• Home Price Appreciation Rate Soars in San Diego •
It hath arrived! That special time of year when the whole Compass 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's clients all have a similar story. She feels like a friend and most likely you met her at the kitchen table or huddled up in the living room. Her personable nature and easy going approach attract sellers and buyers alike, in what can be a stressful and emotionally charged experience. An experienced REALTOR® with 15 years experience, she is just as excited about real estate today as she was with her first transaction. Portia remains ever-committed to helping her clients find their place in the world and helping busy people navigate this crazy real estate market like a pro.
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