San Diego County home prices in October did not increase from the previous month for the first time since May.
The median home price for all homes — single-family, condos, townhouses — was $650,000, unchanged from last month, said CoreLogic data provided by DQNews on Wednesday. The price is still up a substantial 13 percent in a year, but marked a rare slowdown in price appreciation that has defied expectations throughout the pandemic.
Many of the circumstances that experts say have driven up prices across the nation are still present: Record low mortgage rates, lack of home inventory and desire to own a home as many people are stuck working outside offices.
read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2020-11-18/san-diego-home-price-gains-stall
County home prices have increased 10.2 percent since the pandemic began. That makes the process of purchasing a house stressful for even the most hardcore money savers. While interest rates are at historic lows — an average 2.89 percent in September — it is hard to find many scenarios where it is cheaper to buy than it was a year ago.
Get Pre-approved for a mortgage
Having financing in order before the price war begins is key because it helps potential buyers act quickly on a house where there are multiple offers.
The basic reason is sellers often have a fear that a sale will fall through because of financing, so if a buyer has that ahead of time, it will make it a more attractive bid if there are multiple offers.
Get a head start on competition
A lot of listings nowadays have virtual and 3D tours that can help potential buyers learn about a place before they can actually see it.
Under California COVID-19 restrictions, real estate agents cannot hold open houses, and agents are limited to one showing at a time. Requirements include wearing masks and signed waivers. Buyers can get a head start by viewing 3D tours common on sites like Zillow, Redfin, Realtor.com and Trulia. It isn’t that different from photos — but it does allow for potential buyers to experience what it is like to walk throughout the property.
read more at: https://www.sandiegouniontribune.com/business/story/2020-11-06/trying-to-buy-a-home-in-san-diego-experts-say-to-do-these-things-first
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