The PSAR family wishes to extend its condolences, thoughts, and prayers following the passing of PSAR member Jibran Hannaney. He was 75.

Jibran was a frequent attendee at the PSAR East County Pitch Session regularly held on Thursday mornings at the PSAR East County Service Center in El Cajon. He also was active with the PSAR Global Real Estate Council (GREC).

His family said he had worked in real estate sales for the past 10 years and had lived in El Cajon for about 20 years.

Jibran Joseph Hannaney was born in Baghdad on Oct. 29, 1946, to a family with six children, including five daughters and Jibran. He passed on Jan. 26, 2022.

In his mid-30s, he came to the U.S. to attend graduate school as an engineering student at John Hopkins University in Baltimore. In about 1990, he opened his own engineering firm called HEMC Environmental Management Corp., based in El Cajon. He continued to operate the firm until his passing. The firm is multi-licensed in engineering, contracting, business management, and facilities management.

His family said that Mr. Hannaney loved music, life, and laughter, as well as being a father and grandfather. He also loved learning, which attracted him to the real estate profession. No matter what was happening to him in his life, he would never miss an opportunity to make someone else smile. To say that he was widely loved, admired, and cherished in the community is an understatement. Mr. Hannaney is survived by five sisters, two daughters, and two grandsons.

Funeral services will be held at 11 a.m., Thursday, Feb. 10, at St. Peter’s Chaldean Catholic Church, 1627 Jamacha Way, El Cajon.

Burial will take place at Holy Cross Cemetery, 4470 Hilltop Dr., San Diego. A luncheon reception, expected to begin at approximately 1:30 p.m., will be held following the burial at St. Peter’s Chaldean Catholic Church.

His family said memorial donations can be made to any nonprofit assisting Iraqi refugees. One such organization is www.Helpiraq.org, which is operated by Chaldean Catholic Charities.

Mr. Hanney is joined by members of the PSAR Global Real Estate Council

The PSAR family wishes to extend its condolences, thoughts and prayers with the sad announcement of the passing of Tracy Clark, a great man of faith, honesty and integrity.

A longtime PSAR member, Mr. Clark served as a commercial real estate broker for 34 years in the San Diego community. He served as senior vice president with Voit Real Estate Services, specializing in office, retail and investment properties. He served with Voit for 31 years. His family recalled one of his favorite sayings: “It’s a great day to be in commercial real estate.”

A Celebration of Life service will be held at 11:30 a.m., Friday, Jan. 14 at Awaken Church, 7620 Balboa Ave., San Diego. Burial will be held later the same day at 3 p.m. at Glenn Abbey Memorial Park, 3838 Bonita Road, Bonita. All PSAR members are invited to attend.

Tracy Charles Clark was born on March 11, 1955, in Albany, Wisconsin. He attended high school in Wisconsin and graduated from a college in Illinois. He married Silvia Clark on March 26, 1983. Silvia is a PSAR member and REALTOR® in San Diego.

Mr. Clark is survived by his wife Silvia, daughters Kimberly Clark Underwood, Lindsey Clark and Ashley Clark and 1 granddaughter Clark Mercy Underwood.

His family reports that Mr. Clark stayed strong in his faith in God through his illness. Until his last breath, he never wavered in believing in God’s goodness and faithfulness to his family. His legacy will include as a man of honor and integrity who loved God and his family.

Congratulations to the recipients of the 2021 REALTOR®, Broker/Office Manager & Affiliate of The Year Awards! They will be honored at the R.E.A.L. Awards event early next year.

Honoring PSAR members who empower all REALTORS^® through selfless contributions to our industry

2021 REALTOR^® of the Year Award recipients:

Denisse Roland Newell Central San Diego

Amber Tannehill East San Diego

Charmaine Orcino-Gonzales South San Diego

2021 Broker/Office Manager of the Year Award recipients:

Mauricio Perez-Vazquez Central San Diego

Jeff Campbell East San Diego

Bob Olivieri South San Diego

2021 Affiliate of the Year Award recipients:

Karen Buelterman Central San Diego

Debra Yatsko East San Diego

Andrea Martino South San Diego

More Criteria Information and Past Recipients

These award recipients were announced at the past week's Installation Dinner to honor the board of directors and chairs that served PSAR last year and incoming 2021 directors.

The primary mission of the Pacific Southwest Association of REALTORS^® (PSAR) is to empower REALTORS^® to achieve their business goals. The R.E.A.L. awards are a tangible recognition of the highest level of REALTORS^® business achievement by agents, brokers and teams over the prior year.

“A hearty congratulations to everyone who received a special annual award,” said Ditas Yamane, 2021 PSAR President. “PSAR's mission is to empower REALTORS^® to flourish while being accountable to each other, our clients, and our community. All these award winners embody our mission. I am so very proud of everyone.”

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Since 1928, the Pacific Southwest Association of REALTORS® has played a significant role in shaping the history, growth and development of the Real Estate industry in San Diego County.

PSAR is proud to announce the signing of a bi-national memorandum of understanding (MOU) agreement with La Asociación Panameña de Corredores y Promotores de Bíenes Raices (ACOBIR, translated: Panamanian Association of Real Estate Brokers and Developers).

ACOBIR, with about 500 members, is the Republic of Panama’s nationwide real estate trade association. It was founded in 1973. ACOBIR’s multiple listing service currently serves roughly 400 brokers affiliated with more than 200 real estate agencies in the transcontinental country that connects Central America and South America.

The MOU calls for a cooperative alliance between PSAR and ACOBIR to include business collaboration and facilitation for the benefit of each association’s members, as well as sharing information about properties, referrals about investment opportunities, and insights into local practices and laws.

In addition, the MOU calls for scheduling trade missions and joint representation at professional events and conferences, including the Expo Immobiliaria ACOBIR and National Association of REALTORS® meetings.

Also, the MOU calls for further promotion of professional designations available through NAR, including the International Realtor Member (IRM) and the Certified International Property Specialist (CIPS) Institute designations.

Both the IRM and CIPS professional designations recognize its designees as expert resources in the international real estate market with information, research, network, and tools to globalize their real estate practices and an understanding of financial, legal, and cultural differences for real estate transactions in various countries.

The MOU between PSAR and ACOBIR was signed by Fransisco Cheng, ACOBIR president, and Ditas Yamane, 2021 PSAR president.

“We are excited to establish a mutually beneficial relationship for the members of both associations,” said Yamane.

“We affirm the value of international collaboration,” said Cheng, “and we look forward to working collaboratively to generate more transnational business opportunities for our members.”

ACOBIR currently has several existing affiliations with societies and councils in the Republic of Panama, including the U.S. Business Council in Panama, Panamanian Chamber of Tourism and Construction Industry Integremial Alliance. ACOBIR’s international affiliations include the International Federation of Realtors and Central American Federation of Panama and the Caribbean of Chambers and Real Estate Brokers, as well as NAR.

PSAR also has previous existing MOUs with other international entities. In 2014, PSAR signed an MOU with Mexico’s national real estate association, the Asociacion Mexicana de Profesionales Immobiliarios (AMPI, translated: Mexican Association of Realtors). In 2018, PSAR signed a cross-border MOU with CEPIBC, the Consejo Estatal de Profesionales Inmobiliarios de Baja California, (CEPIBC), a statewide real estate trade group in the Mexican state of Baja California.

The MOU between PSAR and Panama was initiated and facilitated by PSAR members who are actively involved with the association’s Global Real Estate Council (GREC). The GREC serves PSAR members who are interested in cross-border opportunities and who want to network with other international real estate practitioners. Founded in 2013, GREC provides PSAR members with a platform to connect with individuals internationally and the opportunity to learn and expand their niche market in real estate internationally.

 PSAR’s GREC is dedicated to assisting the needs of PSAR members who desire to expand their international outreach and help international capital investment clients make informed transactions with effective counsel across multiple jurisdictions. The vision of the Council is to provide and facilitate educational opportunities to enable PSAR members to expand their practice and organize global-themed events.

In recent years, GREC has hosted several educational events designed to assist PSAR members in helping international capital investment clients to make informed transactions with effective counsel across multiple jurisdictions. The training sessions have focused on cultural customs and diversity, as well as panel discussions and forums with international partners.

PSAR is proud to announce that 15 PSAR members have been approved by the PSAR board of directors for recognition by the California Association of REALTORS^® (C.A.R.) as honorary members for life.

The 15 members include:

Congratulations to each esteemed member for your long-term commitment to professionalism and excellence in the real estate industry.

This latest 2021 group of new C.A.R. life members will receive a waiver of C.A.R. dues beginning in 2022. They will continue to receive a dues waiver for as long as they remain eligible for REALTOR^® membership or until retirement from the field.

Requirements to be honored as a C.A.R. life member include remaining as a C.A.R. member in good standing for a minimum of 25 years and attaining the age of 75.

Acceptance as honorary members for life also requires approval of the C.A.R. Membership Committee and the C.A.R. Board of Directors at one of its three annual membership meetings. Applications for the honorary member-for-life designation must be received in advance of the meetings in order for the dues waiver to be effective the following year. Applications will not be processed without the signature of the member’s local association executive.

Applications are available on the C.A.R.website and using THIS FORM

For additional information, send an email to hmfl@car.org.

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Call for Nominations!!!

Do you know a fantastic PSAR REALTOR^®, Broker/Office Manager, or Affiliate? Now is the time to give them the recognition they deserve. Please take a few minutes to nominate a candidate.

You can use either of these two methods to nominate.

Nominations must be received by Friday, November 5, 2021.

PSAR will recognize three REALTORS,^® Brokers, and Affiliates each year from three distinct “Geographic Areas” of San Diego County, Central San Diego, East San Diego County, and South San Diego County. The names of individuals making nominations will remain secret. The number of nominations shall not create an advantage for nominees. Award winners may not be the sitting President of the Association and may not be a past recipient of the specific award regardless of the geographic area where the prior award was won.

Recognition Committee will consist of the past recipient of each award, the Affiliate Director, and members of the Committee Council, which consists of the PSAR Committee Chairman. Winners will be announced at PSAR's Installation. Awards will be given at our upcoming REAL Awards in 2022. At least one runner-up will be announced.

More Criteria Information and Past Recipients

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Since 1928, the Pacific Southwest Association of REALTORS® has played a significant role in shaping the history, growth, and development of the Real Estate industry in San Diego County.

Congratulations to this year’s recipients of PSAR 2020's Industry Awards, including REALTOR^® of the Year, Broker/Office Manager of the Year and Affiliate of the Year.

Honoring PSAR members who empower all REALTORS^® through selfless contributions to our industry
(drum roll, please):

2020 REALTOR^® of the Year Award recipients:
Rafael Perez, Central
Anthony Andaya, East
Yvonne Cromer, South

2020 Broker/Office Manager of the Year Award recipients:
Lupe Soto, Central
Carey Guthrie, East
Nikki Coppa, South

2020 Affiliate of the Year Award recipients:
Jake Holmes, Central
Ted Przybylek, East
Martha Garcia, South

More Criteria Information and Past Recipients

These award recipients were announced at this week’s online party celebration held in honor of these selfless members and also of the the more than 300 REALTOR^® members who recently received a Real Estate Achievement and Leadership (R.E.A.L.) award. The party was hosted by PSAR’s Young Professional Network (YPN) group,

The R.E.A.L. awards program recognized PSAR’s top producing agents and brokers based on sales volume dollars or units sold, including listings or sales units entered into the MLS and closed in 2020. R.E.A.L. awards were presented to PSAR’s top 1%, 3%, 5% and 10% REALTORS^®.

The primary mission of the Pacific Southwest Association of REALTORS^® (PSAR) is to empower REALTORS^® to achieve their business goals. The R.E.A.L. awards are a tangible recognition of the highest level of REALTORS^® business achievement by agents, brokers and teams over the prior year.

“A hearty congratulations to everyone who received a 2020 R.E.A.L. Award plus these special annual award winners,” said Ditas Yamane, 2021 PSAR President. “PSAR's mission is to empower REALTORS^® to flourish while being accountable to each other, our clients, and our community. All these award winners embody our mission. I am so very proud of everyone.”

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Since 1928, the Pacific Southwest Association of REALTORS® has played a significant role in shaping the history, growth and development of the Real Estate industry in San Diego County.

A contingent of PSAR members recently gathered in a Zoom meeting for the purpose of gleaning a look into the future. It was provided via the “2021 Housing Market Outlook,” a presentation from Oscar Wei of the California Association of REALTORS® (C.A.R.).

Wei is the Senior Economist and the Director of Research for C.A.R. In his capacity, he analyzes housing market conditions, consumer behavior, and public policy issues, using transactional data and survey research studies conducted by C.A.R. He has managerial responsibility for data mining and analyzing housing market statistics that are released to the public on a periodic basis.

Wei informed PSAR members they should expect the recovering economy to worsen before recovering and the pandemic will rage on during the recovery period. Wei said housing demand will remain robust as mortgage rates stay near record lows.

In 2021, Wei concludes that the tight housing supply will continue to impact the market and prices will rise in the first half of the year. He expects the rate of price increases will slow in the second half of the year.

Wei observed that the housing market is weathering the economic downturn better than it did during the Great Recession that began thirteen years ago. He stated this is so because most buyers who have purchased in recent years are more invested in their purchase and have stronger financial underpinnings than homebuyers who purchased prior to the housing market collapsed of 2007.

The year 2020 saw a ten-year high in the share of first-time buyers. Record-low interest rates have been fueling the market and many first-time buyers took advantage of cheaper costs of borrowing during this year’s home buying season.

Wei state that during the 2020 summer, two of five homes sold were to first-home buyers. He opined that this spike may have been due to fewer homeowners (i.e. repeat buyers) willing to sell and move during the pandemic.

This trend will likely taper off in 2021, as the momentum of first-time buyer demand will lessen as tight supply continues to drive up home prices.

Wei described what the COVID-19 “new normal” in American looks like.

-- Owning a home has become more valued. A home is now more than just a livable shelter; it is a place in which to work due to the accommodations required by Covid guidelines. Those who work from home may need a bigger house if home office space is needed.

-- Remote working also means changing the “where” for homebuying. According to Zillow and the Harris Poll, three-quarters of those who work from home because of the coronavirus say they want to continue to work at home after Covid restrictions are lifted. Two-thirds say they would consider moving to a different house if given that option. Half of remote workers polled stated if they could continue to work at home, they would purchase homes farther from their company office, which would open up the secondary city real estate market

-- Retail and office spaces could help increase housing supply, states Wei, who cited Loopnet, UBS and Global Analytics. Due to the Covid impact, the U.S. retail industry appears to stand to lose 11 percent to 17 percent of its total store count by 2025. In the next five years, 100,000 retail stores will close nationwide, and the number of closed stores could reach 150,000. Within two years, 30 percent of the employee populace will work from home multiple days per week. Office space demand may decline as a result. Vacant retail and office space could be converted into residential units, helping to alleviate the shortage of available housing.

Wei;s outlook for the 2021 California housing market is as follows: Single-family home resales will total 425,500 units, a year-over-year increase of 3.3 percent; the median price of a single-family home in California will reach $688,400, an increase of 4.4 percent from 2020; a 30-year fixed-rate mortgage will average 3.1 percent; the housing affordability index will be 31 percent. This index measures the percentage of home buyers who can afford to pay the $688,400 average price for an existing, median-priced, single-family home in the state.

Lower mortgage payments and stronger household finances will mean fewer defaults in 2021. Compared to those who purchased before the Great Recession, homebuyers in recent years have higher down-payments, fewer risky loans, lower borrowing costs and higher household income.

California’s unemployment rate will remain around 9 percent throughout 2021, and the population will grow from 40.1 million in 2020 to 40.3 million in 2021, a increase of 0.4 percent. The nationwide unemployment rate will be 7.1 percent in 2021, compared to 8.8 percent in 2020. Real Disposable Income will decrease by 3.5 percent in 2021, compared to a 6.3 percent increase in 2020.

Wei also commented on San Diego County market activity in 2020:

-- Most cities saw an increase in the number of home sales.

-- Homes in all local cities, except Coronado, sold above asking price in December 2020, which was not the case in December 2019.

-- Record low interest rates and tight supply pushed up local home prices.

-- Nearly all cities experienced at least double-digit gains in median home prices.

-- Supply in 2020 continued to worsen in San Diego.

Wei clarified that C.A.R.’s 2021 housing forecast is based on several key operating assumptions, including: COVID-19 vaccines will be readily available during the first half of the year, dampening a COVID surge; Gross Domestic Product (GDP) will grow at a rate of 4.2 percent in 2021 (in comparison, GDP decreased an estimated 3.6 percent in 2020, compared to 2019); household income will grow by 3.3 percent in 2021; interest rates will average 3.1 percent in 2021; Housing inventory levels will remain unchanged from 2020; Foreclosures will comprise only 8 percent of sales.

Wei also contributes frequently to C.A.R.’s market analysis articles, Housing Matters Podcast and Housing Perspective. He has written about housing supply, distressed sales, housing tax policy, housing affordability, and many other topics relevant to the real estate industry.

We all know that 2020 was a unique and daunting year, led by the world-wide pandemic that touched people and businesses in a myriad of ways. Society as well experienced various forms of upheaval whose impacts are yet to be determined.

The real estate industry was not immune to the influences of 2020, facing its own set of challenges. Fortunately for the membership of PSAR, it was Robert Cromer’s year to serve as PSAR President.

Throughout 2020, Robert maintained a steady hand at the wheel as leader of our association. He brought a measured tone, demonstrated authenticity and inspired teamwork among the PSAR Board of Directors.

Recently, several elected officials have recognized Robert for his outstanding leadership and resilient make up while leading PSAR as board President.

Earlier this week, Robert received a certificate of appreciation from San Diego County Supervisor, District 1, Nora Vargas.

Robert has also drawn noteworthy praise for his recent comment posted on a National Real Estate Masterminds Facebook page. His response to a question about the value of association participation was inciteful and he used great metaphors to help make his point.

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In his own words, Robert said the following:

I was on a National Real Estate Masterminds page and someone posted today. “What is the big difference between being a Real Estate Agent and a REALTOR®?” You can imagine some of the negative responses. One person wrote “$800.” Others said “REALTORS® subscribe to a code of ethics.”

Here was my answer: Not being a Realtor is like showing up to a beautifully hosted party at a home without bringing the host a bottle of wine or side dish. Then you eat several plates of food, drink beverages and enjoy everyone’s company without contributing. A person can do that, but it kind of sucks for the host and those who contributed (provided food, cleaned the home before, set up tables, hired the caterer, broke everything down, took the trash out, cleaned up after you, etc.).

NAR and CAR (California) spend millions of dollars fighting for personal property rights and home-ownership, lobbying against laws that would restrict one of the greatest ways to provide security for millions of families and change one’s socioeconomic status-- being a home owner. They have been doing this for many years, before any of us were REALTORS® and when we were just kids.

Now take it one step further and imagine them as your parents, who have always looked after you and your friends. In states that were shut down, they lobbied Congress to make us essential workers, so we could feed our children and so the states’ economies did not fold like bad poker hands. They also made sure we were included in the stimulus package and PPP loans. There are thousands of more examples that smarter people than I on this page can add. Don’t show up to the party without being a contributor. You wouldn’t do that to your parents, would you?

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Rich D’Ascoli, PSAR CEO, commented on Robert’s response:

I have devoted the past fifteen years of my life advocating for Realtors. I join hundreds of volunteers in saying this post was inspirational. It moves a lot of people who are involved with, and give so much to, this industry. 

Robert is referring to those who are not REALTORS®. His perspective also applies to those REALTORS® who volunteer versus those who don’t; to those who contribute to the PACs and HAF and those who don’t.  It is critical that individuals look at the history and understand the issues before jumping to conclusions. Just two years ago AB-5 passed requiring that most Californians become employees. The fact that Realtors are not employees right now did not happen by chance. There is a massive organization in place to protect not only homeownership but also the interests of those who facilitate it. There are a few REALTORS® doing so much to help all REALTORS® It’s important to honor and recognize their selfless efforts.

Robert’s words as a REALTOR® are meaningful. I wish more of our leaders would step up and articulate these same ideals.

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In addition to recognition from Supervisor Nora Vargas, Robert is receiving honors from other elected officials, including Congressman Juan Vargas, State Senator Ben Hueso and Assemblywoman Lorena Gonzalez.

Some of those officials are preparing a proclamation containing these tributes to Robert:

WHEREAS, Robert Cromer served as 2020 President of the Pacific Southwest Association of Realtors (PSAR), one of the largest real estate trade organizations for San Diego-area REALTORS®;

WHEREAS, Robert provided outstanding leadership and vision during a surreal year of setbacks and hardships when a brutal pandemic swept the globe as the shadow of COVID-19 enveloped the land;

WHEREAS, PSAR thrived and grew its membership during an unparalleled, difficult and challenging year, thanks to Robert’s demonstration of strong leadership and clear communication that relieved anxiety and encouraged strength and resiliency among PSAR members;

WHEREAS, Robert embodied PSAR’s mission to empower REALTORS®, to protect private property rights and create homeownership opportunities for all, while adhering to the highest standards of integrity and the REALTOR® Code of Ethics;

WHEREAS, Robert’s example of leadership and decision making in uncertain times, plus his blend of competence, firmness, calmness and empathy in a crisis, empowered PSAR members to flourish by leveraging a collective strength in service to homebuyers and sellers throughout the greater San Diego County community;

THEREFORE, we hereby join the 3,500 PSAR real estate professionals in thanking Robert Cromer for his tremendous volunteer service and offering our best wishes for a successful real estate career in the future as a past PSAR President. Good luck and best wishes.

 ~Thanks, Robert Cromer, for your service to PSAR. We’re all very grateful.

We turned the calendar a few weeks ago and bid a not-so-fond adieu to what many felt to be one of the worst years in modern history. The year 2020 was a tough year in multiple respects, made worse by the fact that no one could see it coming. During the majority of this surreal year, a brutal pandemic made it appearance, and the shadow of COVID-19 enveloped our state, country and world. We gladly put 2020 in our rearview mirror. With a new year comes a new PSAR Board of Directors.

Here is your PSAR Board of Directors serving during the 2021 calendar year.

Ditas Yamane will serve as 2021 PSAR board president, succeeding Robert Cromer, who will serve as past president. Max Zaker and Sam Calvano will serve in 2021 as president-elect and secretary-treasurer, respectively.

Directors serving on the 2021 PSAR board will include Mike Anderson, Yvonne Cromer, Merrie Espina, Jason Lopez, Laurie MacDonald, Peter Mendiola, Rafael Perez, Amy Ruiz, Amber Tannehill and Mike White. Andrea Martino will serve as the affiliate director.

So, what should PSAR members expect in 2021? How will the 2021 housing market differ from that of 2020? What other differences can we expect in 2021?

To find some answers, we consulted 2021 PSAR board members and asked them to share in their own words 2021 housing market forecasts. You will be happy to note that the overall tone of the comments is positive. Their comments appear below.

-- “The housing market will remain seller-friendly with high buyer demand and relatively low mortgage rates. Slow housing supply will lead to rising housing prices. Home builders are expected to build more residential housing to help increase inventory even while facing higher cost of materials, longer materials delivery, labor skills shortage and especially regulatory cost burdens. With mortgage rates at their lowest, it will, indeed, be a spring frenzy. As resilient real estate professionals, it will be an eventful 2021 for us in the housing market as we continue to serve our clients, the real estate community and our neighborhood community.”
-- Ditas Yamane, 2021 President.

-- “I believe the market will continue to surge in early 2021 to fall or late 2021 due to more demand than supply of homes. If sellers want to sell, spring and early summer will be the optimal times. Even with job losses due to COVID-19, there are hundreds of thousands of millennials finally ready to buy. Why now? Most of them got married later and had kids, the number one reason for buying a home, later than any other generation before them. Because the millennials are the largest generation on the planet, they will continue to push prices up. San Diego is currently building about half as many homes as needed to just to keep up with demand. So if you are a buyer, get in asap so you can partake of the 7-to-10 percent increase we will see in 2021.”
-- Robert Cromer, 2020 President.

-- “Economic predictions are at best an opinion, but understanding the political and economic indicators could help provide some insight into what we can expect in the California housing market in 2021. The cost of money (mortgage interest rate) will remain below 4 percent offering massive financial incentive, especially for first-time homebuyers, and will continue to drive up home prices. Consumer confidence (overall job market and unemployment rate) may force and/or encourage homeowners to sell as we reach the peak in home prices, resulting in more inventory. The sun will continue to shine in California making it a desirable destination in which to live, play and invest in real estate.” 
-- Max Zaker, 2021 President-Elect.

-- “Here is what I foresee: Stable values, stable demand and a slight increase in rates. Vacancy will increase for commercial and residential rental properties, which will stabilize rents.”
-- Sam Calvano, 2021 board secretary-treasurer.

-- “I don't think there's any reason to think the trends in the housing market will change anytime soon. There is still a huge housing shortage, even with so many making the exodus from California. Many first-time buyers, and it appears many move-up buyers, are looking for bigger homes, often in the suburbs further away from downtown areas and job centers. My understanding is that interest rates will remain incredibly low allowing buyers to pay the rising prices often with a lower down payment and still keep their mortgage payments in check. Perhaps we’ll have as much as a 7-to-8 percent increase in values in 2021, although sooner or later prices are going to have to level off. Builders are doing what they can to meet the demand, but they cannot keep up.”
-- Mike Anderson, 2021 board member.

-- 2021 will continue to see a lack of homes for sale. Inventory shortage has been a major issue over the past couple of years and I expect that to continue in the New Year.  Currently we have about a 1 month supply of homes and that is fueling the continued price increases in the San Diego region. So, it will be a great time to consider selling as buyers are willing to pay top dollar. While the lack of inventory can present challenges for buyers and result in increased competition for homes, the historically low interest rates will continue to drive buyer demand and offset the higher prices. When you factor in the pandemic and lockdown, buyers also want some room to move around. Since many people have transitioned to remote work from home, we are seeing many leave the urban setting. After all, if one is working from home there is no need to live close to the office or commute. A good internet connection and great coffee will work just fine!
-- Jason Lopez, 2021 board member.

-- “Many homeowners affected by COVID-19 who either temporarily or permanently lost jobs or unexpectedly have reduced hours and income are on forbearance. Termination of forbearance, while homeowners are still held hostage by inability to catch up, will force sellers to sell or face foreclosure by their lenders. Their inability to qualify for any affordable option to keep their home will create new inventory.  There will be more houses to sell and will lessen the competition among buyers. With increased inventory, home prices will be stable and will allow for affordability again. Interest rates are of enormous importance to virtually everyone. Most borrowers respond to low interest rates, which is a motivation to invest in home purchase.”
-- Merrie Espina, 2021 board member.

-- “My prediction for the future of our housing market in 2021 is that we will continue to see low inventory and higher demand due to low interest rates. I believe that there has never been a better time to invest in real estate and I think that people will be looking for larger homes to accommodate working and schooling from home and more usable outdoor space as well. I also believe that, in addition to building relationships, agents will need to focus on their online and social presence to set themselves apart from the pack as this is going to be a primary resource for both buyers and sellers to identify an agent with whom they wish to work.”
-- Amber Tannehill, 2021 board member.

-- “With every New Year is the opportunity to harness the energy born out of the previous year’s struggles. So, overall, I’m optimistic for 2021, although for real estate I’m expecting more of the same market conditions. My wish for everyone at PSAR is that the New Year bring renewed hope and joy as we continue on our journey one day at a time.”
-- Mike White, 2021 board member.

With more than 3,500 members, PSAR is, one of the San Diego County’s largest real estate trade groups for San Diego-area REALTORS®. Services to REALTORS® include California Regional MLS services, educational training classes, advocacy and resources for realtors, including lock boxes and signage.