ENCINITAS, California -- The Encinitas real estate market may soon be looking up for San Diegans hoping to buy a home. A new report by Zillow found that many economists believe the housing market in California will turn into a buyer’s market by 2020.
According to the housing site, home-values have appreciated faster in 2018 than in 2017. That coupled with a fall in inventory means that sellers are in the driver’s seat.
At least for now. Zillow says recent data suggest the balance may be starting to tilt back toward buyers. Home growth is slowing in more than half the nation’s 35 largest metros and price cuts are common.
Even in San Diego County, where the cost of living is well above average, 20 percent of listings saw a price cut in June.
A separate report from Zillow found that the increase in home values has also slowed throughout San Diego.
Three out of four economists surveyed say the national housing marked could see a shift to a buyer’s market by 2020.
Those same economists say the Midwest will be the first to see the shift, beginning as early as 2019, followed by the Northeast, South and West in 2020.
"For the past several years, home sellers held all the cards at the negotiating table, fielding multiple offers while buyers faced stiff competition and a fast-moving market,” said Encinitas real estate expert Broker Chaco.
Over the next year, Zillow expects the rate of appreciation to slow to 4.7 percent in San Diego, where the median home price is $584,100.
"Conditions are starting to show signs of easing up, but the effects of years of limited construction still linger. Inventory is still falling on an annual basis, and home values are growing well above their historic pace. Although these trends are starting to lose their edge, it is far too soon to call it a buyers market," says Broker Chaco.
ENCINITAS, California -- The rapid rise in housing cost is beginning to cool in San Diego County, at least for now according to Broker Chaco. Over the last year, home values rose 6%, down from more than 8% a year ago. The data anlayzed by Broker Chaco also found that home values are also rising slower than average.
The trend may be welcome news for renters. Over the last year, rent rose only one percent to an average of $2,540. At this time last year, rents were rising at a dizzying 3.5 percent annually. Even though price increases are slowing, the median home value in San Diego is still $584,100 and the average sale price in Pacific Serena is $711,045 in 2018. Please read that again folks, the average sale price in Pacific Serena is $711,045 as of the end of the 3rd quarter 2018.
Judge rules against citizens group in duplex suit
by Aaron Burgin , May 29, 2017
ENCINITAS — A Superior Court judge has ruled against a residents group that challenged the city’s approval of a second-story addition to a duplex on Rosebay Drive in Pacific Serena homes in 2016.
The group, which called itself Friends to Preserve Encinitas Beauty, sued Pacific Serena homes residents Gina and Derek Bradley in March 2016, challenging the addition of a 649-square-foot second story to their 863-square-foot duplex.
The group claimed the home remodel would block public and private views, would violate the city’s parking requirements, that it didn’t follow the city’s Design Review Guidelines and that it should have been subject to extensive review under the California Environmental Quality Act.
The group also claimed approval would prompt others to build additions which would block the view of neighbors above.
Superior Court Judge Earl Maas on May 10 ruled against the group on all counts.
Merchant expressed relief in the ruling.
“My husband and I are so relieved to have put this to rest as the weight of the lawsuit has been bearing down on us for 12 long months,” Gina Bradley said. “We were shocked and disheartened that these people took it this far given that we worked carefully with the city of Encinitas to design a second story that would be considerate of our neighbors and community, and their arguments were completely baseless.
“They were just determined to try to bully us with their money. We hope our success will discourage similar NIMBY attacks elsewhere in our community, and empower people to fight for their right to improve their homes,” Merchant said.
Everett Delano, the group’s attorney, said the group hadn’t decided if they would appeal the ruling.
Delano acknowledged that winning the lawsuit was not going to be easy, given they would have to prove the “slippery slope” the approval would create.
“I think it was important to set a precedent that we simply can’t sit back and allow this to happen,” Delano said. “It’s not about Derek and Gina, it’s the concern that if you keep building up, everyone else will build up.”
Pacific Serena homes continued to 'fly off the shelf' in 2014. The first sale of the year was 265 Coneflower Street.
This home was only on the market for 5 days before an offer was accepted.
This home benefited from the following upgrades: engineered hardwood floors ($5,000), granite countertops ($1,600), newer kitchen and laundry room cabinets ($2,000) and dual-glazed windows throughout ($5,000). Private grassy backyard. Square footage is more than 827 as previous owner did complete addition. Optional room can be used as bedroom and office. Part of garage was also converted and that can be used as an office.