Category Archives: Housing News

Baby Boomers Just May Cause the Next Housing Crisis?

Will the next housing crisis be because of baby boomers?

In today’s housing environment, there are surprising factors that baby boomers, born between 1946-1964, will be three times more likely to be carrying mortgage debt as of 2015 at age 60 years or older compared to 1980 according to U.S Census Bureau Data stats.

As of 2016, there were 74 million baby boomers alive and by 2030, when all baby boomers will be between 66-84 years old, there will be 60 million predicted to be alive. So with interest rates changing from 3.41% in 2016 to 4.62% recently for 30-year fixed-rate mortgages — and affordable housing being eliminated due to higher pricing (and that the new Millennial Generation is beginning to buy) — the next generation of seniors will have to be more creative with housing. One creative approach to housing is by living in helper units on their children’s properties in the future, such as granny flats or casitas — or buying a smaller home in another area. Downsizing or staying in their current home becomes the daunting task and question.

Maximizing your current home’s value by preparing is essential; do so with your building contractor, financial planner, accountant and Real Estate Agent.   I’m here to help recommend any of these people and more or get you a free analysis of your home’s value.  You can reach me at JohnASilvaRE@gmail.com or 619-890-3648.

Is this the Sign of a Change?

After months and years of wholesale increases on property values in San Diego, the hoopla may be coming to an end.

San Diego Real Estate valuesSee this link on recent stats from ATTOM Data Solutions that show foreclosures are now on the rise over the past several months in 96 of 219 metropolitan markets through out the nation: www.attomdata.com/news/market-trends/foreclosures/july-2018-u-s-foreclosure-market-report

Los Angeles has had a 20% year-over-year increase for July, while San Diego is lower due to the size difference compared to LA. But the time may be now to rehash any questions, if you are on the fence about selling now.Whether you may have a financial burden or may be ready to cash out, I have options to maximize your situation. Message me today for a very short no-pressure consultation. 619-890-3648 or JohnASilvaRE@gmail.com.

Single Women Outbuy Men in Homeownership

A rising real estate trend

There is a rising trend in residential real estate – in the single family homes sector. Builders of new homes are tailoring their design and subdivisions in order to gain single women homebuyers.

Nationwide last year, single women made up 18% of homebuyers, while single men only accounted for 7% of all home sales, according to the National Association of Realtors.  This category of single women included those: never married, widowed, and divorced. Spending for single women also is more than it is for single men, on average. Single women are now the second highest group of purchasers, behind married couples of all homes.

This trend is expected to increase over time. The evolution of real estate ownership, as well as the evolution of business leadership, will both increase for women in years to come.

See link for more details: realtormag.realtor.org/daily-news/2018/05/11/single-women-outbuy-men-in-homeownership

For more info on getting your best deal on your dream home, or for a free valuation of your home, please call me, John A Silva, now at 619-890-3648 — and as always, have a blessed day!

A Home Run & One of the Best Buys in San Diego — Going, Going, Gone!

640 Beech Avenue | Chula Vista, CA

Offered at $399,900 – $435,876

BEST BUY!! FABULOUS extra-large home and property on cul-de-sac, minutes to freeway, downtown Chula Vista, schools, shopping, restaurants and ocean! This single-level has hardwood floors, is easy to convert to 3 bed, 2 bath inside without expanding outside, plus huge backyard-room for pool/spa & favorite pick up games. See this classic home today that needs very little TLC & make it just the way you want! Perfect investment — appliances transfer.

View the virtual tour | More details

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California Real Estate Market Update – March 2018

 California home sales tick higher in March as median price reaches eight-month high

urban real estate prices, most live in suburbs

– Existing, single-family home sales totaled 423,990 in March on a seasonally adjusted annualized rate, up 0.3 percent from February and 1.6 percent from March 2017.

– March’s statewide median home price was $564,830, up 8.1 percent from February and 8.9 percent from March 2017.

– Alameda, Marin, San Mateo, Santa Clara, San Diego, and Orange counties all hit a new peak price at $955,000, $1,392,500, $1,615,000, $1,454,500, $625,400, and $824,450, respectively…

Graphics (click links to open):

Note:  The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state and represent statistics of existing single-family detached homes only. County sales data are not adjusted to account for seasonal factors that can influence home sales.  Movements in sales prices should not be interpreted as changes in the cost of a standard home.  The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower-end or the upper-end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold.  The change in median prices should not be construed as actual price changes in specific homes.

Read all of C.A.R.’s report here: “March home sales and price report”.

California Real Estate Market Update

Last year in Q3, there were slightly lower home prices. That and the steady mortgage rates helped a few more Californians to purchase a home.

  • The median price of a Californian home in Q3 2017 was $550,990.
  • The median price for a condo or townhome in California was $449,720.
  • The minimum annual income needed to qualify for the purchase of a median-priced single-family home was $111,260.
  • The minimum annual income needed to afford the monthly mortgage payments on a median-priced condo or townhome was $90,810.

This infographic is from CAR.org.

When Housing Inventory is Low, Finding a Home Will Take Some Time

Looking around? You’ll find your perfect home, it may just take awhile.

While it’s a sellers’ market out there, if you’re patient you should be able to find the home you want to live in — not just one you’re settling for.

This infographic is from CAR.org.

Who’s Buying Houses?

Last year, in 2017, here’s who buying real estate:

By far, the largest percentage of home buyers were married couples. Check out the other buyers below.

CAR infographic

This infographic is from CALIFORNIA ASSOCIATION OF REALTORS.