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.
One of the first questions we are asked by clients with children moving to La Jolla is, “what are the schools like?” Thursday evening I was honored to moderate an education forum for our La Jolla Town Council as a trustee. I was so impressed with the eleven La Jolla schools who presented. We have so many fantastic schools in La Jolla. The bottom line is that education is not a one size fits all. La Jolla is known for great education from our preschools up to the world renowned UCSD. In this education forum we focused on most of the schools that offered elementary, middle or high school. Read about each school in the article below by Elisabeth Fausto at the La Jolla Light.
Class is in session: La Jolla Town Council hears from 11 local schools
With the 2021-22 academic year well underway, the La Jolla Town Council was schooled on the history, practices and highlights of 11 local public and private schools during its Oct. 14 virtual meeting.
The forum was moderated by Town Council trustee Christy Littlemore. Administrators from every traditional elementary, middle and high school in La Jolla were invited. All but The Evans School and All Hallows Academy responded, Littlemore said.
Alternative programs such as homeschool and pod-based learning were not invited.
Stella Maris Academy Principal Francie Moss said the Catholic school, which serves 170 students in transitional kindergarten through eighth grade, began 75 years ago as “the only parochial school … north of San Diego and south of L.A.”
It has since grown to occupy buildings on three corners of Herschel Avenue and Kline Street in The Village, she said.
Along with a rigorous curriculum and small class sizes, Moss said the school focuses on religious education and social skills. “We’re looking forward to 75 more years,” she added.
The Bishop’s School’s distinguishing features are its Episcopal tradition, use of the Harkness method — in which students are seated around oval tables for discussions — and rigorous academics, according to Lauren Ghishan, associate director of admissions.
“The core themes that we really focus on are kindness, compassion, humility, service and justice,” she said.
Bishop’s, located in The Village, was founded in 1909 by famed La Jolla philanthropist Ellen Browning Scripps. It currently serves 800 students in grades six through 12.
“It’s really important to us that our students are happy, that they are healthy, that they are balanced,” Ghishan said.
“We don’t believe that children are just vessels that information has been filtered into. They are actively participating in what they’re doing,” she said.
Gillispie began nearly 70 years ago and recently expanded with “The Sandbox,” a 17,000-square-foot multipurpose extension.
“It’s really important to us that we don’t rush childhood, that we value learning by doing and we strive to develop empathetic and thoughtful citizens of the world,” Huebner said.
La Jolla Country Day Schoolserves 1,146 students from age 3 to 12th grade and prides itself on “a well-rounded experience,” said Geordie Mitchell, assistant head of school for enrollment management and outreach.
Founded in 1926 in The Village, LJCDS moved to its current spot in the University Town Center area in La Jolla in 1961 and loves “the diverse, eclectic student body that we’ve been able to attract,” Mitchell said.
In addition to academic and extracurricular activities, LJCDS has “a very active service learning program that starts from a very young age,” he said.
The Children’s School near Torrey Pines Road and La Jolla Parkway serves 260 students from toddlers through eighth grade, said Head of School John Fowler.
Founded in 1972, the school’s “core focus is to create kids who are curious, confident and connected,” Fowler said, with an “emphasis on learning by doing.”
The Children’s School offers a “rich program” of classes but also recognizes that “you can’t develop great scholars until you have good people,” Fowler said. The school addresses that by teaching communication and helping students “develop as whole people,” he said.
San Diego French American School, near the top of Mount Soledad, offers bilingual instruction in French and English, with Spanish as a third language, said Head of School Mark Rosenblum.
Started in 1988, the school serves students in pre-kindergarten through eighth grade.
SDFAS “seeks and accomplishes integrating best practices from around the world … through the lens of bilingualism and global education as the skill sets our young people need to thrive,” Rosenblum said.
The school also focuses on social-emotional learning, he said, “leveraging what we know about individual and group psychology and how to self-regulate.”
La Jolla’s five public schools are in the San Diego Unified School District and make up the La Jolla Cluster.
The La Jolla Cluster Association includes parent and staff representatives from the five schools and meets monthly during the school year to “promote and support excellence in education” among the campuses, according to co-chair Heather Polen, a teacher at La Jolla Elementary School.
Torrey Pines Elementary School opened in 1980 near UC San Diego and now serves 460 students in transitional kindergarten through fifth grade, said Principal Nona Richard.
TPES is “so special in that it celebrates diversity,” with more than 35 languages spoken by students and staff members, Richard said.
She said TPES focuses on “critical literacy, an approach to literacy development that focuses on author’s bias and perspective across text.”
“We are legacy of like-minded individuals who believe so strongly that children need both the character and the academic foundations to be able to find success wherever they go,” Richard said.
La Jolla Elementary School opened nearly 125 years ago in The Village and has grown to now serve 440 students in TK through fifth grade, with ”a long history of academic excellence, thanks to our exemplary, innovative, dedicated teachers,” said Principal Stephanie Hasselbrink.
LJES was named the No. 2 elementary school in California in U.S. News & World Report’s recent rankings.
Hasselbrink said LJES is special because of “the partnership we have between our teachers, our staff and our parents. We have a very collaborative community that works together to serve not only our students’ academic needs but also … their social and emotional needs and development.”
Part of what makes it “wonderful,” said Principal Andi Frost, “is we are a STEAM [science, technology, engineering, art and math] initiative school,” which means all classes “have a minimum of four hours of problem-based learning science per week.”
Frost said BRES also is focusing on social-emotional wellness. A component of that is the Bird Squad, a team of upper-grade students “who want to be leaders,” she said.
Muirlands Middle School on Nautilus Street began in 1963 as Muirlands Junior High, said Principal Jeff Luna. It currently serves 730 students in grades six through eight.
Muirlands offers grade-level and accelerated courses in many subjects, along with several athletic, art and elective options, Luna said.
He said “one of the highlights … is the strength of our leadership among our [cluster] principals and how closely we work together.”
“We want there to be a smooth transition” among elementary, middle and high schools, he said.
La Jolla High School, also on Nautilus Street, will celebrate its centennial in 2022, said Principal Chuck Podhorsky. LJHS currently serves 1,290 students in grades nine through 12.
The school features a four-year biomedical pathway, with seniors serving internships with local physicians, along with 22 Advanced Placement courses and programs in computer science, theater and 29 different sports, Podhorsky said. There also are almost 80 clubs on campus, he added.
Along with an emphasis on social-emotional learning, “our focus is really about getting students ready for being global citizens and helping them focus on collaboration, analysis, critical thinking and community engagement,” Podhorsky said.
Representatives of all the schools said their campuses follow all state and local guidelines for COVID-19.
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?
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:
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):
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):
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.comreports:
“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. CoreLogicreveals:
“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:
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.
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: 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
August 2021 (where
August 2021 Year-over-Year
August 2021 over August
Median Listing Price
Time on Market
August 2021 Housing Overview – Top 50 Largest Metros
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®.
City Council approved regulations governing short-term residential occupancy (STRO) on February 23, 2021 and at a second reading on April 6, 2021. The Mayor signed the ordinance on April 14, 2021 and the 30-day referendum period began.
The regulations require a license to operate a STRO unit, establish limits on the number of licenses a host may obtain, create reasonable caps on the total number of whole home STRO units, and create a licensing process in order to track, manage and enforce all aspects of the STRO. Licenses will be required to operate a STRO in the City of San Diego beginning July 1, 2022.
A host may obtain a maximum of one license at a time in one of the following four (4) STRO license tiers:
(excluding Mission Beach)
Mission Beach Whole Home
Rented for an aggregate of 20 days or less per year
The owner or permanent resident does not need to reside onsite during the STRO
Renting a room or rooms in the home for more than 20 days per year so long as the owner or permanent resident resides onsite
The owner or permanent resident may be absent from the permanent residence during the STRO for up to 90 days per calendar year
Home sharing includes duplex properties and eligible accessory dwelling units and granny flats when the host resides onsite
Rentals for more than 20 days per year where the owner or permanent resident does not reside onsite
The number of licenses issued will not exceed 1% of San Diego’s total housing units outside the Mission Beach Community Planning Area*
Guest two-night minimum stay required
The number of licenses issued will not exceed 30% of the Mission Beach Community Planning Area*
Guest two-night minimum stay required
*Based on the most recent Demographic and Socioeconomic Housing estimates issued by the San Diego Association of Governments (SANDAG) rounded up to the nearest whole number
On August 16, 2021 the City of San Diego put out a Frequently Asked Questions page on their website. The two question we are asked the most are: How will the lottery work and when do I need to apply for a license (permit). Below is the city’s answer on their form:
How will the lottery process work? While the lottery process has not yet been finalized, the lottery concept requires a complete application to be submitted to qualify for the license lottery and there must be no ongoing Code Enforcement cases at the property. In compliance with the ordinance, the Office of the City Treasurer will be promulgating administrative guidelines and regulations to implement and enforce the ordinance. Guidelines regarding the administration of the lottery process will be presented as an informational item at a public hearing to City Council no later than October 15, 2021.
When can I apply for a STRO license? The application period is expected to begin in the Spring of 2022, and licenses will be issued in advance of the July 1st implementation date. The Office of the City Treasurer’s STRO webpage will be updated as soon as additional information is available. It is recommended you sign up to be notified of STRO updates. You can sign up by entering your email address on the STRO webpage.
The City of San Diego is allowing participation in a survey
Participate in a preliminary registration survey. Participation in this survey does not guarantee a license but will provide the STRO Program with information to assist in the development of administrative rules to implement and administer license registration and the lottery process and will ensure potential hosts receive timely notification of updates.
Market Stats for San Diego’s neighborhood- Clairemont 92117
Monday Market Stats
Aug. 23, 2021
Detached Home Sales
2020 vs. 2021
year to date (YTD)
213 homes sold
median sales price: $750,000
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.
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.
“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.”
“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.”
“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.”
“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.”
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.