Del Cerro, San Diego, Real Estate Market Trends, Single-family Homes, Mid Year Analysis, 2006
Real Estate Advisor asked:
The community of Del Cerro is located in central San Diego County, California. The community is located off Interstate 8 at the College Ave exit.
The real estate and homes for sale in Del Cerro fall into the low to moderate income-categories. The number of homes sold in a particular year is relatively high. For example, during the period from January through July 2006, approximately 137 single-family homes sold. Approximately 142 homes sold for the same period in 2005.
One method to analyze pricing trends for a particular community is to evaluate the median and average price of homes for a particular month, and compare that data against the same period last year. What follows is a comparison of the median price and average price of homes for the past seven months (January through July 2006), compared against the data for the corresponding time period in 2005.
The median price of homes represents the point at which half the homes are above a particular price point, and half the homes are below a particular price point. The average price of homes is calculated by adding up the sales price of all homes sold in a particular month, and dividing that value by the number of homes sold.
The median price of homes in July 2006 was $632,000, compared to $590,000 in July 2005, which represents a 6.2 increase. The average price of homes in July 2006 was $680,557, compared to $620,571 in July 2005, which represents a 9.9% increase. Approximately 21 homes sold in July 2006 and 20 in July 2005. In summary, there was an upward price trend in July 2006 compared to the same period last year.
The median price of homes in June 2006 was $557,500, compared to $545,500 in June 2005, which represents a 2.1% increase. The average price of homes in June 2006 was $622,327, compared to $613,060 in June 2005, which represents a 0.80% increase. Approximately 13 homes sold in June 2006 and 30 in June 2005. In summary, there was an upward price trend in June 2006 compared to the same period last year.
The median price of homes in May 2006 was $620,000, compared to $615,000 in May 2005, which represents a 0.8% increase. The average price of homes in May 2006 was $652,730, compared to $604,844 in May 2005, which represents a 2.7% increase. Approximately 30 homes sold in May 2006 and 16 in May 2005. In summary, there was an upward price trend in May 2006 compared to the same period last year.
The median price of homes in April 2006 was $560,000, compared to $680,000 in April 2005, which represents a 17.6% decline. The average price of homes in April 2006 was $597,593, compared to $726,804 in April 2005, which represents a 17.8% drop. Approximately 27 homes sold in April 2006 and 23 in April 2005. In summary, there was a downward price trend in April 2006 compared to the same period last year.
The median price of homes in March 2006 was $557,000, compared to $635,000 in March 2005, which represents a 12.3% drop. The average price of homes in March 2006 was $639,667, compared to $655,836 in March 2005, which represents a 2.5% drop. Approximately 21 homes sold in March 2006 and 25 in March 2005. In summary, there was a downward price trend in March 2006 compared to the same period last year.
The median price of homes in February 2006 was $594,750, compared to $530,000 in February 2005, which represents a 12.2% increase. The average price of homes in February 2006 was $664,679, compared to $565,882 in February 2005, which represents an 18.5% increase. Approximately 14 homes sold in February 2006 and 18 in February 2005. In summary, there was an upward price trend in February 2006 compared to the same period last year.
The median price of homes was $595,000 in January 2006, compared to $512,500 in January 2005, which represents a 16.1% increase. The average price of homes in January 2006 was $713,909, compared to $575,470 in January 2005, which represents a 24.1%. Approximately 11 homes sold in January 2006 and 10 in January 2005. In summary, there was an upward price trend in January 2006 compared to the same period last year.
So what does the data tell us? Well, the data above does not reveal a consistent pattern. Early in the year (January and February 2006), home prices were up year-over-year in the range of 12% to 24%. However, prices were down 2% to 17% during March and April 2006, compared to the same time last year. And then, for the last three months (May, June and July 2006), moderate price gains were observed ranging from 1% to 10%. Given the ups and down described above, a longer period of evaluation is needed to determine if a clear pattern emerges. Contact an experienced Realtor to obtain additional insights about the pricing trends in the Del Cerro real estate market.
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The community of Del Cerro is located in central San Diego County, California. The community is located off Interstate 8 at the College Ave exit.
The real estate and homes for sale in Del Cerro fall into the low to moderate income-categories. The number of homes sold in a particular year is relatively high. For example, during the period from January through July 2006, approximately 137 single-family homes sold. Approximately 142 homes sold for the same period in 2005.
One method to analyze pricing trends for a particular community is to evaluate the median and average price of homes for a particular month, and compare that data against the same period last year. What follows is a comparison of the median price and average price of homes for the past seven months (January through July 2006), compared against the data for the corresponding time period in 2005.
The median price of homes represents the point at which half the homes are above a particular price point, and half the homes are below a particular price point. The average price of homes is calculated by adding up the sales price of all homes sold in a particular month, and dividing that value by the number of homes sold.
The median price of homes in July 2006 was $632,000, compared to $590,000 in July 2005, which represents a 6.2 increase. The average price of homes in July 2006 was $680,557, compared to $620,571 in July 2005, which represents a 9.9% increase. Approximately 21 homes sold in July 2006 and 20 in July 2005. In summary, there was an upward price trend in July 2006 compared to the same period last year.
The median price of homes in June 2006 was $557,500, compared to $545,500 in June 2005, which represents a 2.1% increase. The average price of homes in June 2006 was $622,327, compared to $613,060 in June 2005, which represents a 0.80% increase. Approximately 13 homes sold in June 2006 and 30 in June 2005. In summary, there was an upward price trend in June 2006 compared to the same period last year.
The median price of homes in May 2006 was $620,000, compared to $615,000 in May 2005, which represents a 0.8% increase. The average price of homes in May 2006 was $652,730, compared to $604,844 in May 2005, which represents a 2.7% increase. Approximately 30 homes sold in May 2006 and 16 in May 2005. In summary, there was an upward price trend in May 2006 compared to the same period last year.
The median price of homes in April 2006 was $560,000, compared to $680,000 in April 2005, which represents a 17.6% decline. The average price of homes in April 2006 was $597,593, compared to $726,804 in April 2005, which represents a 17.8% drop. Approximately 27 homes sold in April 2006 and 23 in April 2005. In summary, there was a downward price trend in April 2006 compared to the same period last year.
The median price of homes in March 2006 was $557,000, compared to $635,000 in March 2005, which represents a 12.3% drop. The average price of homes in March 2006 was $639,667, compared to $655,836 in March 2005, which represents a 2.5% drop. Approximately 21 homes sold in March 2006 and 25 in March 2005. In summary, there was a downward price trend in March 2006 compared to the same period last year.
The median price of homes in February 2006 was $594,750, compared to $530,000 in February 2005, which represents a 12.2% increase. The average price of homes in February 2006 was $664,679, compared to $565,882 in February 2005, which represents an 18.5% increase. Approximately 14 homes sold in February 2006 and 18 in February 2005. In summary, there was an upward price trend in February 2006 compared to the same period last year.
The median price of homes was $595,000 in January 2006, compared to $512,500 in January 2005, which represents a 16.1% increase. The average price of homes in January 2006 was $713,909, compared to $575,470 in January 2005, which represents a 24.1%. Approximately 11 homes sold in January 2006 and 10 in January 2005. In summary, there was an upward price trend in January 2006 compared to the same period last year.
So what does the data tell us? Well, the data above does not reveal a consistent pattern. Early in the year (January and February 2006), home prices were up year-over-year in the range of 12% to 24%. However, prices were down 2% to 17% during March and April 2006, compared to the same time last year. And then, for the last three months (May, June and July 2006), moderate price gains were observed ranging from 1% to 10%. Given the ups and down described above, a longer period of evaluation is needed to determine if a clear pattern emerges. Contact an experienced Realtor to obtain additional insights about the pricing trends in the Del Cerro real estate market.
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Myths About Real Estate Agents
Escapeso Austin Real Estate asked:
There are some myths about real estate agents, many of which are not so flattering. But when it comes down to it, real estate agents are not too out there, and there is a logical explanation to each misconception. Let’s straighten out a couple myths and facts.
Myth #1: They have big hair.
Fact: Though occasionally real estate agents do have big hair, most are regular people who get up in the morning just like you do, and go to work just like you do. Many real estate agents, in fact, are going bald due to stress related hair loss. Same with the fancy dagger-shaped manicures; in actuality, many real estate agents have bitten their nails down to nubs.
Myth #2: Real Estate Agents drive luxury cars while talking on their cell phones.
Fact: Itâ??s true that real estate agents are often trying to do too many things at once, but they like to be careful about it. And though real estate agents would like to make a good impression on you, more often than not they drive Hondas and Toyotas and hope that their hard work will sell you, not their Lexus.
Myth #3: Real Estate Agents know your area.
Fact: Just like normal people, real estate agents canâ??t know everything. Though they do spend a lot of time driving around town, they canâ??t be in all places at once, and they themselves probably have preferences for one neighborhood versus another. Make it clear to your realtor what kind of area you want to live in, and they can help you look within that section of town.
Myth #4: Real Estate Agents live outside of time.
Fact: Real estate agents have lives too, and those lives happen to take place in the same physical realm as yours does. While it might seem like they spend a strangely disproportionate chunk of time speaking with you, they are actually trying to be as time-conscious as possible, so that you can move more quickly into your home and they can move more quickly to helping their next client.
Myth #5: Real Estate Agents just want your money.
Fact: What real estate agents actually want is an easy life. They want to help you find a home you love, and they want to make their (often small) bit of commission off of it (and thatâ??s off the sale, not out of your pocket). They do not want your soul or your firstborn, just some patience, consideration, and a positive home-buying experience for all.
Website content
There are some myths about real estate agents, many of which are not so flattering. But when it comes down to it, real estate agents are not too out there, and there is a logical explanation to each misconception. Let’s straighten out a couple myths and facts.
Myth #1: They have big hair.
Fact: Though occasionally real estate agents do have big hair, most are regular people who get up in the morning just like you do, and go to work just like you do. Many real estate agents, in fact, are going bald due to stress related hair loss. Same with the fancy dagger-shaped manicures; in actuality, many real estate agents have bitten their nails down to nubs.
Myth #2: Real Estate Agents drive luxury cars while talking on their cell phones.
Fact: Itâ??s true that real estate agents are often trying to do too many things at once, but they like to be careful about it. And though real estate agents would like to make a good impression on you, more often than not they drive Hondas and Toyotas and hope that their hard work will sell you, not their Lexus.
Myth #3: Real Estate Agents know your area.
Fact: Just like normal people, real estate agents canâ??t know everything. Though they do spend a lot of time driving around town, they canâ??t be in all places at once, and they themselves probably have preferences for one neighborhood versus another. Make it clear to your realtor what kind of area you want to live in, and they can help you look within that section of town.
Myth #4: Real Estate Agents live outside of time.
Fact: Real estate agents have lives too, and those lives happen to take place in the same physical realm as yours does. While it might seem like they spend a strangely disproportionate chunk of time speaking with you, they are actually trying to be as time-conscious as possible, so that you can move more quickly into your home and they can move more quickly to helping their next client.
Myth #5: Real Estate Agents just want your money.
Fact: What real estate agents actually want is an easy life. They want to help you find a home you love, and they want to make their (often small) bit of commission off of it (and thatâ??s off the sale, not out of your pocket). They do not want your soul or your firstborn, just some patience, consideration, and a positive home-buying experience for all.
Website content
How do I get in the commercial real estate industry?
Tosin o asked:
I am 22 years old and looking to get in the commercial real estate industry, preferably the leasing aspect. What would be fundamentally required for a person as young as me to be even considered for a job in a large commercial real estate firm? Considering I have a real estate agents license, what else would be needed or would interest a company in hiring someone so young? In other words, how can I get my foot in such an industry, thus giving me a chance to work my way up?
Website content
I am 22 years old and looking to get in the commercial real estate industry, preferably the leasing aspect. What would be fundamentally required for a person as young as me to be even considered for a job in a large commercial real estate firm? Considering I have a real estate agents license, what else would be needed or would interest a company in hiring someone so young? In other words, how can I get my foot in such an industry, thus giving me a chance to work my way up?
Website content
2006: Most Active Real Estate Foreclosure Markets
Real Estate Advisor asked:
The foreclosure market is an attractive option for buyers wanting to invest in real estate. A foreclosed property is a mortgaged property that has been taken over by the lender due to non-payment of the mortgage. The lender then sells the property in order to recover the money, often at below market prices. Foreclosed homes, condos and other properties can for make excellent investments and is a popular choice for those entering the real estate market.
The October 2006 issue of Business 2.0 Magazine ranks the top 10 foreclosure markets in the United States. Greeley in Colorado tops the list followed by Detroit in Michigan, Miami in Florida, Indianapolis in Indiana, Ft. Lauderdale in Florida, Denver in Colorado, Dayton in Ohio, Dallas and Fort Worth in Texas, and Atlanta in Georgia.
Greeley, CO, has the largest number of foreclosure households in the country, with 0.59% of homes falling in the category, an increase by 14.7% since January 2006. The report holds aggressive residential development, risky underwriting practices and stagnant wages as the main causes.
Detroit, MI, stands next with 0.51% of the households in foreclosure. The badly performing auto industry and the resulting impact to autoworkers’ incomes has contributed to number of homes in foreclosure in this city.
Third on the list is Miami, FL, where 0.37% of the households are in foreclosure, a staggering 91% increase since January 2006. The report states a weakening economy, higher property insurance premiums, and rising energy and interest rates, as the reasons for this rapid increase.
The fourth among the top ten foreclosure markets is Indianapolis, IN. Although the foreclosure rates are slightly lower from last year, still the portion of households in foreclosure stands at 0.35%. Setbacks and layoffs in the city’s auto industry together with falling home prices have contributed to foreclosure rates in this city.
Fort Lauderdale, FL, stands fifth with 0.34% of households entering foreclosure, which is up by a whopping 118.5% since January 2006.
Denver (with 0.33% of households in foreclosure), Dayton (with 0.33% of households in foreclosure), Dallas (with 0.31% of households in foreclosures), Fort Worth (with 0.31% of households in foreclosure) and Atlanta (with 0.31% of households in foreclosures) round out the top 10 foreclosure markets.
If you are looking to invest in the foreclosure market, consult a real estate agent who can help you clinch the best deal on the foreclosure property of your choice.
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The foreclosure market is an attractive option for buyers wanting to invest in real estate. A foreclosed property is a mortgaged property that has been taken over by the lender due to non-payment of the mortgage. The lender then sells the property in order to recover the money, often at below market prices. Foreclosed homes, condos and other properties can for make excellent investments and is a popular choice for those entering the real estate market.
The October 2006 issue of Business 2.0 Magazine ranks the top 10 foreclosure markets in the United States. Greeley in Colorado tops the list followed by Detroit in Michigan, Miami in Florida, Indianapolis in Indiana, Ft. Lauderdale in Florida, Denver in Colorado, Dayton in Ohio, Dallas and Fort Worth in Texas, and Atlanta in Georgia.
Greeley, CO, has the largest number of foreclosure households in the country, with 0.59% of homes falling in the category, an increase by 14.7% since January 2006. The report holds aggressive residential development, risky underwriting practices and stagnant wages as the main causes.
Detroit, MI, stands next with 0.51% of the households in foreclosure. The badly performing auto industry and the resulting impact to autoworkers’ incomes has contributed to number of homes in foreclosure in this city.
Third on the list is Miami, FL, where 0.37% of the households are in foreclosure, a staggering 91% increase since January 2006. The report states a weakening economy, higher property insurance premiums, and rising energy and interest rates, as the reasons for this rapid increase.
The fourth among the top ten foreclosure markets is Indianapolis, IN. Although the foreclosure rates are slightly lower from last year, still the portion of households in foreclosure stands at 0.35%. Setbacks and layoffs in the city’s auto industry together with falling home prices have contributed to foreclosure rates in this city.
Fort Lauderdale, FL, stands fifth with 0.34% of households entering foreclosure, which is up by a whopping 118.5% since January 2006.
Denver (with 0.33% of households in foreclosure), Dayton (with 0.33% of households in foreclosure), Dallas (with 0.31% of households in foreclosures), Fort Worth (with 0.31% of households in foreclosure) and Atlanta (with 0.31% of households in foreclosures) round out the top 10 foreclosure markets.
If you are looking to invest in the foreclosure market, consult a real estate agent who can help you clinch the best deal on the foreclosure property of your choice.
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Top 5 Real Estate Markets For Price Increases And Decreases
Real Estate Advisor asked:
In its 4th quarter report of 2006, the real estate information site estimates the home value trends for the U.S. and 75 metropolitan areas. According to the data from http://Zillow.com, home values are now declining slightly on a year-over-year basis for the first time in a decade after years of appreciation.
Zillow’s home value data goes back to 1997 and reveals the depreciation of home value rates at 0.48 % year-over-year at the national level. The depreciation in home value every quarter is at 4.77 %. Zillow’s appreciation rate is based on the value of all homes in an area, including those that were sold.
Although there is a fall in the over-all home price growth, areas such as Seattle and Portland are experiencing a surge in home values at good appreciation rates. Besides national home values, the report also presents comprehensive data on local market price growth and decline in 75 metropolitan areas. The Zillow report gives detailed data on home value changes for counties, cities, neighborhoods and ZIP codes in U.S.A.
The top 5 metro areas with the highest price growth, year-over-year, are:
1. Lakeland-Winter Haven, Florida, with an appreciation rate of 25.88 %
2. Yuma, Arizona, with an appreciation rate of 25.66 %
3. Myrtle Beach, South Carolina, with an appreciation rate of 21.24 %
4. Flagstaff, Arizona, with an appreciation rate of 19.02 %
5. Ocala, Florida with an appreciation rate of 17.56 %
The 5 metropolitan areas that have the most declining home values, year-over-year, are:
1. Panama City, Florida, with a depreciation rate of 11.84 %
2. San Luis Obispo-Atascadero-Paso Robles, California, with a depreciation rate of 11.35 %
3. Punta Gorda, Florida, with a depreciation rate of 9.23 %
4. Sarasota-Bradenton, Florida, with a depreciation rate of 8.99 %
5. Greenville-Spartanburg-Anderson, South Carolina, with a depreciation rate of 8.73 %
The Zillow national report also includes the top five most expensive and least expensive metro areas measured by the Zindex home value indicator.
The top 5 metro areas that are most expensive are:
1. San Francisco-Oakland-San Jose, California at $684,459
2. Salinas, California at $654,503
3. Santa Barbara-Santa Maria-Lompoc, California at $627,323
4. Honolulu, Hawaii at $626,452
5. Los Angeles-Riverside-Orange County, California at $545,409
The top 5 metro areas that are the least expensive are:
1. Davenport-Moline-Rock Island, IA-IL at $86,201
2. Peoria-Pekin, Illinois at $91,984
3. Greenville-Spartanburg-Anderson, South Carolina at $96,508
4. Tulsa, Oklahoma at $97,186
5. Dayton-Springfield, Ohio at $103,729
Even within these markets, there are hot and cold housing segments of the community. Be sure to seek out the services of a local real estate agent, who can advise you about local market conditions that impact the price of homes, condos and other types of real estate.
real estate
In its 4th quarter report of 2006, the real estate information site estimates the home value trends for the U.S. and 75 metropolitan areas. According to the data from http://Zillow.com, home values are now declining slightly on a year-over-year basis for the first time in a decade after years of appreciation.
Zillow’s home value data goes back to 1997 and reveals the depreciation of home value rates at 0.48 % year-over-year at the national level. The depreciation in home value every quarter is at 4.77 %. Zillow’s appreciation rate is based on the value of all homes in an area, including those that were sold.
Although there is a fall in the over-all home price growth, areas such as Seattle and Portland are experiencing a surge in home values at good appreciation rates. Besides national home values, the report also presents comprehensive data on local market price growth and decline in 75 metropolitan areas. The Zillow report gives detailed data on home value changes for counties, cities, neighborhoods and ZIP codes in U.S.A.
The top 5 metro areas with the highest price growth, year-over-year, are:
1. Lakeland-Winter Haven, Florida, with an appreciation rate of 25.88 %
2. Yuma, Arizona, with an appreciation rate of 25.66 %
3. Myrtle Beach, South Carolina, with an appreciation rate of 21.24 %
4. Flagstaff, Arizona, with an appreciation rate of 19.02 %
5. Ocala, Florida with an appreciation rate of 17.56 %
The 5 metropolitan areas that have the most declining home values, year-over-year, are:
1. Panama City, Florida, with a depreciation rate of 11.84 %
2. San Luis Obispo-Atascadero-Paso Robles, California, with a depreciation rate of 11.35 %
3. Punta Gorda, Florida, with a depreciation rate of 9.23 %
4. Sarasota-Bradenton, Florida, with a depreciation rate of 8.99 %
5. Greenville-Spartanburg-Anderson, South Carolina, with a depreciation rate of 8.73 %
The Zillow national report also includes the top five most expensive and least expensive metro areas measured by the Zindex home value indicator.
The top 5 metro areas that are most expensive are:
1. San Francisco-Oakland-San Jose, California at $684,459
2. Salinas, California at $654,503
3. Santa Barbara-Santa Maria-Lompoc, California at $627,323
4. Honolulu, Hawaii at $626,452
5. Los Angeles-Riverside-Orange County, California at $545,409
The top 5 metro areas that are the least expensive are:
1. Davenport-Moline-Rock Island, IA-IL at $86,201
2. Peoria-Pekin, Illinois at $91,984
3. Greenville-Spartanburg-Anderson, South Carolina at $96,508
4. Tulsa, Oklahoma at $97,186
5. Dayton-Springfield, Ohio at $103,729
Even within these markets, there are hot and cold housing segments of the community. Be sure to seek out the services of a local real estate agent, who can advise you about local market conditions that impact the price of homes, condos and other types of real estate.
real estate
How do part time real estate agent make money when their not selling homes?
JRS300 asked:
I’m freshly into real estate. I’m curious as to how other people make a living when the market is down and you have no homes listed with you being sold. Even full time agents also. What type of ways do you find income rather than selling a home. I would like any EXPERIENCED real estate person to answer. I know everyone says don’t get into real estate becuase its 100% commission, but I love it. But I need some good advice. Please help. Thank you.
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I’m freshly into real estate. I’m curious as to how other people make a living when the market is down and you have no homes listed with you being sold. Even full time agents also. What type of ways do you find income rather than selling a home. I would like any EXPERIENCED real estate person to answer. I know everyone says don’t get into real estate becuase its 100% commission, but I love it. But I need some good advice. Please help. Thank you.
Caffeinated Content - Members-Only Content for WordPress
U.S. Real Estate Forecast From A Supply
Real Estate Advisor asked:
On any given day, people can easily find articles and news stories describing an impending bust of the so-called real estate bubble. Despite this gloomy prediction, many experts believe that the recent slowdown in housing will be a gradual and modest readjustment rather than sharp bust or decline. These experts believe that factors that lead to a sharp decline in the real estate market are just not present in the current economic outlook. In fact, a recent study by the Joint Center for Housing Studies at Harvard University noted that “despite the current cool-down, the long-term outlook for housing is bright.”
The rise and fall of the real estate market is subject to the forces of supply and demand, and these factors point to stable and positive growth in the real estate segment.
SUPPLY FACTORS
Limited supply of real estate makes it scarce and usually pushes home prices up. In contrast, an oversupply of real estate tends to put downward pressure on home prices. Despite the current slow down in the real estate market, factors that impact limited supply favor continued growth in the real estate market. Some of these factors include:
1. Builders have readjusted growth plans in regions that have an oversupply of new housing. Over time, any excess inventory is likely to be depleted and equilibrium achieved between supply and demand.
2. The availability of land in certain regions, as well land use regulations and associated compliance costs will continue to restrict the supply of new homes.
DEMAND FACTORS:
Housing located in regions with high demand tend to be more expensive than homes in regions with low demand. Factors that impact the demand for housing suggests a favorable long-term housing outlook. Some of these factors include:
1. No current evidence of significant and across-the-board job losses; forecasts of relatively low unemployment rates.
2. Long-term increased demand for second homes, vacation homes and senior housing by baby boomers.
3. Long-term increased demand for entry-level homes by the children of baby boomers.
4. Long-term increased demand for entry-level homes by immigrants.
5. Long-term increased demand for entry-level homes by second-generation Americans.
6. Forecasts that the outflows and inflows of the U.S. population in and out different regions will not significantly impact the overall U.S. real estate housing market.
7. Relative stability in interest rates.
8. Continued stability in long-term home appreciation rates.
9. Overall, rising rate of wealth across all age groups.
SUMMARY
In summary, strong household growth, overall rising incomes and wealth, and a stable economy all bode well for continued long-term growth in the real estate market. While the overall housing outlook is favorable, affordability will continue to be a challenge, as wages, especially in the lower income levels, have not kept up with housing costs.
Kansieo.com
On any given day, people can easily find articles and news stories describing an impending bust of the so-called real estate bubble. Despite this gloomy prediction, many experts believe that the recent slowdown in housing will be a gradual and modest readjustment rather than sharp bust or decline. These experts believe that factors that lead to a sharp decline in the real estate market are just not present in the current economic outlook. In fact, a recent study by the Joint Center for Housing Studies at Harvard University noted that “despite the current cool-down, the long-term outlook for housing is bright.”
The rise and fall of the real estate market is subject to the forces of supply and demand, and these factors point to stable and positive growth in the real estate segment.
SUPPLY FACTORS
Limited supply of real estate makes it scarce and usually pushes home prices up. In contrast, an oversupply of real estate tends to put downward pressure on home prices. Despite the current slow down in the real estate market, factors that impact limited supply favor continued growth in the real estate market. Some of these factors include:
1. Builders have readjusted growth plans in regions that have an oversupply of new housing. Over time, any excess inventory is likely to be depleted and equilibrium achieved between supply and demand.
2. The availability of land in certain regions, as well land use regulations and associated compliance costs will continue to restrict the supply of new homes.
DEMAND FACTORS:
Housing located in regions with high demand tend to be more expensive than homes in regions with low demand. Factors that impact the demand for housing suggests a favorable long-term housing outlook. Some of these factors include:
1. No current evidence of significant and across-the-board job losses; forecasts of relatively low unemployment rates.
2. Long-term increased demand for second homes, vacation homes and senior housing by baby boomers.
3. Long-term increased demand for entry-level homes by the children of baby boomers.
4. Long-term increased demand for entry-level homes by immigrants.
5. Long-term increased demand for entry-level homes by second-generation Americans.
6. Forecasts that the outflows and inflows of the U.S. population in and out different regions will not significantly impact the overall U.S. real estate housing market.
7. Relative stability in interest rates.
8. Continued stability in long-term home appreciation rates.
9. Overall, rising rate of wealth across all age groups.
SUMMARY
In summary, strong household growth, overall rising incomes and wealth, and a stable economy all bode well for continued long-term growth in the real estate market. While the overall housing outlook is favorable, affordability will continue to be a challenge, as wages, especially in the lower income levels, have not kept up with housing costs.
Kansieo.com
What are some good real estate websites to browse pics of properties?
JustAsking asked:
Totally new to the real estate game. I can’t seem to do an effective search in Google to get me good sites.
Kansieo.com
Totally new to the real estate game. I can’t seem to do an effective search in Google to get me good sites.
Kansieo.com
Do you think a real estate license would be worth getting?
mxhazard asked:
I am 22 years old. My boyfriend and I are planning to start flipping houses in the next year or so. My boyfriend is a carpenter. I am wondering if getting my real estate licence now would be a good move?
real estate
I am 22 years old. My boyfriend and I are planning to start flipping houses in the next year or so. My boyfriend is a carpenter. I am wondering if getting my real estate licence now would be a good move?
real estate
Chula Vista, San Diego, Real Estate Market Trends and Community Information, August 2006
Real Estate Advisor asked:
COMMUNITY INFORMATION
Chula Vista is situated in the southern region of San Diego County within the state of California. There are approximately 194,939 residents in this community and 62,394 households. The median age of residents is 32.89 years.
TEMPERATURE
The temperature in Chula Vista is relatively moderate. The warmest time of year occurs in August during which temperatures reach an average high of 72°F. The coldest time of year occurs in December with average temperatures falling to 57°F.
HOME AND REAL ESTATE PRICES
The housing options in Chula Vista include single-family homes and properties, condominiums, townhouses, and apartments. The price of housing is as follows:
·One bedroom townhouse/condominium start in the high $100,000s.
·Two bedroom townhouse/condominium start in the high $200,000s.
·Three bedroom townhouse/condominium start in the mid $300,000s.
·Two bedroom single-family homes start in the high $300,000s.
·Three bedroom single-family homes start in the low $400,000s.
·Four bedroom single-family homes start in the high$400,000s.
REAL ESTATE MARKET TRENDS
As with most products and services in the United States, price shifts in the real estate industry are subject to the forces of supply and demand. Whether it’s a buyers market or a seller’s market, it is useful to evaluate home sales data for the most recent month available (June 2006), compared against the same period in the previous year (June 2005).
The median price of single-family homes dropped from $610,000 in June 2005 to $595,000 in June 2006, which represents a 2.5% decline. Fewer more homes sold in June 2006 (127 homes) than in June 2005 (171 homes). The average time to sell a home increased from 47 days in June 2005 to 66 days in June 2006.
The median price of condominiums and townhomes decreased slightly from $382,250 in June 2005 to $382,000 in June 2006, which represents a .1% decline. Fewer units sold in June 2006 (46 units) than in June 2005 (80 units). The average time to sell a unit increased from 52 days in June 2005 to 85 days in June 2006.
Homebuyers and home sellers should keep in mind that the data above is simply a snapshot in time. Therefore, the data must be evaluated over a longer duration to understand enduring market trends.
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COMMUNITY INFORMATION
Chula Vista is situated in the southern region of San Diego County within the state of California. There are approximately 194,939 residents in this community and 62,394 households. The median age of residents is 32.89 years.
TEMPERATURE
The temperature in Chula Vista is relatively moderate. The warmest time of year occurs in August during which temperatures reach an average high of 72°F. The coldest time of year occurs in December with average temperatures falling to 57°F.
HOME AND REAL ESTATE PRICES
The housing options in Chula Vista include single-family homes and properties, condominiums, townhouses, and apartments. The price of housing is as follows:
·One bedroom townhouse/condominium start in the high $100,000s.
·Two bedroom townhouse/condominium start in the high $200,000s.
·Three bedroom townhouse/condominium start in the mid $300,000s.
·Two bedroom single-family homes start in the high $300,000s.
·Three bedroom single-family homes start in the low $400,000s.
·Four bedroom single-family homes start in the high$400,000s.
REAL ESTATE MARKET TRENDS
As with most products and services in the United States, price shifts in the real estate industry are subject to the forces of supply and demand. Whether it’s a buyers market or a seller’s market, it is useful to evaluate home sales data for the most recent month available (June 2006), compared against the same period in the previous year (June 2005).
The median price of single-family homes dropped from $610,000 in June 2005 to $595,000 in June 2006, which represents a 2.5% decline. Fewer more homes sold in June 2006 (127 homes) than in June 2005 (171 homes). The average time to sell a home increased from 47 days in June 2005 to 66 days in June 2006.
The median price of condominiums and townhomes decreased slightly from $382,250 in June 2005 to $382,000 in June 2006, which represents a .1% decline. Fewer units sold in June 2006 (46 units) than in June 2005 (80 units). The average time to sell a unit increased from 52 days in June 2005 to 85 days in June 2006.
Homebuyers and home sellers should keep in mind that the data above is simply a snapshot in time. Therefore, the data must be evaluated over a longer duration to understand enduring market trends.
Website content