If you live in San Diego, it's clear that living here isn't cheap, and that buyers have been experiencing an extreme lack of inventory and competition in the housing market for the past couple of years. And while homes this year are still appreciating just as strongly as they did the previous year, and sellers prices seem to be just as aggressive, there are some very early preliminary signs we can take a look at to see that there will be a shift coming that seller's are not yet ready to see.

As we entered the summer of 2018, 20% of sellers homes in San Diego saw a price cut in June, even though we aren't seeing much of an adjustment in how seller's are pricing their homes. We are also seeing an increase in housing supply. Supply in San Diego has gone up by more than 35% this year, giving buyers more options, and therefore more leverage. Over the next year, Zillow expects the rate of appreciation to slow to 4.7%, compared to the year to year 8% we have been experiencing, with a median home price of $584,100. More research indicates a full adjustment to a buyer's market by the year 2020.

One thing San Diego is still facing however is a constraint on construction, as homebuilders continue to fail to meet the rising demand of a new wave of millennial homeowners. Genworth Mortgage Insurance stated that the sales of first time homebuyers are up, totaling to over 985,000 homes in the first half of the year, the most since 2005. Coupled with many investors quickly snatching much of the inventory to flip as a rental property, San Diego was left with the tightest inventory it had ever seen. But as homebuilders catch up with demand and more homes come on the market, we can expect to see this change. 

Contact me today if you would like to learn more about the housing market, and as always, if ever you are asking when the right time to buy is, it should always be when it makes sense for YOU! Are you financially comfortable? Do you have any savings? What is your debt-to-income ratio?

My team and I of Pacific Sotheby’s International Realty drove out to Chula Vista to see first hand all of the new opportunities and developments expanding and evolving the area of east Chula Vista. Since the early 2000's Chula Vista has tried to shape itself a new community, and in 2018, we see a community starting to thrive. I have so much to share with you, as we stopped by a few up and coming communities in the Eastlake and Otay Ranch areas. Within just these communities, hundreds to thousands of new homes will be completed by next year.

What I will do is organize these communities by their respective price ranges.

Village of Escaya

The first community to share with you all is The Village of Escaya. The great part about this neighborhood is you have homes ranging from the high $300s to the low $800s. This community is being developed by Brookfield, Shea, and CalAtlantic. The developers of this community really hoped to create an inclusive and family oriented environment. With plans to open a Village Shopping Center, school, clubhouse with a pool and gym, several parks, and an amphitheater, this community is sure to set the stage for a “modern rustic” feel and a new way of living. In fact, the fitness center named HARVEST is to open this summer. They identify themselves as more than a gym, but a place that encourages their residents physical, mental, and emotional well-being by building a culture of perseverance and support.

The Flora home collection, built by Brookfield Residential, brings you the most affordable option, starting in the high $300s. The square footage of these homes is from 1,287-1,724, offering 3-4 bedrooms and 2.5 bath. This is a lot of space compared to many other areas of San Diego! These collections of townhome designs are stylishly planned for today’s homebuyer, boasting contemporary floor plans, private entrances, and designer finishes. These homes held tremendous value in my opinion, and is a great place to be as a first time homeowner looking in this price point.

The highest valued homes are found in the Hacienda collection, also built by Brookfield, starting at the low $800s. These homes offer 3,138-3,704 square feet, 4-6 bedrooms and 3.5-4.5 baths. They are currently in phase 5 of 13, contributing a total of three floor plans amongst 76 homes. Hacienda is offering a couple of incentives for prospecting home buyers. Depending on your line of work, for example if you are in law enforcement or teaching, you can receive up to $2,500 in savings. They also offer a free washer/dryer and/or refrigerator with purchase, saving you a few thousand more dollars.

Meridian

The next community I’d like to share is the Meridian Communities, presenting the Metro, Trio, and Evo collections encompassing a total of 217 homes. These homes range from $397,900 to $549,900. Each collection offering three floor plans, Metro offers the most affordable living, starting at a price of $397,900. You can live in about 1,300-1,495 square feet of home that can include a 2 bay garage and enclosed courtyard or patio space. Trio, attached 2-story garden homes, start at $473,900, and go up to $510,900. This collection will give you 3-4 bedrooms and around 1,650-1,880 square feet. This option can offer you a rear private yard, a nice island kitchen, and laundry room. The final collection, and highest valued of this community are the Evo townhomes, starting at $549,900. These homes welcome the most luxurious experience Meridian is able to offer its community, with 1,687-1,958 square feet, and one floorplan even offering an elevator option.

Vista Del Cielo at Bella Mago

The final and highest valued community of our visit was a stop by Vista Del Cielo at Bella Lago, nestled against the natural backdrop of the San Miguel Mountain. These homes are impeccable, where indoor and outdoor living spaces blend seamlessly and luxury living is truly experienced. A total of 52 homes and four floor plans encompass this Spanish Hacienda and Spanish Romantica architecture. Starting at $1,074,000 and going up to $1,271,400, you can get anywhere from 3,873 to 4,919 square feet of home. The finishes and features of these homes are pristine, and the floorplans consider todays lifestyle. Many of these homes offer an amazing open view. The photo pictured in this post was one I took at a model home in Vista Del Cielo. 

Let me know if you would like any further information on new developments in San Diego, as I strive to be the real estate agent you can rely on here in San Diego. Call or text me today! 760-200-7374

Trilogy Sanctuary is a vegetarian and vegan restaurant in La Jolla, California, but that's not all. Trilogy Sanctuary is a place to grow and learn ways of conscious living here in San Diego. There are also an indoor and outdoor yoga studio, offering an array of yoga classes and activities that nourish a healthy body, mind, and spirit. Through their name they hope to embrace three main focuses: yoga, vegan food, and spiritual healing.

The owners Joe and Leila had a vision of creating a space of inclusion and community in a large city like San Diego. Whether you want to come in to grab a healthy bite to eat,  join in on a free yoga class, enjoy a healing sounds class, stop by for an intuitive painting class, or even spend date night at Open Mic Night, there are never a lack of options. Trilogy wants to bring new and fun ways for us to not only connect to ourselves, but with one another in more meaningful ways. And in celebration of their successes in creating such a community, they are throwing a 4th Birthday Party! It will be Saturday, July 21st, and I'm about to give you all the details:

If you plan to purchase tickets online the name of the event is Birthday Dance Medicine with COLOR.

7pm to 8.15pm (Earth Room - INDOORS) *Only 40 Tickets*
Vinyasa Yoga Class w/ Julia Sparkman

7pm to 8.15pm (Sky Deck - OUTDOORS) *Only 30 Tickets*
Slow Flow Vinyasa Yoga Class w/ Rob Nguyen
Live Music by Gia George

8.30pm to 9.30pm (Earth Room)
Sound Healing Journey w/
Jesus Gonzalez + Matt Wood

9.30pm to 10pm (Sky Deck)
TrilaGypsies Fire and Aerial Show

10pm to 12pm (Earth Room) *DJ Only Tickets Available*
Color Music

8pm - 12pm (Level 3)
Massage & Energy Healing

And going on all throughout the night will be live aerial and fire shows, face and body painting, live art, a healing room with massages, energy healing and card readings, an elixir bar with Kaiva cocktails and Boochcraft, and the vegan cafe will be open until 10pm. 

As you can see, there will be no shortage of things to involve yourself in, so try to be there! And if you can't make it on their Birthday, know that they are always sharing new ways of connecting, healing, and transforming.

Are you trying to save up for a home? Do you have a lot of questions circulating your mind? I'm sure one of the most basic and also one of the most important questions that first comes to mind is, "Well how much money do I need to get started?" I'm here to tell you just how much of a down payment you will need before you can purchase a home.

What has traditionally been said is that you need 20% of the purchase price before you can purchase a home, and while that was the norm for quite some time, it is not an obligation. Reaching the 20% threshold does however save you from paying PMI, or property mortgage insurance. This can be anywhere from .5-1% of the loan. This is because the lender sees it as a higher risk loan, and finds it as protection in the event you foreclose. Today, however, lenders offer an array of competitive loan programs, and are also trying to educate prospecting home buyers that nowadays, you can start out with a lot less and get the loan you need, assuming you hold up on other factors such as steady income, credit score, etc.

It is best if you are starting to think about saving for a home that you find a trusted lender that can actually guide you through that process of obtaining the loan you want. But, you can get an FHA loan with as little as 3-3.5% down, and if you are or were in the military you can put 0% with a VA loan. And there are many other options that do not require 20% down. Your realtor should also have trusted lenders they work with that they can connect you with.

But this is news to many prospecting home buyers. It has been a hard rule that when purchasing a home you need 20% down. In 2017, NAR (National Association of Realtors) conducted a survey that found that 39% of non-owners believed it was required to have more than 20% down in order to purchase a home. The reality is however that in the past three years, the median down payment for a home has been 6%. What does this mean? It means times have changed. Back in the day our parents or grandparents may have put 20% down and that was what most responsible in their day, but putting down less than 20% today does not necessarily make it less responsible.

In today's markets we see a vast change. Housing prices have risen faster than incomes can, and trying to save to 20% could be more costly than just starting with 6% and at least putting those monthly payments towards you and not a landlord. NAR found that those selling their first home and moving into their second were able to put a median of 14% down, a great increase from their first buy. This is due in part to being able to retain their equity in their own home. It may even be the faster way of saving up to that 20%.

What does this mean for you? It means you can probably purchase a home a lot sooner than you think, and in many cases it may even be the smart move! Go get you a home!

I feel we have all been waiting for more activities to engage in when we go out to a bar or restaurant, and this is it! I love the collaboration of food, drinks, and games. This bowling alley, restaurant, and bar all in one is due to open in Ocean Beach this summer! An extension of Voltaire Beach House , an East Coast-styled eatery that opened just last year, the space will expand from 2,000-square-feet to 4,500-square-feet, allowing for more indoor and outdoor seating, an additional bar, and four lanes of bowling. The new space will be called OB Lanes !

Owners David Schiffman, George Somers and Mark Huber, whose other local spots include Florent Restaurant & Lounge, Double Deuce, and Whiskey Girl, will also make the family-friendly space available for private events and parties. Stocked with swings, a fire pit, and interactive party games, the new venue will also feature live acoustic music and lots of sports viewing. OB Lanes will offer its own menu, based on appetizers and finger-food menu, from operational executive chef Abe Botello, who is also planning to roll out a new seasonal menu at Voltaire Beach House that includes lunch, dinner, and late night bites.

Who doesn't want to have their next birthday or event here?!

To think it’s been two years today! A Bachelors degree in Real Estate and unforgettable experiences with Pacific Sotheby’s. I have found a space where I feel an energy and passion to grow as an entrepreneur, but also as a person; to truly seek and care about who I am at my depth and who I want to be in this industry.

There have been so many instances in my life where I was to know exactly what I wanted for myself, and that meant I knew exactly where I was going next. But as I approached my college graduation I began asking myself new questions. Nervous by the question of if I would make it in real estate, I began asking if I really needed to know that real estate was my lifelong passion, and if it had to be. I treaded the same path for so long I didn't think that life could welcome all kinds of passions. And that's why I left for South America, Southeast Asia, and Eastern Europe for several months after my college graduation before starting my career with Pacific Sotheby's. I'm elated that I did it; it armed me with such a great idea of what I have been able to do with my life thus far, leaving a permanent mark of gratefulness for anything I get to do.

A good amount of my time was spent volunteering and learning the daily lives of many individuals. I can't help but reflect on my own lifestyle and my own experiences and feel grateful for what I have experienced. And in the same breath these same individuals can emit a frequency of such love and compassion, I am also humbled by my experiences.

Coming back with such gratefulness and perception, such self-understanding, I was able to start my business on strong ideals and understandings of who I am and who I want to become. I found such an internal/external balance of strengthening marketplace skills but reaching and connecting with people in ways they didn't think a real estate agent would. I want to break down the current construct of business that doesn't really welcome real relationships.

I may not have known it then, but everything always turns out just fine. Congrats to all the grads who are just starting their journey! 

I want to share with you four mistakes many first time home buyers make when purchasing their first home in San Diego. Would you make any of these mistakes? Have you?

The real estate market is picking up again as we enter Spring 2018 here in San Diego! Every year, the market slows down for the holidays, and by the time Spring comes around, both buyers and sellers are in full swing once again! Here are the newest market statistics for all of San Diego county:

APRIL 2018

Median Home Price: $540,000

Average Market Time: 36 days

Inventory Supply: 1.7 mo

Avg Price Per Square Foot: $396

Active Listings: 5,225

Let's compare this just to February's activity:

MARCH 2018

Median Home Price:  $520,000

Average Market Time: 39 days

Inventory Supply: 1.6 mo

Avg Price Per Square Foot: $389

Active Listings: 4,954

The market is constrained and has been for quite some time. A normal market time in San Diego is 90 days, inventory supply should be at 6 months, and the usual amount of active listings are around 10,000. 

Prepare accordingly and understand that San Diego's market is a competitive one! More homes will be coming onto the market as we approach summer, but many more people will also be searching! This can be determined because as more supply is becoming available, prices are still rising. Let me know if you ever have any real estate questions!

If you live in San Diego, it's clear that living here isn't cheap, and that buyers have been experiencing an extreme lack of inventory and competition in the housing market for the past couple of years. And while homes this year are still appreciating just as strongly as they did the previous year, and sellers prices seem to be just as aggressive, there are some very early preliminary signs we can take a look at to see that there will be a shift coming that seller's are not yet ready to see.

As we entered the summer of 2018, 20% of sellers homes in San Diego saw a price cut in June, even though we aren't seeing much of an adjustment in how seller's are pricing their homes. We are also seeing an increase in housing supply. Supply in San Diego has gone up by more than 35% this year, giving buyers more options, and therefore more leverage. Over the next year, Zillow expects the rate of appreciation to slow to 4.7%, compared to the year to year 8% we have been experiencing, with a median home price of $584,100. More research indicates a full adjustment to a buyer's market by the year 2020.

One thing San Diego is still facing however is a constraint on construction, as homebuilders continue to fail to meet the rising demand of a new wave of millennial homeowners. Genworth Mortgage Insurance stated that the sales of first time homebuyers are up, totaling to over 985,000 homes in the first half of the year, the most since 2005. Coupled with many investors quickly snatching much of the inventory to flip as a rental property, San Diego was left with the tightest inventory it had ever seen. But as homebuilders catch up with demand and more homes come on the market, we can expect to see this change. 

Contact me today if you would like to learn more about the housing market, and as always, if ever you are asking when the right time to buy is, it should always be when it makes sense for YOU! Are you financially comfortable? Do you have any savings? What is your debt-to-income ratio?