Category Archives: Real Estate

San Diego median home price hits highest ever -$600k

A lack of home supply has pushed up the price of homeownership to its highest in history in much of Southern California.

COVID-19 could not stop the upward pressure on home prices in San Diego County which reached a new high of $600,250 in June.

The median home price in San Diego County crossed the $600,000 line for the first time in June, said CoreLogic data provided by DQNews. It represents a modest 1.7 percent price gain in a year but is still noteworthy as unemployment is at historic highs.

The biggest factor in rising prices is sellers taking homes off the market during the pandemic and causing price wars among buyers. Other factors include a strong desire for homeownership as many are working from home, low mortgage interest rates and construction of homes in San Diego County at Great Recession levels.

San Diego was not alone in this phenomenon, with three of the six Southern California counties reaching record price peaks in June.

read more at: https://www.sandiegouniontribune.com/business/story/2020-07-22/amid-covid-san-diego-home-price-hits-highest-ever-600k

Survey – More than 2/3 of sellers would except a lower offer price amid Covid-19

A majority of home sellers are feeling the pressure to sell their homes despite the coronavirus outbreak. Nearly 70% of sellers are willing to accept a lower purchase price just to get to the closing table, according to LendingTree’s latest survey results.

LendingTree commissioned a survey of nearly 1,000 home sellers to gauge their attitudes about listing a home for sale in the midst of a global pandemic.

Key findings:

Nearly 70% of home sellers would accept a lower purchase price in order to sell their home during the coronavirus pandemic.

read more at: https://www.lendingtree.com/home/mortgage/lendingtree-survey-more-than-two-thirds-of-home-sellers-would-accept-a-lower-offer-price-amid-covid-19-crisis/

San Diego – New Vacation Rental Plan Taking Shape

The memorandum of understanding between Expedia and Unite HERE, brokered by City Councilwoman Jennifer Campbell, creates a framework to regulate vacation rentals that could potentially cut the number of whole-home vacation rentals within the city limits by 70 percent.

“San Diegans deserve short-term rental regulations that protect our neighborhoods, preserve valuable housing and will stand the test of time,” said Campbell, who represents coastal communities including Mission Beach, Pacific Beach and Ocean Beach.

The City Attorney’s office has agreed to draft an ordinance based on the Expedia/Unite HERE framework, according to participants. The new rules would carve out some of the more contentious items in previous attempts to regulate short-term rentals in the city.

The key piece of the agreement calls for capping whole-home short-term rentals to 0.7 percent of the city’s housing stock, which would amount to 3,750 permits.

The exact number of entire home vacation rentals being listed in the city currently is unclear. But the City Auditor has estimated total short-term rentals — both whole home and home share units — at 16,000.

“We have heard from an organization that watches over short-term rentals throughout the state that 80 percent to 90 percent are whole home rentals in San Diego,” said Campbell, “so home sharing is not a big part of it.”

Critics of vacation rentals say that platforms such as Airbnb and HomeAway create financial incentives for renting out properties for short-term stays instead of long-term residential use, thus reducing the housing supply and driving up prices.

read more at: https://www.sandiegouniontribune.com/business/story/2020-07-01/another-bid-percolating-to-rein-in-san-diegos-short-term-vacation-rentals