%

-43.2%

2.8%

37

-26

20.6%

0.2%

Kansas City, Mo.-Kan.

$322,000

-6.5%

-7.0%

15.7%

39

-13

21.2%

3.0%

Las Vegas-Henderson-Paradise, Nev.

$422,000

22.9%

-34.6%

1.9%

27

-15

17.1%

-1.4%

Los Angeles-Long Beach-Anaheim, Calif.

$975,000

-2.5%

-17.6%

-3.4%

43

-8

11.6%

-1.7%

Louisville/Jefferson County, Ky.-Ind.

$265,000

-7.0%

-6.0%

22.8%

27

-12

22.9%

3.0%

Memphis, Tenn.-Miss.-Ark.

$250,000

-5.8%

-17.7%

19.5%

37

-11

16.2%

-1.9%

Miami-Fort Lauderdale-West Palm Beach, Fla.

$456,000

12.5%

-46.6%

-10.2%

59

-34

11.7%

-1.6%

Milwaukee-Waukesha-West Allis, Wis.

$290,000

-16.2%

4.6%

17.9%

35

-9

24.2%

4.9%

Minneapolis-St. Paul-Bloomington, Minn.-Wis.

$355,000

-1.4%

-15.3%

-1.7%

29

-7

17.9%

3.7%

Nashville-Davidson–Murfreesboro–Franklin, Tenn.

$440,000

11.1%

-51.3%

-18.5%

18

-14

16.7%

-0.7%

New Orleans-Metairie, La.

$339,000

4.8%

-6.4%

19.9%

46

-21

22.5%

1.5%

New York-Newark-Jersey City, N.Y.-N.J.-Pa.

$603,000

-2.7%

-12.9%

-9.7%

58

5

10.3%

-2.5%

Oklahoma City, Okla.

$280,000

3.6%

-28.2%

12.4%

37

-13

20.0%

-1.9%

Orlando-Kissimmee-Sanford, Fla.

$375,000

15.4%

-47.7%

-2.3%

37

-21

19.3%

-2.7%

Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.

$321,000

-6.4%

0.9%

13.3%

43

-3

20.5%

2.1%

Phoenix-Mesa-Scottsdale, Ariz.

$475,000

14.5%

-16.7%

6.3%

30

-10

21.4%

2.3%

Pittsburgh, Pa.

$233,000

-7.0%

-14.7%

4.6%

42

-12

24.0%

1.7%

Portland-Vancouver-Hillsboro, Ore.-Wash.

$558,000

11.6%

-23.8%

-3.1%

34

-9

28.6%

-3.5%

Providence-Warwick, R.I.-Mass.

$429,000

0.1%

-14.5%

8.1%

31

-15

13.3%

2.0%

Raleigh, N.C.

$425,000

10.0%

-61.7%

-18.8%

19

-24

11.6%

-5.1%

Richmond, Va.

$350,000

-2.2%

-19.7%

12.1%

38

-14

16.6%

1.1%

Riverside-San Bernardino-Ontario, Calif.

$540,000

17.6%

-7.6%

8.4%

33

-13

14.6%

3.4%

Rochester, N.Y.

$228,000

-7.1%

-22.7%

-1.0%

19

-10

11.9%

-2.3%

Sacramento–Roseville–Arden-Arcade, Calif.

$589,000

11.6%

-1.0%

7.2%

29

-9

19.1%

2.5%

San Antonio-New Braunfels, Texas

$350,000

11.4%

-31.2%

9.2%

34

-17

22.5%

0.8%

San Diego-Carlsbad, Calif.

$830,000

6.5%

4.5%

-6.1%

39

4

13.2%

-1.1%

San Francisco-Oakland-Hayward, Calif.

$993,000

-3.2%

-22.4%

-3.4%

30

-6

11.1%

-3.9%

San Jose-Sunnyvale-Santa Clara, Calif.

$1,250,000

4.2%

-20.3%

1.6%

30

-3

11.8%

-6.2%

Seattle-Tacoma-Bellevue, Wash.

$675,000

8.0%

-37.2%

2.7%

29

-5

14.3%

0.1%

St. Louis, Mo.-Ill.

$250,000

0.0%

-15.2%

14.1%

42

-17

18.4%

-0.2%

Tampa-St. Petersburg-Clearwater, Fla.

$360,000

20.0%

-40.7%

8.6%

34

-18

20.7%

-2.6%

Virginia Beach-Norfolk-Newport News, Va.-N.C.

$310,000

-7.5%

-21.3%

3.7%

26

-15

15.1%

5.0%

Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.

$503,000

-4.2%

17.1%

9.7%

33

3

20.0%

4.9%

Methodology
Housing data as of August 2021. Listings include active inventory of existing single-family homes and condos/townhomes for the given level of geography; new construction is excluded unless listed via the MLS. In this analysis, entry-level homes are defined as 750-1,750 square-foot single family homes.

In this release, price adjustments are defined as home listings that had their price reduced in August 2021. Listings that had their prices increased during the month are excluded. In August, the count of listing price reductions was nearly eight times higher than the count of listing price increases.

About Realtor.com®
Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com®.

Media Contact
rachel.conner@move.com

1In this release, price adjustments are defined as home listings that had their price reduced in August 2021.

 

SOURCE Realtor.com

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.

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