January 2013 Volume 1, Issue 1 PQ Real Estate Report Looking Back: Why 2012 Was the Turnaround Year for 92129 3, 2, 1… Happy New Year! My favorite part of the beginning of the new year is the optimism that comes with it. Some people are going to the gym for the first time in months, some are ditching their bad habits, and others are just eating healthier. But no matter what we are doing, our motivation is the same: We want to be better this year than we were last year. Matt Conser REALTOR® And we can do it. We all have the power. A 2009 study from the University College London says that on average it takes 66 days of doing something daily to turn the action into a habit. In other words, if you can just keep your resolutions through the first week of March, you’ll have all but guaranteed your success throughout the year. Knowing that, there’s no excuse for not making this year better than the last. Speaking of doing better than the year before, let’s give a round of applause to our local housing market! San Diego is second in the nation (following Phoenix) in real estate market recovery, and Rancho Peñasquitos is no exception! By any measure, 2012 was a marked improvement over 2011. Without further ado, let’s get to the numbers. As you can see, average housing prices have been trending upward since October of 2011. Despite some seasonal bobbling up and down, the implication is clear: home values in our neighborhood are on their way up. In fact, if you compare 2011 against 2012 month by month, you’ll see that the entire latter half of this past year was an obvious improvement over last. (See chart on next page.) Matt Conser REALTOR® Not only are average prices going up, but the sheer volume of activity is increasing, as well. As housing prices and interest rates began their inevitable climb upward, buyers who were previously waiting to see if there would be another crash began to scramble to take advantage of the down market. Even with the tightest inventory in years, more Rancho Peñasquitos singlefamily homes were sold in nearly every month during 2012 than in the corresponding month during 2011. PQ Real Estate Report Finally, let’s look at how long homes are sitting on the market, and which types of homes in 92129 are selling the fastest. Homes listed under $200,000 sat for the longest, at an average of 109 days. That’s not surprising, when you consider that a home listed at that price likely does not have much invested in its curb appeal or upkeep. Starter homes listed between $300k and $400k also took longer to move, although those listed between $200k and $300k were snatched up more quickly. When you look at luxury homes listed above $800k, the time spent on the market was Wondering what your home is worth? relatively high for them as well, because there is still Curious about how long it would take to less demand for them than other property types. Where things get really interesting is in the $400$500k range; that’s where the days on market drop dramatically, taking an average of just over 2 months to sell. As the value increases, the DOM continue to drop, all the way down to a scant 44 days for properties listed between $700k and $800k. sell? Give me a call at (858) 248-3570 for a free Market Analysis and find out. There’s no reason not to know the value of what may be your largest investment. So let’s review: More homes are selling, they’re selling for more, and they’re selling fast. And homes like yours are selling the fastest. Whether you’re ready to take advantage of that or not, it’s great news for Rancho Peñasquitos homeowners. Happy 2013, indeed. Recent Sales in 92129 9284 Calle De Vista Oeste, 4 bedrooms, 3 baths Sold 12/27/12 for $650,000 after 89 days on market 7430 Arroyo Grande Road, 4 bedrooms, 2.5 baths Sold 12/27/12 for $680,000 after 29 days on market 15560 Paseo Ajanta, 3 bedrooms, 2 baths Matt Conser Sold 12/28/12 for $435,000 after 7 days on market REALTOR® 13157 Deron Avenue, 4 bedrooms, 3 baths Sold 12/28/12 for $475,000 after 25 days on market 9129 Oviedo Street, 5 bedrooms, 2.5 baths www.SanDiegoRealEstateListingsPlus.com Sold 12/28/12 for $620,000 after 33 days on market 13274 Deron Avenue, 5 bedrooms, 3 baths 501 1st Avenue San Diego, CA 92101 Cell: (858) 248-3570 E-mail: [email protected] CA DRE License 01899131 Sold 12/28/12 for $615,000 after 11 days on market How Much Can You Get for Your House? “How much can we get for our house?” That’s often the first question asked when putting a house on the market. Obviously, you want to get the most money possible for your house. But if you set your price too high you’ll scare off potential buyers – and their Call (858) 248-3570 agents! If you set today for a free your price too low, you’ll be leaving Market Analysis. money on the table. People might also reasonably assume that there’s something wrong with the property. “Why the low price?” Ideally, the selling price should reflect the market value of your house influenced by how quickly you want to sell it. Market value is simply the price that potential buyers are willing to pay for a house like yours in your neighborhood. To determine the market value of your home, your agent should conduct a comparative market analysis. This analysis should include sales of properties in your area that are similar to yours – taking into account the number of rooms, lot size, square footage, special features (such as pools), etc. – and provide a comparison. For example, if your house has two stories, four bedrooms, 2.5 baths, and a pool, the research should include other houses in your neighborhood with the same features. If these houses sold for an average of $550,000, then it’s a good bet that potential buyers would be willing to pay that much for your house. An agent will try to find at least three recent house sales in your neighborhood. (The more recent the better, as home prices can fluctuate.) Don’t take it personally. Market value doesn’t take into account any emotional attachment you may have to particular feature of your house. You may look at your backyard garden with pride and remember the many hours of hard work you spent planning, planting and nurturing. But, no matter how much more valuable you think the garden makes your house, it is still only worth whatever someone else is willing to pay for it.
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