3Bed-2.5Bath-1,427 Sq. Ft.
Priced at $659,000!
Welcome to one of the best locations in desirable Cypress Greens community of Carmel Mtn Ranch! Enjoy fantastic views from private backyard & upstairs balcony in addition to spacious grass area directly outside front door! Home meticulously maintained by original owners & shows like a model! Boasts all the upgrades incl. travertine flooring, granite counters, SS appl, walk-in pantry, plantation shutters, crown molding, zoned A/C, fireplace, 2 car garage & more! Complex has resort style pool/spa, tot lot!
CLICK HERE for more information and photos!
2Bed-1Bath-816 Sq. Ft.
Priced at $399,000!
Great opportunity to own charming craftsman bungalow style home in lovely part of Escondido! Property sits on spacious corner lot and offers tremendous potential for redevelopment or expansion! Property features original hardwood floors, murphy bed in guest bedroom, ceiling fans, dedicated laundry room, quaint front porch, detached 2 car garage, large backyard, mature trees and more! Walking distance to movie theater, performing arts center, schools, parks, restaurants and shopping! Investors welcome too!
CLICK HERE for more information and photos!
After several years of rich home price gains, the market appears to have found a limit to what people can afford. Sellers are finally responding by lowering prices more often.
Approximately 14 percent of all listings in June saw a price cut, that’s up from a recent low of 11.7 percent at the end of 2016, according to a new report from Zillow. In addition, home price growth is slowing in nearly half of the 35 largest U.S. metropolitan markets.
Rising mortgage rates and affordability are behind the change. As the housing market recovered from its epic crash in the last decade, home prices began to gain slowly. And then they suddenly took off in the last few years.
The simple reason was supply and demand. As millennials aged into their homebuying years, homebuilders did not and are still not meeting the rising demand. In addition, millions of single-family homes lost to foreclosure were purchased by investors and turned into single-family rentals, further depleting the for-sale housing stock. The market was thus suffering a critical shortage, just as demand was taking off. Prices had nowhere to go but up. Until now.
“The housing market has tilted sharply in favor of sellers over the past two years, but there are very early preliminary signs that the winds may be starting to shift ever-so-slightly,” said Zillow senior economist Aaron Terrazas. “A rising share of on-market listings are seeing price cuts, though these price cuts are concentrated at the most expensive price-points and primarily in markets that have seen outsize price gains in recent years.”
While Terrazas admits it is too soon to call this a buyer’s market nationally, “the frenetic pace of the housing market over the past few years is starting to return toward a more normal trend.”
All real estate is local
And of course all real estate is local, so certain markets are tipping faster than others. In San Diego, 20 percent of all listings had a price cut in June, up from 12 percent a year ago. In Seattle, which continues to be the hottest market in the nation, 12 percent of all listings had a cut, the largest share in nearly four years.
In Austin, Texas, also a very strong housing market thanks to a recent influx of technology jobs, more homes are seeing price cuts as well.
“We saw intense bidding on homes over the past few years, but that is calming down with more inventory in the area,” said B Barnett, a real estate agent at Reilly Realtors in Austin. “Our inventory of homes is going up with new construction, and it is helping transfer power back to the buyer.”
There are still some markets where prices gains are increasing, but those are markets that have seen smaller price growth in the past few years. San Antonio, Phoenix, Philadelphia and Houston had fewer listings with a price cut in June compared with a year ago.
Among the largest housing markets, San Jose, CA, Indianapolis, IN and Charlotte, NC could see price growth slow the most over the next year, according to Zillow.
Source: CNBC dot com, Diana Olick
**New Listing!** (SOLD!)
3Bed-1Bath-1,278 sq ft.
Priced at $529,000-$579,000!
Beautifully remodeled Poway gem w/ entertainer’s dream backyard! Kitchen boasts quartz counters, shaker wood cabinets, travertine flooring, tiled backsplash, SS appliances! Family room includes wood floors, custom fireplace and huge permitted bonus room adds lots of space! Central AC, dual pane windows, ceiling fans in all rooms, solar recently installed, dedicate laundry room, entire house re-plumbed! Large backyard w/ multiple entertaining spaces, kids play area and more! Award winning Poway schools!
4Bed-2Bath-1,400 sq. ft.
Priced at $674,900-698,900!
Welcome Home! This beautiful 4 bedroom “Mount Streets” Clairemont home features an updated kitchen with gorgeous counter tops, custom cabinets, & new Slate GE appliances. This turnkey home includes stylish floors, dual pane windows, central A/C, cozy wood burning fireplace, & is absolutely stunning! The turf lawns in both front & back yards provide you a low maintenance, water free outdoor space that is great for entertaining. Fresh paint inside & out, new carpet. Quick access to Mission Bay, Shopping, Dining, Freeways, Beaches, and Park.
3Bed-2Bath-1,343 sq. ft.
SOLD for $655,000!
Welcome Home to your Fully Remodeled Clairemont Home. Located in highly Desirable “Mount Streets” Neighborhood, this home sits on large 6,400 ft lot just above Tecolote Canyon. Gorgeous Remodel includes Brand New Kitchen w/ Quartz Counters, Stainless Steel Appliances, & Modern Design. Open Concept allows for Huge Living Room Space w/ Breakfast Bar Area & Unique Feel. Bathrooms are light & bright & absolutely stunning. New Roof, Plumbing, Electric, Floors, A/C Heat Combo, Custom Closets, Paint, & Patio Cover. RV/Boat Parking, Washer and Dryer inside, All Appliances Included. Close to all shopping, freeways, and only minutes to Mission Bay.
4Bed-3Bath-1,660 sq. ft.
Priced at $699,000-$729,000!
Rare opportunity to own absolute turnkey, everything NEW, model-like home w/ pool, panoramic views & many high end personal property items included! Full list of upgrades totaling ~$320K available, including laminate flooring, quartz counters, SS appliances, built-in Bose stereo & home theater, custom closet doors/organizers, new AC & furnace, Ring security system, Nest home automation, custom epoxied garage w/ Nordic Track exercise equipment, custom pool w/waterfall, fire pit, gorgeous landscaping & more!
3Bed-2Bath-1,705 sq. ft.
Priced at $839,000-859,000!
Gorgeous Las Flores 3 bedroom home on canyon side w/ panoramic views! Enjoy morning coffee on your covered patio and watch the sunrise or enjoy a cool beverage in the evening as the city lights twinkle in the distance.
Kitchen was completely remodeled with white Shaker cabinets & chrome hardware, grey quartz counters, SS appl., gas stove and raised ceiling w/ LED lighting! Custom backyard w/ zero maint. turf, drip system, glass fire pit, new patio cover w/ recessed lighting! Living Room boasts new dark Bamboo flooring and modern custom fireplace surround! Guest bath was gutted to install new tile shower, plumbing, fans, flooring and cabinet with quartz counter. Spacious master w/ en suite bath, slider to outside! AC, ceiling fans, dedicated laundry room, re-papered roof & more!
The perfect place for a Stay-Cation. Enjoy the cool evening breeze, light the gas fire-pit and enjoy s’mores with the kids (or grand kids). Wander down to the Bernardo Heights pool or strike up a game of tennis at several courts for your enjoyment. The Club House boasts 2 additional pools, additional tennis courts, a gym, pool table and meeting rooms. Less than 3 minutes to shopping and restaurants, 5 minutes to the freeway, walking distance to desirable Poway Unified schools! 4th of July fireworks are right over your head so no need to fight the crowds. Excellent neighbors and dog friendly area with plenty of shady sidewalks.
Wed, 6 June 2018
Affordable home shortage to continue through 2018, new Reuters poll says.
An acute shortage of affordable homes in the United States will continue over the coming year, according to a majority of property market analysts polled by Reuters, driving prices up faster than inflation and wage growth.
After losing over a third of their value a decade ago, which led to the financial crisis and a deep recession, U.S. house prices have regained those losses — led by a robust labor market that has fueled a pickup in economic activity and housing demand.
But supply has not been able to keep up with rising demand, making home ownership less affordable. Annual average earnings growth has remained below 3 percent even as house price rises have averaged more than 5 percent over the last few years.
The latest poll of nearly 45 analysts taken May 16-June 5 showed the S&P/Case Shiller composite index of home prices in 20 cities is expected to gain a further 5.7 percent this year.
That compared to predictions for average earnings growth of 2.8 percent and inflation of 2.5 percent 2018, according to a separate Reuters poll of economists.
U.S. house prices are then forecast to rise 4.3 percent next year and 3.6 percent in 2020.
“We are not seeing a temporary phenomenon. House prices have been outrunning family incomes for several years in the U.S. and while demand has cooled off a bit, the supply side is still very tight,” said Sal Guatieri, senior economist at BMO Financial Group.
“I think house prices will continue to outrun family incomes for at least another year and it will take some time for demand to slow and to some extent supply to increase.”
The latest poll comes after weak existing and new home sales data for April.
A further breakdown of the April data showed the inventory of existing homes had declined for 35 straight months on an annual basis while the median house price was up for a 74th consecutive month.
About 80 percent of nearly 40 analysts who answered an extra question said the already tight supply of affordable homes in the United States will either stay the same or fall from here over the next 12 months.
Existing home sales, which account for about 90 percent of U.S. turnover, are now forecast to rise slightly and average 5.60 million units in each quarter this year from about 5.46 million units in April.
That is well below the peak of 7 million units averaged during the previous housing market boom, which will keep prices elevated and make housing less affordable.
When asked to rate the affordability on a scale of 1-10 where 1 is extremely cheap and 10 is extremely expensive, the median answer was 7.
“U.S. house prices are slightly over-valued when looking at fundamental valuation metrics such as the median-home-price-to-income ratio,” noted Brent Campbell, economist at Moody’s Analytics.
A pricier market is likely to push many people to rent rather than buy.
But even renting a home in major U.S. cities will become more expensive relative to average income, according to about 60 percent of nearly 40 analysts who answered an additional question.
Another potential hurdle for home buyers are rising mortgage rates. According to the poll the average 30-year mortgage rate will rise to 4.60 percent by year-end and then touch 5.0 percent by end-2019.
Those figures are a slight upgrade from the previous poll in February but seem to be in line with economists’ expectations for the Federal Reserve to tighten policy more than what the central bank’s most recent forecasts suggest.
“With mortgage rates continuing to rise, affordability is getting steadily worse,” noted Jonas Goltermann, developed market economist at ING.