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As our beautiful summer days stretch on, August offers us the perfect opportunity to surround ourselves with family and friends and appreciate the simple pleasures of life. Read on to discover the latest trends in the San Diego real estate market, local events, and resources curated just for you.
San Diego Real Estate
As we head into the final month of summer, here’s a recap of San Diego County’s housing market and what to expect:
Home values have risen 10% year over year.
The inventory of homes available for sale has risen to 4,368 units versus 2,611 homes last year at this time. For perspective, the 3-year average before COVID (2017 through 2019) was 7,049.
Buyer demand (the number of new escrows in the last 30 days) always cools in the summer and this year was no different. Today’s demand is comparable to last year’s.
With higher inventory and demand unchanged, market times have increased across all price ranges from last year’s fast pace, with the hottest segments of the market at or under $1.25M.
Implications for Buyers and Sellers
In San Diego County, the real estate market continues to favor sellers. However, careful preparation, accurate pricing, and patience are crucial. On a positive note for buyers, while prices remain high, interest rates have decreased from 7.5% in April to 6.78% today, as reported by Mortgage News Daily. This decrease in interest rates has provided a slight boost to affordability. If this trend continues, it is anticipated that more buyers will enter the market, resulting in increased demand shorter expected market times, and a robust second half of the year.
Changes Impacting Real Estate Nationally
Starting in August, the recent settlement between the National Association of Realtors (NAR) and various plaintiffs will bring notable changes to the real estate landscape. Here’s a quick overview of two key changes that will impact home buyers and sellers:
1. Written Buyer Agreements Requirement: Buyers will now be required to sign a written agreement with their agent before receiving certain services, including seeing properties together. This agreement will clarify the roles and responsibilities of each party, and detail compensation owed to the agent for their services.
2. Removal of Offers of Compensation from MLS: NAR now prohibits offers of compensation to buyer’s agents being displayed on the Multiple Listing Service (MLS). The good news for buyers who have engaged the services of an agent, a seller is not prohibited from paying a buyer’s agent’s compensation, or from offering concessions to be paid to a buyer at closing to offset their closing costs.
The settlement is multi-faceted and complex. Ensuring that our clients are protected has always been, and will continue to be, our number one priority. We are here to guide you through these changes and to navigate these new waters together. Never hesitate to reach out to discuss your questions or personal circumstances.
Local Happenings
JUL 31ST - AUG 4TH
Tiki Oasis
Tiki Oasis, at Town and Country Resort, is a five-night, four-day event featuring live music, pool lounging, fashion shows, sunset dinners, DJs, art exhibits, seminars, a bustling Tiki Marketplace, tropical cocktails, and more. Now in its 24th year, it's the world's largest Tiki event.
AUG 2ND - AUG 4TH, 10AM - 5PM
Artwalk at Liberty Station
In 2024, ArtWalk Liberty Station celebrates 19 years of bringing fine art to beautiful Liberty Station featuring more than 200 visual artists. The Arts District at Liberty Station is San Diego’s premier venue for the arts, museums, dining and entertainment.
AUG 17th, 11am - 6pm
Chula Vista Lemon Festival
Once known as the "Lemon Capital of the World", Chula Vista is hosting their 26th annual fest of agricultural history, live music, lemon cook-off, a wine & beer garden, plus plenty of other zesty opportunities!
EVERY THURSDAY IN AUGUST, FILMS BEGIN AT 8
Flicks on the Bricks
The Athenaeum’s Flicks on the Bricks outdoor movie series in La Jolla lets you enjoy classic films under the summer sky on their patio. In August, film critic Beth Accomando returns to host, featuring four political films for the 18th annual series.
Lifestyle Tips and Tricks
The Surprising State Where 5 of America's Hottest Markets are Hiding....
Including a shocking new Number 1...
Technicolor Switch
All neutral color palettes might be out - or at least taking a long summer vacation...
The Most Common Questions Buyers Ask Real Estate Brokers
A real estate purchase brings up a plethora of questions. The answers are often nuanced.
7 Remodeling Mistakes Even Design Pros Commit
No project will go 100% according to plan—that’s rule No. 1 of renovating—but you can avoid common stumbling blocks if you know what to look for.
Noel Wheeler
REALTOR
619-890-2877
DRE#01373389
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