Category Archives: Real Estate

San Diego – Zillows want to buy your home

The catch is the fee charged by Zillow averaged 7.5 percent last quarter on the sale price of a home, higher than the 5 to 6 percent a seller may pay a real estate agent.

Real estate website Zillow launched an instant-buying program Monday in San Diego County that will give users quick cash offers on their homes.

The Zillow Offers program — already in 16 other markets — charges a convenience fee instead of a commission that a seller might pay a real estate agent, but Zillow will handle the cleaning and repairs and also remove the stress of open house showings.

The catch is the fee charged by Zillow averaged 7.5 percent last quarter on the sale price of a home, higher than the 5 to 6 percent a seller may pay a real estate agent.

It’s possible the seller could be leaving money on the table with Zillow. Or not. On the one hand, a smaller fee from a real estate agent and a boots-on-the-ground approach could net more cash. But Zillow’s fee will include all the cleaning and minor repairs needed on the house, something an agent would likely ask the seller to do anyway — and pay for — so it might be a wash.

read more at: https://www.msn.com/en-us/money/realestate/san-diego-zillow-wants-to-buy-your-home/ar-AAH2buE

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San Diego County had the biggest drop in homebuilding in Southern California in the first six months of 2019.

The county constructed 43 percent fewer homes in the six-month period compared to the same time last year, said the Real Estate Research Council of Southern California.

The slowdown comes at a time when city and state leaders are offering several legislative measures to spur housing. Meanwhile, a statewide rent cap bill is working its way through Sacramento, and was recently endorsed by the governor. It has been argued by prominent business groups that it would slow housing construction — which appears to be happening anyway.

Southern California home construction is down 25 percent from the same time last year, led largely by a reduction in apartment building.

read more at: https://www.msn.com/en-us/finance/realestate/san-diego-home-building-continues-to-plummet-biggest-drop-in-socal/ar-AAGLo9L

Annual San Diego home price gain slows to 1.3%

Annual home price gains in the San Diego metropolitan area, along with much of the nation, slowed in June, said the S&P CoreLogic Case-Shiller Indices released Tuesday.

San Diego metro home prices were up 1.3 percent in a year, down from 6.9 percent at the same time last year.

It has been the most expensive home markets that have seen the most lackadaisical gains. New York metro rose 1.1 percent and San Francisco saw a gain of 0.7 percent. Seattle was the only metro in the 20-city index to see a price drop, down 1.3 percent.

Analysts attribute the slowdown to affordability constraints, changes in the tax code that make buying in high cost markets less advantageous and changing buyer attitudes. Still, prices are still rising, increasing 3.1 percent nationwide.

Phoenix had the biggest annual gain, up 5.8 percent in a year, followed by Las Vegas at 5.5 percent and Tampa at 4.7 percent.

In June, San Diego metro had the sixth most price reductions of the 20 largest metro areas in the nation, about 21 percent of homes, said an analysis of Zillow data by the The San Diego Union-Tribune. When the market was at its hottest, around the beginning of 2017, only 8 to 9 percent of homes had a reduction.

The Case-Shiller indices take into consideration repeat sales of identical single-family houses as they turn over through the years. Prices are adjusted for seasonal swings. The San Diego County median home price for a resale single-family home in June was $649,000, said CoreLogic.

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2019-08-27/annual-san-diego-home-price-gain-slows-to-1-3

disclaimer: for information and entertainment purposes only