• Home Price Appreciation Rate Soars in San Diego •
It hath arrived! That special time of year when the whole Reali fam gains an extra spring in their step. Sure, because it’s cheese month, but mostly because May marks the start of peak home buying and selling season.
So whether you’re moving in, out, or just drooling over listings, we’re covering how to simplify selling in a market like this. Also, do you know how massively homes have appreciated over the past 20 years? Or about this new program meant to help first time buyers with down payments? Read on for answers…
Reduce the Risks of Selling in a Seller’s Market
With such fervent demand for homes, selling one should be a snap, right? But the process can be pretty overwhelming than ever these days. With multiple offers to wade through, varying contingencies to weigh, and complex forms of payment, the pressure to get it right can be a total pain in T.A. To avoid all that, here’s what to remember:
- Cash is King: Even if it’s not the highest offer, not having to worry about mortgage approvals, ominous home appraisals, or long closing periods can make it all worth it.
- Reduce Contingencies: Ensuring a deal has the fewest cracks to fall through is a perk today’s sellers can enjoy more than ever.
- Compare Similar Offers: Judging offers side by side minimizes confusion. Making a spreadsheet to help clarify the pluses and minuses can make the choice easier.
- Get A Great Agent: We can’t say enough about having a local, experienced agent at your side. From getting your home looking snazzy to negotiating the best sales price, a great agent can make all the difference. Trust us.
California Dreamin’ (Of More Affordable Homes)
In big news for first-time buyers, a new proposal is being floated to help with down payments: the “California Dream for All” program. Acting as a “silent partner” to first-time buyers, the state would assist them in exchange for up to 45% ownership of a house, meaning a $400,000 home could cost the buyer only $220,000, with the state covering the $180k difference.
Of course, the proposal is only a small piece of a much larger “Build Back Boldy” budget for the year (see page 7), and nothing is yet set in stone. But with proponents in both Congress and the real estate industry, we’re cautiously optimistic that real help for middle class San Diegans is on the way.
San Diego Home Appreciations Blow Nation’s Mind
If there was any doubt about the wisdom in owning a home, a recent analysis found that 20 years ago, “the average US home value was $126,000. Today, that figure is at a record high $259,000—a 106% increase.” Of course, location matters, and some places are more in demand than others. But, over the past couple decades, guess who killed it — we did, San Diego.
San Diego emerged the biggest winner, while San Jose and San Francisco — which saw 235% and 219% appreciations, respectively — made out like bandits, too. The moral of the story? Home ownership remains one of the best and safest ways to generate wealth. So yeah, hop on that money train.
The Bottom Line
About The Author
Portia Green is a highly experienced full-time REALTOR® specializing in the representation of Sellers, heralded by her clients as data-driven and an effective negotiator. Producing $25M total in residential sales volume, Portia's goal is to help her clients achieve the best results when selling their homes and to make their experience an enjoyable one. She has successfully sold real estate since 2008 and has gained an in-depth knowledge of local real estate markets & seasonal trends. Portia has achieved a 100% customer satisfaction rating and wants to share her expertise & personal service with you in the sale of your home. When listing your home with Portia Green and Compass, you'll receive the hands-on service you need and desire. Portia will help you manage the entire process of selling your home from pricing, preparing and staging the house, to marketing, negotiating offers, inspections, all the way to closing. She will recommend skilled vendors for any job needed, personally host Open Houses, and ensure that all showings are accompanied. At Compass, Portia offers a wise no-nonsense way to sell your home for the best price and the least hassle. With a keen eye for staging & preparing listings to maximize Buyer appeal, all of Portia Green's listings are professionally photographed using HDR (High Dynamic Range) photography to provide the highest quality photos in the industry. Professionally printed marketing materials are prepared for all Open Houses. We also capture a 3D scan of your home that creates an interactive walkthrough online along with a custom-designed floor plan and targeted digital marketing campaigns on Google & the most popular social media channels. Compass participates in the Multiple Listing Service, which is the local real estate database of homes listed for sale that all REALTORS® use in helping their Buyers find houses. Your home will appear on every real estate website, in its best light, making a stunning camera-ready debut. Portia Green's home valuation expertise and extensive experience in comparative market analysis will help price your home accurately. She has refined her skills to help you pinpoint which features of your home will result in more showings and better results. Her mantra is for you to be ready to sell your home and feel good about that first. Portia knows that home inspectors always find a problem; that drones take some of the best photos in town; and that her eyebrows will grow to the floor in the time it takes her to read everything that's happening with your HOA, but that doesn't mean she won't do it anyway. Eyebrows be damned. You'll always need a place to unplug, connect, dream, grow, or just be yourself. That makes what Portia does even more meaningful. She’s ready to go the extra mile to help you find just the place. Whether you're selling your very first home, offloading an investment property, or want a vacation getaway with passive income, she is attentive to the details of every home sale. Portia helps busy people navigate this crazy real estate market like a pro, so don't be shy. Every great relationship starts with free advice and a friendly chat. Ask as many questions as you need to. Selling houses is her jam! www.portia.realtor