HOME SALES, PRICES REMAIN ELEVATED IN OCTOBER

Posted by Rick Griffin on Nov 20, 2020 4:22:17 PM

SAN DIEGO HOME SALES IN OCTOBER 2020

Fall is the new spring for the California’s housing market as record-low mortgage rates, skyrocketing buyer demand and shrinking inventory are making this fall season resemble a typical, active springtime for homebuyers and sellers. In October 2020, home sales and prices recorded double-digit increases compared to a year ago, according to the most recently monthly report from the California Association of REALTORS® (C.A.R.).

C.A.R. said California’s homebuying season is extending into the fall as home sales and prices remained elevated in October. Continued record low mortgage interest rates sustained the housing market in October as home sales and prices took a breather from September’s record high levels.

October’s sales total climbed above the 400,000 level for the fourth straight month since the Covid-19 crisis depressed the housing market earlier this year and was just 15,000 units shy of the 500,000 benchmark. Existing, single-family home sales totaled 484,510 in October 2020 on a seasonally adjusted annualized rate. October 2020 sales dipped 1.0 percent from 489,590 in September 2020 but were up 19.9 percent from a year ago, when 404,240 homes were sold on an annualized basis.

In San Diego County, October 2020 home sales decreased 7.1 percent compared to September 2020, but increased 21.2 percent higher than in October 2019.

After setting new record highs for four straight months, California’s home median price dipped on a month-to-month basis for the first time in five months. The statewide median price stayed essentially flat in October 2020, slipping 0.2 percent to $711,300 from September 2020’s record high of $712,430.  However, the year-over-year growth rate continued to increase by double-digits for the third consecutive month and was the second highest gain since February 2014. There was a 17.5 percent difference between October 2020’s median price of $711,300 and October 2019’s median price of $605,280. October 2020’s median price also was higher than the six-month average of 6.8 percent observed between April 2020 and September 2020. 

October 2020 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
October 2020 County Sales and Price Activity

In San Diego County, the median price for a single-family home in October 2020 was $749,000, a 1.9 percent increase from $735,000 in September 2020, and a 14.9 percent leap than the $652,000 figure in October 2019.

The coronavirus pandemic has heightened the desire for more spacious, multi-functional homes as more people have been forced to homebound distance learning for school and working remotely for the job.

Normally, the housing market experiences a cool-down in the fall as students return to school. However, timelines that normally revolve around the start of the school year are no longer applicable. That dynamic has changed with Covid delaying the reopening of schools for in-person learning.

As a result, sellers are continuing to receive top dollar for their homes outside the prime selling season. Homes are selling quickly and buyer demand shows no signs of tapering off anytime soon.

“California’s housing market continues to exceed expectations as this year’s traditional homebuying season has shifted into late summer and fall instead of spring and early summer,”  said 2021 C.A.R. President Dave Walsh, vice president and manager of the Compass San Jose office. “The market is unseasonably strong, as motivated buyers continue to take advantage of the lowest interest rates in history. The ongoing momentum will keep home sales elevated for the next couple of months, and the housing market will remain a rare bright spot in a struggling economy.”

“An extremely favorable lending environment and a renewed attitude towards homeownership is prolonging the homebuying season and extending the market’s V-shaped recovery to the off season,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “The question that remains to be answered, however, is whether the strong market is sustainable in the longer term as market fundamentals continue to be tested by tight supply, eroding housing affordability, and most of all, the rising number of Coronavirus cases.”

Reflecting the rise in home prices, consumers continue to say it is a good time to sell, according to C.A.R.’s monthly Consumer Housing Sentiment Index. Conducted in early November, the poll found that 59 percent of consumers said it is a good time to sell, up from 56 percent a month ago, and up from 47 percent a year ago. Meanwhile, low interest rates continue to fuel the optimism for homebuying; 31 percent of the consumers who responded to the poll believed that now is a good time to buy a home, up from last year, when 24 percent said it was a good time to buy a home.

Other key points from the October 2020 resale housing report included:

-- At the regional level, sales increased in October 2020 in all major regions compared to last year with growth rates of more than 10 percent, except in the Central Valley, which grew by 9.9 percent from a year ago.

-- Sales in resort communities remained robust in October 2020. Housing demand in Big Bear, including Big Bear City and Big Bear Lake, continued to surge with sales growing 125.6 percent from last October. Lake Arrowhead and South Lake Tahoe both recorded strong sales in October, with year-over-year growth rates of 47.7 percent and 29.1 percent, respectively. Sales in Mammoth Lakes also jumped in the latest month with a gain of 55.6 percent from last October.

-- At the regional level, all major regions posted double-digit, year-over-year median price increases. The Central Coast led the pack again with an increase of 25.9 percent, as high-end home sales in Santa Barbara and Monterey continued to surge. The San Francisco Bay Area had the second largest price increase of 17 percent, followed by Southern California (15.4 percent), the Central Valley (14.7 percent), and the Far North (12.8 percent).

-- With active listings dipping slightly from the prior month, while the momentum of sales continued to push forward into the traditionally off-season months, the Unsold Inventory Index (UII) in October was unchanged from September, when it reached the lowest level in nearly 16 years. The UII fell sharply from 3.0 months in October 2019 to 2.0 months this October.

-- The unsold inventory of available homes for sale in October 2020 in California remained unchanged at 2.0 months, compared to September 2020, when it reached the lowest level in nearly 16 years since November 2004. Statewide inventory in October 2019 was 3.0 months.

-- In San Diego County, the inventory of available of homes for sale in October 2020 was 1.8 months, compared to 1.7 months in September 2020 and 2.8 months in October 2019. Inventory levels in months refers to the number it would take for the current inventory of homes on the market to sell-out given the current sales pace.

-- Active listings continued to decline significantly in October 2020, with most regions declining more than 40 percent from last year. The Central Valley had the biggest year-over-year drop of 49.6 percent in October, followed by Southern California (-46.6 percent), the Central Coast (-46.5 percent), the Far North (-40.9 percent), and the San Francisco Bay Area (-23.8 percent).

-- The median number of days it took to sell a California single-family home was 10 days in October 2020, compared to 11 days in September 2020 and 24 days in October 2019. The October 2020 figure was the lowest ever recorded.

October 2020 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

October 2020 County Unsold Inventory and Days on Market-- In San Diego County, the median number of days an existing, single-family home remained unsold on the market was seven days in October 2020, which the same number in September 2020. However, the timeframe was 18 days a year ago in October 2019. The seven-day figure compares to eight days in August 2020, 10 days in July 2020, 12 days in June 2020, 11 days in May 2020, eight days in April 2020, 10 days in March 2020, 12 days in February 2020 and 23 days in January 2020.

-- The 30-year, fixed-mortgage interest rate averaged 2.83 percent in October, down from 3.69 percent in October 2019, according to Freddie Mac. The five-year, adjustable mortgage interest rate was an average of 2.89 percent, compared to 3.38 percent in October 2019.

In other recent real estate and economic news, according to news reports:

-- CoreLogic said San Diego County median home price in October remained unchanged from September at $650,000, which is 13 percent higher than a year ago. It was the first time for no monthly price increase since May. The price represents all homes, including single-family, condos and townhomes.

-- San Diegans searching for out-of-state homes for sale on Redfin are most frequently looking at lower-cost cities Phoenix and Las Vegas, along with areas in Riverside County. The homebuying website said 24.3 percent of searches originating from metropolitan San Diego in the 2020 third quarter included out-of-town communities, compared to 18.8 percent the same time last year. The most active metro area people were looking to leave was New York City at 35.8 percent.

-- Redfin also reports that San Diego had the second highest number of multiple offers on homes for sale in the U.S. in October, with 73.2 percent of Redfin homes in a bidding war, second only to Salt Lake City’s 75 percent. Nationwide, 56.8 percent of Redfin offers on home faced competition from at least two prospective buyers.

-- Zillow says homes are remaining unsold on the market for 12 days, which is 17 days less than last year. Also, sales listings in San Diego County are about 34 percent lower than a year ago.

-- The percentage of would-by homebuyers who could afford to purchase the $729,000 median-priced, existing single-family home in the 2020 third quarter in San Diego County was at 27 percent, compared to 30 percent in the 2020 2Q and 29 percent in the 2019 3Q, according to housing affordability index (HAI) statistics from the California Association of REALTORS®. Statewide, the HAI percentage of all California households that could afford to purchase the $693,680 median-priced, single-family home in 2020 3Q was 28 percent, which was the lowest in nearly two years.

-- Every metro area tracked by the National Association of REALTORS® (NAR) experienced annual home price increases in the 2020 third quarter, which was attributed in large part to record-low mortgage rates and depleted nationwide housing inventory. NAR said eight of America’s 10 most expensive metro areas were located in the West, led by San Jose ($1.4 million for a median-priced, single-family home), San Francisco ($1.125 million) and Anaheim, ($910,000). San Diego had the fifth highest median price for a single-family home in the U.S. at $729,000, according to NAR.

Topics: Brokers/Managers, Market Information

LANDLORDS, TENANTS CAN BENEFIT FROM RENTAL RELIEF RESOURCES

Posted by Rick Griffin on Nov 20, 2020 3:30:57 PM

RENTAL RELIEF RESOURCES

Landlords and tenants alike have been hit hard with economic challenges resulting from the Covid-19 pandemic. Fortunately, several local cities and nonprofits who administer federal government programs on behalf of cities, have made rental assistance resources available to both landlords and tenants who have suffered Coved-related economic losses. PSAR members active in their communities should be aware of these following landlord/tenant resources:San Diego-- In San Diego, With funding from the federal government, the San Diego Housing Commission (SDHC) helps more than 16,000 households with low income pay their rent in the City of San Diego. Through this rental assistance program, SDHC made payments totaling more than $166 million to more than 5,800 participating landlords on behalf of low-income families during Fiscal Year 2020 (July 1, 2019 – June 30, 2020).

In 2019, SDHC expanded its focus on landlord outreach and engagement with the creation of the Landlord Services Unit. This unit is composed of seven specialized staff who provide quality customer service to landlords and tenants participating in the Section 8 Housing Choice Voucher rental assistance program. For more details about SDHC rental assistance resources for properties located within the City of San Diego, contact SDHC, www.sdhc.org or call 619-578-7131.

The San Diego Housing Commission (SDHC)

The SDHC Landlord Services Unit manages the agencies Landlord Partnership Program (LPP), which provides financial and support incentives to landlords who rent to families who receive federal rental assistance through the Section 8 Housing Choice Voucher program within the San Diego city limits (92037 and ZIP codes that begin with “921”, except for 92118). Landlords who participate in the LPP may be eligible to receive up to $500 for each rental unit rented to a Section 8 household and up to $3,000 to help cover repair expenses in excess of normal wear and tear and rent due that exceeds the security deposit following tenant move-out. For more information about LPP, please visit https://www.sdhc.org/doing-business-with-us/landlords/landlord-partnership-program/

SDHC’s services to landlords include consistent and on-time rent payment, access to an online landlord portal, and enhanced customer service.

national City

-- In National City, South Bay Community Services (SBCS) launched a tenant-based rental assistance program in National City. The City of National City has reached out to PSAR seeking assistance in contacting property managers and management companies who have tenants with past due rent.

SBCS is now accepting applications for a COVID-19 Tenant Based Rental Assistance Program funded by the City of National City. This program will assist low-income families in who have suffered a loss in income or are unable to pay their past due rent because of Covid-related financial issues. You can help by notifying tenants that this rental assistance is available. Applications can be found at https://southbaycommunityservices.org/national-city-rental-assistance/. Application assistance is available in person at the National City Family Resource Center (304 W. 18th Street, National City), at  rentalassistance@csbcs.org, or by phone: (619) 336-8360
Chula Vista-- In Chula Vista, the city is developing its long-term strategic plan for housing and determining housing dollars usage, according to the city website. Earlier this year, the  Chula Vista City Council enacted a temporary eviction moratorium in response to Covid-19. The city’s moratorium, which provided eviction protection for residents and commercial tenants, was superseded and replaced with AB 3088, known as “The Tenant, Homeowner and Small Landlord Relief and Stabilization Act of 2020.” The law signed by Gov. Newsom on Aug. 31, protects renters, homeowners and small landlords through January 2021.

Chula Vista used a portion of the $3.3 million it received from the CARES Act to lend financial support to South Bay Community Services (SBCS), who assists residents with rent payments. An additional CARES Act allotment arrived Nov. 1, allowing SBCS to accept additional applications for rental assistance from those suffering economically from Covid-19 effects.El Cajon-- In El Cajon, several nonprofits who have contracts with the city are assisting El Cajon residents with rent payments. The nonprofits include Home Start (619-430-0032), Interfaith Shelter Network (619-702-5399) CSA San Diego County (619-444-5700). Earlier this year, the El Cajon City Council allocated $800,000 in special block grant funding to those impacted financially by the Covid pandemic.la Mesa-- In La Mesa, Home Start is overseeing a Rental Assistance Program. Applicants may qualify for up to three months of past-due rent assistance for those who have experienced job loss and/or other Covid-related financial challenges. Earlier this year, the La Mesa City Council approved $1.8 million in Coronavirus Aid Relief and Economic Security Act funding to businesses and residents. A portion of that money, roughly $600,000, was allocated to rental assistance to help people avoid eviction and homelessness. 
lemon Gove-- In Lemon Grove, Home Start is supporting the city’s rental assistance efforts. The Lemon Grove City Council allocated $100,000 of $162,371 in Federal Coronavirus Aid, Relief, and Economic Security Act funds to Home Start to help individuals needing hotel vouchers, transportation, reunification efforts and emergency items such as food, blankets and diapers. Funds are also available to those who need rental and utility assistance.

_______________________

SouthBay community Services                        Home-Start

Topics: Brokers/Managers, Market Information

PSAR REVITALIZES LA MESA RIOT PLOT

Posted by Rick Griffin on Nov 6, 2020 4:30:00 PM

la Mesa Community Rebuilding Grant Project

A group of PSAR members gathered on Friday, October 23rd, in Downtown La Mesa to plant trees and shrubs in a parkway parcel near the site where an historic building once stood. This landmark was destroyed by rioters taking advantage of an initially peaceful demonstration supporting racial equality May of this year.

The participating PSAR members all agreed that the landscaping project experience was meaningful in many ways. They felt proud to be part of an organization that cares about helping the communities in which it does business. And they each were grateful for the opportunity to help a part of their hometown rebuild and revitalize.

La Mesa Revitalization with PSAR

Organized by Tracy Hollingworth, PSAR Government Affairs Director, the event also symbolized PSAR’s ongoing commitment to championing policies and causes that focus on safe and inclusive communities.

Notable participants in the work day effort were La Mesa City Council member Kristine Alessio and PSAR CEO Rich D’Ascoli.

The landscaped parcel is located near Palm Avenue at Allison Avenue, adjacent to an historic building that once housed Randall Lamb Associates, an engineering services firm that operated in that location for 42 years. The building, gutted and burned to the ground by fire ignited by vandalizing and looting arsonists, is now gone. A vacant lot remains in its place.

PSAR Replanting La Mesa

The flora planted by the landscaping team includes bunches of evergreen perennial flowers (Calylophus Drummondii) that bloom bright yellow flowers in spring and summer, plus several magenta red autumn sage shrubs (Salvia Greggi Furmans Red), an attractive and tough drought-tolerant plant that attracts hummingbirds and butterflies.

Also planted were two Forest Pansy trees (Cercis Canadensis) known for their striking foliage of pea-like, rosy-pink flowers and the abundant shade they create.

Hard costs, including the purchase of vegetation, shovels and work gloves, were covered by a Community Rebuilding Grant from the National Association of REALTORS® (NAR) as part of NAR’s Urban Initiative, which provides funding to assist urban areas in addressing challenges in their communities.

For PSAR members, the experience went beyond the mere planting of flowers and trees. In their own words, they expressed what volunteering for this activity personally meant:

-- “We were all heartbroken by what happened in La Mesa, so to participate in this landscaping project was very important to show everyone how PSAR cares about the communities our members serve,” said Robert Cromer, 2020 PSAR President. “I am so proud of our PSAR members and especially how our Association is supportive of transformational policies that promote fairness, justice and inclusiveness in our communities.” -- Robert Cromer, 2012 PSAR President.

President Robert Cromer and

 “I am very proud to be a part of PSAR, an organization that not only cares about the communities its Realtors serve, but whose members go above and beyond by putting a shovel to the ground to help revitalize a community that suffered damage during recent protests.” -- Jan Farley.

-- “I am proud to be a member of PSAR. I recognize the importance for our members to assist in revitalization of urban areas and, in this case, on my city’s local main street. 

My hometown had recently suffered damage during the protests earlier this year. My local bank was burned to the ground and numerous other businesses suffered damage. It was clear our peaceful village was hurting. Our gift was re-beautifying a little corner with trees and drought-tolerant plants. 

Deirdre Bramberg

Hopefully, this will be the first of many rays of light to return to our city. This project was near and dear to my heart as I drive by weekly and see our beautiful little corner come to life. It is important for my real estate community and PSAR to support efforts to heal the damage in La Mesa.” -- Deirdre Bramberg.

-- “I was proud to join my fellow PSAR directors as we restored this little park. I was so glad to see PSAR members helping to beautify this little corner of La Mesa. I’ve lived near La Mesa Village for 20 years, and love our little town. I helped clean up after the rioting last May. I love it when Realtors pitch in to make their communities better.” -- Sean Hillier

-- “It was a great experience to be a part of this project as I grew up in La Mesa and I'm now a homeowner and Realtor in the area. It was very sad to see my hometown being destroyed during the riots, I wanted to help take action and assist in creating the change that so many of us want to see in our communities.  I'm very proud to be a part of PSAR and its efforts to not only help revitalize La Mesa and other Urban Areas but to be involved as PSAR leads the way in building safe and inclusive communities.”  -- Dylan Graham.

-- “I am very proud to be a part of PSAR. I was honored to help with the La Mesa landscape project. I want to be more involved in serving and supporting my community as well as others. I want to make a difference together with PSAR as a team to keep our communities looking beautiful and to encourage our neighbors that we care. We can get through these uncertain times together by keeping the Faith!” -- Katherine Mannin

Topics: Events, Leadership

RECORD-BREAKING HOUSING MARKET OUTPERFORMS EXPECTATIONS

Posted by Rick Griffin on Oct 30, 2020 4:32:08 PM

SAN DIEGO HOME SALES IN JULY 2020

California’s housing market outperformed expectations in September 2020 with home sales at their highest level in more than a decade and the median home price at another record high for the fourth straight month.

According to the most recent monthly home sales and price report from the California Association of REALTORS® (C.A.R.), home sales and prices are setting records despite the lowest inventory in years.

The statewide inventory of 2.0 months in September 2020 was lower than 3.6 months in September 2019. It was the lowest statewide level since November 2004. In San Diego County, the inventory declined by nearly half from 3.1 months in September 2019 compared to 1.7 months in September 2020.

Closed escrow sales of existing, single-family detached homes in California approached the 500,000 level in September, making the Covid-19 pandemic that depressed California’s housing market earlier this year seem like a distant memory, although year-to-date homes sales were down 3.7 percent in September.

CAR said home sales totaled a seasonally adjusted annualized rate of 489,950 units in September 2020, according to information collected from more than 90 local REALTOR® associations and MLS statewide. The September 2020 statewide home sales number was up 5.2 percent from August 2020 and 21.2 percent higher than September 2019. It was the third straight month for home sales to exceed the 400,000 level and the highest level recorded since February 2009. September sales rose 5.2 percent from 465,400 in August 2020 and were up 21.2 percent from a year ago, when 404,030 homes were sold on an annualized basis in September 2019.

September 2020 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
blog_201031_chart1

In San Diego County, September 2020 homes sales rose 7.5 percent compared to August 2020 and 32.8 percent higher than September 2019.

To complement high home sales figures, the statewide median home price hit another new high in September 2020, after setting records in June, July and August. California’s median home price exceeded the $700,000 mark for the second consecutive month, as it reached $712,430 in September 2020, edging up 0.8 percent from $706,900 in August 2020, and jumping 17.6 percent from $605,680 in September 2019. The yearly price increase was the highest recorded since February 2014 and higher than the six-month average of 5.3 percent observed between March 2020 and August 2020.

In San Diego County, the median price for a single-family home in September 2020 was $735,000, a 0.3 percent difference from $732,560 in August 2020, and 15.4 percent higher than the $636,750 figure from September 2019.

Home sales in all price segments are continuing to bounce back since the Covid-19 crisis depressed the housing market earlier this year while sales of higher-priced properties are recovering faster than the rest of the market.

Analysts say factors causing price increases include a lack of homes for sale leading to price wars, plus record low interest rates and workers stuck doing jobs from home are raising homeownership levels and some are looking for more square footage space.

“As motivated buyers continue to take advantage of the lowest interest rates in history, home sales will be elevated in the next couple of months, and the housing market should remain a bright spot in a broader economy that continues to struggle,” said C.A.R. President Jeanne Radsick, a second-generation REALTOR® from Bakersfield, Calif. “And with many employers allowing the flexibility of working remotely, homebuyers now also have the option of searching in less expensive areas where homes are more affordable and buyers can get more home for their money.”

“With the statewide home price hitting new highs for the past four months, it’s sounding like a broken record as California home sales and prices continue to outperform expectations,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “However, with the shortest time on market in recent memory, an alarmingly low supply of homes for sale, and the fastest price growth in six and a half years, the market’s short-term gain can also be its weakness in the longer term as the imbalance of supply and demand could lead to more housing shortages and deeper affordability issues.”

Reflecting the rise in home prices, consumers continue to say it is a good time to sell, according to C.A.R.’s monthly Consumer Housing Sentiment Index. Conducted in early October, the poll found that 56 percent of consumers said it is a good time to sell, down from 58 percent a month ago, but up from 52 percent a year ago. Meanwhile, low interest rates continue to fuel the optimism for homebuying; 28 percent of the consumers who responded to the poll believed that now is a good time to buy a home, up from last year, when 22 percent said it was a good time to buy a home.

Other key points from the September 2020 resale housing report included:

-- At the regional level, homes sales increased in the high double-digits compared to last year in all major regions. The Central Coast and the San Francisco Bay Area had the strongest sales growth in September with both regions surging 42 percent and 34.2 percent, respectively. That was followed by increases in the Far North (28.3 percent, Southern California (25.0 percent and the Central Valley (18.4 percent).

-- At the regional level, home prices posted double-digit increases compared to last year in all major regions. The Central Coast had the highest increase in median price, rising 20.6 percent from last year, followed by the San Francisco Bay Area (20.5 percent, the Far North (19.0 percent, Southern California (15.2 percent) and the Central Valley (14.6 percent. All regions except the San Francisco Bay Area set a new high in median price in September.

-- Active listings in September 2020 continued to decline significantly in all major regions. The Central Coast had the biggest drop (-60.3 percent) from last September, followed by the Central Valley (-51.5 percent), Southern California (-49.9 percent), the Far North (-43.9 percent), and the San Francisco Bay Area (-31.9 percent).

-- Housing inventory tightened by double-digits in all price segments, but the constraint was more pronounced in the affordable markets. Active listings in every price range continued to decline sharply from last year, with for-sale properties priced below $1 million falling 56 percent on a year-over-year basis. Compared to a year ago, the supply for homes priced between $1 million and $3 million declined 30.4 percent, and homes priced at or above the $3 million benchmark declined 19.4 percent.

-- The median number of days it took to sell a California single-family home was 11 days in September 2020, down from 24 days in September 2019. It’s the lowest statewide figure ever recorded. The 11-day figure compares to 13 days in August 2020, 17 days in July 2020, 19 days in June 2020, 17 days in May 2020, 13 days in April 2020, 15 days in March 2020 and 23 days in February 2020.

September 2020 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)
blog_201031_chart2-1

-- In San Diego County, the median number of days an existing, single-family home remained unsold on the market was seven days in September 2020, compared to 18 days in September 2019. The seven-day figure compares to eight days in August 2020, 10 days in July 2020, 12 days in June 2020, 11 days in May 2020, eight days in April 2020, 10 days in March 2020, 12 days in February 2020 and 23 days in January 2020.

-- The 30-year, fixed-mortgage interest rate averaged 2.89 percent in September, down from 3.61 percent in September 2019, according to Freddie Mac. The five-year, adjustable mortgage interest rate was an average of 2.98 percent, compared to 3.38 percent in September 2019.

In other recent real estate and economic news, according to news reports:

-- The Commerce Department reported the nation’s third-quarter domestic product (GNP), a measure of the total goods and services produced in the July-to-September 2020 period, expanded at a 33.1 percent annualized pace. That’s the fastest growth ever for the U.S. economy and it follows the worst quarter in history when the economy plunged 31.4 percent in the second quarter 2020. The previous GNP quarterly record of 16.7 percent was set following World War II in the first quarter of 1950.

-- Realtor.com said the housing market is bucking the traditional trend of a cool-down in the fall season, which typically occurs as students return to school. While buyers normally begin to hunker-down this time a year, instead sellers are getting top dollar for their home outside of the prime selling season, said Realtor.com.

-- CoreLogic reports the September 2020 median home price in San Diego reached a new high of $650,000, which was a 10.2 percent increase since the Covid-19 lockdown began in March. September’s number exceeds the previous record of $640,000 in August 2020.

-- A recent S&P CoreLogic Case-Shiller reports home prices in San Diego increased 7.6 percent over the past year, the third-fastest in the nation and at a rate not seen in more than two years. The other cities with faster increases were Phoenix, up 9.9 percent, and Seattle, up 8.5 percent.

-- Redfin reports the median price of a single-family home in San Diego County rose 15.7 percent over the past year since September 2019 to $665,000. That compares to a 14.4 percent increase in the nationwide median home price to $333,900.

-- Zillow reports the median price of a single-family home in September was $632,264, marking a 7.6 percent increase from a year ago. Nationally, the typical home value rose 5.8 percent in a year-over-year comparison to $259,906 in September.

-- The Federal Housing Finance Agency said home prices increased 1.5 percent nationally from July to August, the largest month-to-month increase since 1991. Prices were 8 percent higher in August 2020, compared to August 2019.

-- A Redfin survey of more than 3,000 people in October revealed that 16 percent of them would consider moving to another country outside the U.S. if their preferred presidential candidate loses in November. That’s up from 9 percent four years ago. Redfin’s survey also found that 20 percent of Biden voters say they would leave the U.S. if he loses. Among Trump supporters, 15 percent said they’d depart if the President loses reelection. A greater percentage, 24 percent, said they are considering moving to another state. Redfin also reports landlords in multiple states are thinking about raising rents if Biden wins.

Topics: Brokers/Managers, Market Information

New Agent/Client Preferred Reports You can Choose to Use.

Posted by PSAR Communication on Oct 29, 2020 8:26:59 PM

CRMLS Paragon has a new set of Client/Agent Reports called Agent Preferred 1 and Client Preferred 1. These are not the default reports that, for many agents, cut off the text in the remarks section.

The recent Paragon upgrade added more space to type in the public and private remark fields. The added text gets cut off on the standard old Paragon reports. CRMLS developed a new set of reports that address this issue and some other recent issues that have been around for many years. See if you can find what has been addressed?  PSAR will be working with CRMLS to create new reports for agents to choose from in the future.

Here is a look at the old report which is now called the Agent Preferred 2. In this report, you can see the text in the public remarks is cut off.  The text in the private remarks are also cut off.

Agent Preferred 2 cuts text off

 

The Agent Preferred 1, it looks like this.

Agent Preferred 1 not cut off

To make this new report your preferred detail report, meaning to see this view each time you search for property go to the Preferences Wizard and scroll through to page 7.

Preferences Wizard Select

 

Then in the 'Default Double Click Report' box, select the Agent Preferred 1 as your default report.

In the 'Default Manual Email Report' box, select the Client Preferred 1 as your default report.

Wizard page 7

 

Topics: CRMLS

Showing Coming Soon Listings Will Result in Fines Starting Nov 1.

Posted by PSAR Communication on Oct 28, 2020 2:15:00 PM

Coming Soon FinesThe NAR-mandated Clear Cooperation Policy was implemented in May.  CRMLS provided a period of limited enforcement and generous warnings to give subscribers the opportunity to learn the new rules.

Per a vote from the CRMLS Board of Directors which is made up of volunteer brokers, effective November 1st, 2020, CRMLS will eliminate the warning notice that is given to users who show a listing in the Coming Soon status.

Starting 11/1/20, if a CRMLS user shows a Coming Soon listing, that user will be subject to a fine of 1% of the list price, not less than $500 and not to exceed $2,500. This is the current fine structure for any Clear Cooperation Policy violation.

As a reminder, showing a listing in Coming Soon status is a violation of Rule 9.3 of the CRMLS Rules and Regulations. Rule 9.3 states:

9.3: Availability to Show or Inspect. Listing Brokers shall not misrepresent the availability of access to show or inspect a listed property. For any property in which Listing Broker selected a status of Coming Soon or Hold, Listing Broker represents that the property shall have no showings or tours, whether conducted by Listing Broker or otherwise, until such time as the Property is placed in the Active or Active Under Contract status.

Here are some additional resources that may be helpful:

 

Topics: CRMLS

PSAR supports pro-housing candidates and initiatives

Posted by Rick Griffin on Oct 23, 2020 4:30:00 PM

 PSAR 2020 Endorsements for General Election

List of Candidates

PSAR has announced its November 3, 2020 General Election Voter Guide, featuring endorsements of San Diego County candidates and local initiatives.

The endorsed candidates have demonstrated their understanding of the real estate industry and have indicated their commitment to home ownership and housing. PSAR's Government Affairs Committee, following a review of ballot measures and propositions, are recommending votes based on potential industry impacts. Particularly important in the midst of the current housing crisis is for PSAR members to support leaders and policies that protect and promote home ownership.

A team of PSAR members researched candidates’ voting records, public comments relating to preserving and protecting property rights and support for public policies and initiatives promoting participation in the American dream of homeownership and property investment. The endorsements that resulted from this research were approved by members of the PSAR Government Affairs Committee and PSAR Board of Directors.

PSAR’s list of endorsed candidates covers a broad spectrum of positions, including an open and incumbent seat in Congress, two open seats for San Diego County Board of Supervisors, mayors in two San Diego County cities,11 other candidates for seats on local city councils in five other cities, city attorney, school district and special district seats.

Sara Jacobs, PSAR’s endorsed candidate for the 53rd Congressional District, is hoping to succeed Susan Davis, who retired after 20 years of service in the House. This is the second run for Congress by Jacobs, the granddaughter of Qualcomm co-founder Irwin Jacobs. She ran in the 49th District in 2018 but came in third in the primary.

No longer coastal, the 53rd stretches from Interstate 5 on the west, through Mission Valley to the East County and south to Chula Vista. PSAR also has endorsed the reelection of Rep. Juan Vargas, who has represented the 51st Congressional District since 2012. The 51st includes all of Imperial County, National City, Chula Vista, Imperial Beach and El Centro.

Two San Diego County Supervisor seats are open due to term limits for the incumbents. The endorsed supervisorial candidates include Joel Anderson, former State Assemblyman and State Senator for District 2, and Ben Hueso, former member of the San Diego City Council, State Assembly and State Senate, for the District 1 seat. 

Anderson, who lives in Alpine, is hoping to succeed Dianne Jacob, who has served for the past 28 years. Jacob, first elected as Supervisor in 1992, is termed out. Anderson, a Republican, previously served for 12 years on a statewide level in the California State Assembly (2006-2010) and the California State Senate (2010-2018).

The Second Supervisorial District, the largest of the county’s five districts, features more than 2,000 square miles and more than 50 communities and cities in the East County, including the unincorporated communities of Lakeside, Alpine, Ramona and Julian, the cities of El Cajon, La Mesa, Lemon Grove, Santee and Poway and the city of San Diego communities of Allied Gardens, College Area, Del Cerro, Grantville, Navajo, Rolando and San Carlos.

Hueso, a San Diego native and resident of Logan Heights, is hoping to succeed Greg Cox, who is termed out after 25 years of representing District 1’s South Bay communities. Hueso, a Democrat, first held elected office in 2005, winning a special election for the San Diego City Council. He served on the council for five years, including one year as council president, before running for a seat in the State Assembly in 2010. His tenure in the Assembly was brief, as he won a seat in the State Senate during a special election in 2013.

District 1 includes the cities of Coronado, Imperial Beach, Chula Vista, National City, communities within Southeast San Diego, Point Loma, Sunset Cliffs and parts of downtown San Diego. The district also includes the unincorporated communities of Bonita, Sunnyside, Lincoln Acres and East Otay Mesa.

Other noteworthy PSAR endorsements for the November general election:

  • Juan Vargas, congressman, 51st Congressional District
  • John Minto, reelection as mayor, City of Santee
  • Jerry Jones, mayor, City of Lemon Grove
  • Joe Leventhal (District 5), Stephen Whitburn (District 3), Will Moore (District 1), San Diego City Council
  • Mike Diaz (District 4), Steve Padilla (District 3), Chula Vista City Council
  • Phil Ortiz (District 4), Humbert Cabrera (District 2), El Cajon City Council
  • Kristine Alessio, Laura Lothian, Colin Parent, La Mesa City Council
  • Ditas Yamane, National City City Council
  • Mara Elliott, reelection as San Diego City Attorney
  • Armando Farias, Laurie Humphrey, Chula Vista Elementary School District
  • Adrian Arancibia, Sweetwater Union High School District
  • Mitch Thompson, Mark Roback, Otay Water District
  • David Johnston, Valle de Oro Planning Group

In addition to candidates, PSAR is recommending “No” votes on two California propositions: Proposition 15, a ballot measure calling for higher property taxes on commercial and industrial real estate, and Proposition 21, a rent control ballot measure.

PSAR has recommendations on two local measures, the City of San Diego’s Measure “E,” which addresses the city’s Midway-Pacific Highway Community Plan, and the City of Santee’s Measure “N,” called the General Plan Protection Initiative.

PSAR is recommending a “Yes” vote on Measure E. If approved, Measure E would exempt the Midway-Pacific Highway Community Plan from its current 30-foot coastal height limit. Measure E is the only local ballot measure to earn bipartisan endorsement from the Democratic and Republican parties of San Diego counties

PSAR is recommending a “No” vote on Measure N, which would limit new housing. Voters will decide whether to allow residents to determine the fate of high-density housing projects that don’t comply with the city’s General Plan-- its blueprint for growth. If approved, Measure N could imperil the recently approved 3,000-home Fanita Ranch development.

To review the PSAR November 2020 General Election Voter Guide, visit https://blog.psar.org/2020voterguide.

_______________________________

Our Mission is to empower Realtors to flourish while being accountable to each other
our clients and our community.

Since 1928, the Pacific Southwest Association of REALTORS® has played a significant role in shaping the history, growth & development of the Real Estate industry in San Diego County. This program is only open to REALTORS® and PSAR Affiliate Members. There is no cost for attending this program.

Topics: Announcements, Industry

Exercise your voice, your right, your vote!

Posted by Rick Griffin on Oct 16, 2020 4:30:00 PM

 

exercise your right to vote

PSAR is encouraging all of our members, and all San Diego-area real estate industry professionals, to exercise their right to vote in the upcoming election. Your vote counts!

PSAR has an active and vital group of REALTOR® members who serve on the PSAR Government Affairs (GA) Committee. The GA Committee has three subcommittees that focus on specific geographical areas of the county.

GA Committee members offer political endorsements, and act as political advocates and review public policy and its impact on the PSAR membership in particular and the real estate industry as a whole. In addition, GA Committee members address a variety of complex and multi-dimensional issues impacting the protection of private property rights.

GA Committee members are acutely aware of the importance of voting, even more so in this upcoming general election. The stakes are high. If issues and candidates affecting your realtor business and the industry itself matter to you, then it matters that you vote on them.

With early voting underway, GA Committee members were recently asked about the importance of voting. Below are their comments (names appear in alphabetical order, some quotes were edited for clarity).

-- “Our committee is made up of Republicans, Democrats, Independents, and others. We research, conduct interviews, review questionnaires, and our decisions are primarily based upon the notion of property rights, expanding homeownership, rights of tenants, and the rights of owners of commercial and rental properties. We will endorse candidates whom we feel best support these values over their opponents. It’s important to elect leaders who will work with REALTORS®. We all have our own choices of candidates, but we hope by supporting pro-real estate candidates and propositions, it might help influence voters who agree with us that property rights and the expansion of homeownership are essential to all Americans.” -- Mike Anderson

“Democracy is vital to real estate. If people don't vote, then it’s the corporations and banks that set policy that affects your ability to buy a home. When you vote, you make your voice heard. Be a voice for our communities where we can work towards a country where everyone has the opportunity to be a homeowner.” -- Deirdre Bramberg

--“ I sat with my family and we reviewed each proposition and discussed ones we were not clear on. Let’s use the voting season to engage and unite families.” -- Jeff Campbell

-- “Elected officials are political beings. They listen to the people in the communities who vote and they also listen to the people and organizations who contribute resources that allow them to reach out to those voters. Making sure your voice is heard as a voter is every bit as important as for whom you vote.  Communities and neighborhoods with high voting percentages attract more attention and resources.  Citizens who vote have a voice with politicians and those who do not vote have no voice." -- Richard D’Ascoli, Chief Executive Officer, PSAR

-- “It is a civic duty to vote and every single vote makes a difference. As a citizen of the country, the right to vote is one of the freedoms the county gives its people. It is a chance for our voice to be heard and an opportunity to select the leaders we believe have the ability to represent us in our government.” -- Merrie Espina.

-- “Each PSAR member should exercise their right and obligation to vote. In this election, as in most elections, your future earnings, your tax obligations, and the laws that enable or hobble our industry are all in play. PSAR, C.A.R. and NAR can all be influential as supporting organizations, focusing on critical policy issues. But, in the final analysis, it is your individual vote and the power of our collective votes that will select our elected officials and establish the policies that impact our lives and our business environment for years to come.” -- William Hall

-- “Our votes this election are more important than ever as our region, state and country stand at a pivotal time.  PSAR’s Governmental Affairs Committee, as well as C.A.R. and NAR, spend a lot of time each election interviewing and weighing which candidates and propositions uphold basic property rights. REALTOR® endorsements have been made available to all of our members and we hope that you will read and consider the recommendations when you cast your votes as you believe best represents your views.” Kay LeMenager

-- “In all areas of life having your opportunity to vote is of utmost importance. I feel it is our duty as Americans to make voting a serious commitment in support of the sacrifice of those before us to fight for our right to do so. My children were educated to study the propositions and follow the federal, state and local elections and vote from the age they became eligible. It starts with us as parents to lead by example.”  -- Colleen McDade

-- “It’s very important to get out there and vote. Many people complain about the results, but if you don't vote, don’t complain. Every vote counts, so do your part and get out there and vote.” -- Patricia McFadden

-- “Voting is how we convey our desires for change. Please exercise your right to vote with the goal of making a better today and tomorrow for us all.” -- Paul Moses

-- “Every vote really does matter. Just last cycle, San Diego District 8 primary was decided by 3 votes, my college board race was decided by 23 votes. Vote and get your friends and family to vote, too.” -- Rafael A. Perez

-- “I am involved in Government Affairs and I try to be as active as I can be in politics is because it does have an impact on our industry. One can be part of the problem or the solution. I can stand by and complain or I can do what I can do to act.  Rome was not built in a day, and as we all know California has its issues which have a direct impact on our business. Be impactful and relevant. Part of doing that is reading the voters guide and voting. It’s common sense, do nothing and one can only expect nothing. So, why not be relevant and do something.” -- Rebecca Pollack-Rude

-- “I’ve been a member of the Government Affairs Committee for many years because I believe the grass roots portion of our local governments are truly the roots of our way of life as it pertains to the freedoms that are rightfully ours. Voting is the most important right and freedom that, as a U.S. citizen, we enjoy, or should enjoy. The committee is a way to hear from our peers, our local government officials and the candidates at various levels of government who have an impact at every level of our community life, and most especially as it pertains to housing and private property rights. In this unprecedented time of pandemic, the value of the roof over our head has never been more in the spotlight. Personally, I’ve grown to appreciate greatly our rights as individuals, as members of our local communities, our country and lately as a member of humankind. Register to vote, inform yourself. Make choices because you understand the issues and the candidates, not because someone else told you that it’s the best way or the only way or just because. Exercise your most valuable right. Vote and understand and appreciate that right.” -- Pat Russiano

-- “I have always felt that it is one’s responsibility to be knowledgeable regarding the election process, issues and then vote. I taught my children and now grandchildren that they have a responsibility as a citizen of the United States of America to vote.” -- Norma J. Scantlin

-- “Our GA Committee spends a lot of time vetting our recommendations with input from REALTORS® from various backgrounds and party affiliations. Please let your voice be heard and vote. If nothing else, vote NO on the real estate related propositions 15, 19 and 21.” -- Mark Scott

-- “I have never once missed the honor and the obligation to vote. It is the glue that binds us as Americans, giving us the confidence that we are a nation guided by the rule of law.  It is fundamental to the American success story and to our sense of pride in being an American.” -- Mitch Thompson

-- “As a REALTOR® Party member, 2021 PSAR President-Elect, and as an individual, I care deeply about the future of our country. I know first-hand that our vote is needed in this election more than ever before. Your GA committee and the PSAR Board of Directors have spent a great deal of time to vet all PSAR endorsed candidates. I hope that you would consider these candidates as you cast your vote. The future of our country is in our hands. Please vote.” -- Max Zaker

_______________________________

Our Mission is to empower Realtors to flourish while being accountable to each other
our clients and our community.

Since 1928, the Pacific Southwest Association of REALTORS® has played a significant role in shaping the history, growth & development of the Real Estate industry in San Diego County. This program is only open to REALTORS® and PSAR Affiliate Members. There is no cost for attending this program.

Topics: Announcements, Industry

No on PROP 21: RENT CONTROL WON’T END HOUSING CRISIS

Posted by Rick Griffin on Oct 9, 2020 4:46:14 PM

Vote NO on Prop 21

PSAR is recommending a “No” vote on California Proposition 21, a rent control ballot proposition known as the “Rental Affordability Act.” The Governor and Legislature have already passed rent control into law. This Proposition goes too far and has too many unintended negative consequences.

If approved, Prop. 21 would change state law to allow cities to apply new rent control ordinances and/or expand existing ones. New laws could be enacted affecting homes at least 15 years old. Prop. 21 exempts single-family homes owned by landlords with more than two properties.

Proponents claim cities should be allowed to approve additional limits on rent increases to protect California families who are one rent hike away from being driven out of their neighborhoods by landlords. They further claim this proposition will stop homelessness and gentrification.

Full PSAR Voter GuideThe fact is that Prop. 21 would make it less desirable for builders to construct more housing, affordable or otherwise, at a time when California has a massive housing shortage. It would also decrease revenue for city and state governments, already cash-strapped by the fallout from the Covid pandemic. It would reduce the number of housing units in the state and allow bureaucrats to add fees on top of base rent, thereby increasing the cost of living at a time when Californians can least afford it. In fact, only two years ago, in 2018, Californians made their decision about rent control at the polls.

In 2018, voters in 56 of 58 California counties overwhelmingly rejected a statewide rent control measure by a 20-point margin. Why is this subject being revisited so soon? Los Angeles-based AIDS Healthcare Foundation and its President, Michael Weinstein, funded a signature collection drive that once again put the measure on the ballot. This appears to make this issue a special interest one.

Last year, state legislators passed a new law that set a 7 percent ceiling on yearly rent increases. CalMatters, a public interest journalism venture, concluded that the action by Sacramento lawmakers in 2019 was an effort to ward off another statewide rent control ballot measure by Weinstein and company that clearly was unsuccessful.

According to CalMatters, Prop. 21 opponents include Governor Gavin Newsom, California Apartment Association, California Seniors Advocate League, Essex Property Trust and Prometheus Real Estate Group. Prop. 21 supporters include the AIDS Healthcare Foundation, Eviction Defense Network and Vermont Sen. Bernie Sanders.

California Association of REALTORS® (C.A.R.), Apartment Association of Orange County and Californians to Protect Affordable Housing, a coalition of housing advocates, renters, businesses, taxpayers and veterans encourage a “NO” vote on Proposition 21.

Other organizations opposing Prop. 21 include the California Council for Affordable Housing, California Community Builders, the California State Conference of the NAACP, Si Se Puede, Congress of California Seniors, Howard Jarvis Taxpayers Association and the San Diego Building and Construction Trades Council.

A CalMatters headline stated “Proposition 21 rent control will discourage construction of affordable housing.” A CalMatters opinion writer asserted: We must protect small property owners who, in contrast to corporate landlords, often are natural affordable housing providers, operate on small margins, give applicants a chance if they don’t meet all of the rental qualifications, and help maintain the integrity of a community. The state of California is facing a new economic challenge, and families across our state are struggling. What we need most is new investment in our housing market, not an extreme measure like Proposition 21 that will further destabilize it.”

The San Diego Union-Tribune newspaper editorial board wrote: “Expanding rent control will make the California housing crisis worse. Rent control is the wrong way to help Californians struggling with housing. Lawmakers who are juggling a lot during this pandemic need to not lose sight of that. The long-term solution is listening to experts and building new houses.”

The San Francisco Chronicle newspaper editorial board described Prop. 21 as “a rent control retread unimproved by age.”

The Press Democrat newspaper in Santa Rosa, Calif. said Prop. 21 is a proposed “rent control law that won’t end the housing crisis.” Its editorial resource stated: “California voters soundly rejected rent control in the November 2018 election for a good reason: It won’t alleviate the state’s housing problems. In fact, economists almost universally agree that imposing rent control would be counterproductive. State lawmakers voted in 2019 to cap rent increases anyway, while requiring landlords to show `just cause’ for evictions. Yet, here we are again, barely a year later, asked to decide another rent control initiative. Voters should once again say no.”

The headline in the Orange County Register read, “Rent control is the horrible idea that won’t go away.” Its editorial stated: “California’s housing affordability isn’t that complicated. There is high demand and inadequate supply. If the goal is to expand the accessibility of housing, it is necessary to increase supply. Rent control is incredibly effective at backfiring on that front. Research has shown that San Francisco’s rent control policies resulted in many landlords removing housing units from the market. Renters in non-rent-controlled units, meanwhile, faced even higher rents than would otherwise be the case.”

For more information about the campaign against Prop 21, visit www.noonprop21.org.

No on 21

_______________________________

Our Mission is to empower Realtors to flourish while being accountable to each other
our clients and our community.

Since 1928, the Pacific Southwest Association of REALTORS® has played a significant role in shaping the history, growth & development of the Real Estate industry in San Diego County. This program is only open to REALTORS® and PSAR Affiliate Members. There is no cost for attending this program.

Topics: Announcements, Industry

Revised Version of DRE Landlord/Tenant Guidebook Now Available

Posted by Richard D'Ascoli on Oct 9, 2020 11:40:43 AM

DRE ANNOUNCES PUBLICATION OF REVISED LANDLORD/TENANT GUIDEBOOK

SACRAMENTO – The California Department of Real Estate (DRE) announced today that it has completed a major revision to the widely used resource guidebook titled, California Tenants – A Guide To Residential Tenants' and landlords' Rights and Responsibilities.

The Department of Consumer Affairs last published the guidebook in 2012. Since then, the Legislature passed, and the Governor signed, many new laws addressing landlords and tenants. Recognizing the need to update this guidebook, DRE revised it to reflect the addition of new laws, including the Tenant Protection Act of 2019 (AB 1482) and the
Tenant, Homeowner and Small Landlord Relief and Stabilization Act (AB 3088), which includes the COVID-19 Tenant Relief Act of 2020. These updates are critically important to landlords and tenants, especially during this time of economic uncertainty.  “Equipping tenants and landlords with detailed and timely information to help them make
informed decisions was DRE’s main focus with this project,” Real Estate Commissioner Doug McCauley said. “Keeping Californians housed is crucial in the public health climate and this resource will provide much-needed clarity on key rental issues.”

housing is key graphic


Relevant and detailed revised chapters in the guidebook include but are not limited to: Before You Agree to Rent, Dealing with Problems, Terminations and Evictions, Tenant Protection Act of 2019, Resolving Problems, Getting Help from a Third Party, and a Glossary.

This guidebook and other useful information for landlords and tenants can be found at the DRE-created website HousingisKey.com. The online version of the guidebook can be easily translated into other languages using the google translate function on the website.

Printed copies will be available later this year.  Here is a link to the downloadable PDF version of the document.

Topics: Brokers/Managers, Industry