Isela Robles-Puentes, REALTOR®, Caffe Tazza owner (1973-2023)

Posted by Rick Griffin on Nov 20, 2023 11:15:03 AM

Isela Robles Puentes

The PSAR family extends its deepest sympathies to the family and close personal friends of Isela Robles-Puentes who passed on Nov. 5. She was 50 years old at the time of her passing..

A PSAR member since 1994, Isela worked in real estate for more than 30 years and served many clients as a realtor for more than 25 years. She started working in a real estate office as an assistant while attending high school. She was affiliated with a number of brokerages throughout her real estate career and assisted many people with their property transactions. Many of her clients considered Isela a favorite member of their family. 

With her entrepreneurial drive, she wore many business hats with a spirit that made her shine. In addition to working in real estate, over the past 15 years she owned and operated Caffe Tazza, a coffee house, deli and wine bar located in the Terra Nova Plaza retail center.  Caffe Tazza has been a favorite venue for many PSAR networking and socializing events, including Young Professional Network (YPN) gatherings. She also fournd the time to become a business partner in a linen rental service company.

Isela (pronounced E-sell-AH) was a Chula Vista native. She attended Robert E. Lee Elementary School in Paradise Hills (the school is now called Lee Elementary), Chula Vista Middle School, Chula Vista High School and and graduated from San Diego State University.

She was a beloved member of the Chula Vista community. Her family described Isela as an amazing mother and wife, a wonderful and loving daughter, a caring and giving sister and inspiring aunt. She was strong, smart, passionate, courageous and generous. She had a beautiful smile and a charming, inspirational, spirit . She went the extra mile in helping many people in their professional and private lives. Her laughter and vivacious personality were infectious.

Isela is survived by husband Caesar Puentes (they shared 18 years together) and a daughter Alexandra, 13, who is known as “Ali”,  her parents, Arturo and Rosa Robles, and two older sisters, Diana and Myrna. She is also missed  by her five nephews and one niece.

A celebration of life mass was held Wednesday morning, Nov. 15th, at St. Pius X Catholic Church, followed by her interment at Glenn Abbey Memorial Park and Mortuary in Bonita. Cards and notes may be mailed to Caffe Tazza, 374 East “H” St., Chula Vista, CA., 91910.

Topics: Announcements

HOME SALES MUTED, INVENTORY TIGHT, RATES HIGH

Posted by Rick Griffin on Nov 19, 2023 7:00:00 AM

HIGH INTEREST RATES CONTINUE TO TEST MARKET

Home sales remained muted in October 2023, as housing inventory continued to be tight and elevated interest rates kept homebuyers and sellers on the sidelines, according to the latest home sales and price report from the California Association of Realtors (C.A.R.). 

In San Diego County, sales of existing, single-family homes in October 2023 increased 5.7 percent in a month-over-month comparison with September 2023, while the sales pace was 6.4 percent lower in a year-over-year comparison with October 2022.

Also in San Diego County, the median home sales price for an existing, single-family detached home in October 2023 was $936,250, which was a 3.8 percent dip from September 2023, when the price was $973,100. In addition, the median home sales price a year ago in October 2022 was $860,000, a 8.9 percent difference with October 2023.

Statewide, the numbers for home sales and home prices in October 2023 revealed a similar narrative.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 241,770 homes sold in October 2023, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2023 if sales maintained the October 2023 pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The statewide sales pace in October 2023 was up 0.3 percent on a monthly basis compared to September 2023, when 240,940 homes were sold, and down 11.9 percent from a year ago in October 2022, when 274,410 homes were sold on an annualized basis.

Sales of existing single-family homes in California remained below the 250,000-unit pace for the second consecutive month. The annual decline was the 28th straight drop, but the decline was the smallest in the last four months.

Year-to-date statewide home sales were down 27.2 percent in October 2023.

Home prices on a statewide basis rose for the fourth straight month in a year-over-year comparison, and the median price was the largest year-over-year gain in 17 months.

Statewide, in October 2023, the median price was $840,360, which was 0.4 percent lower than the September 2023 figure of $843,340, and 5.3 percent lower than the revised October 2022 figure of $798,140. The median represents a price where half of the total number of homes sold above it and half below.

While October’s median price took a step back from the month prior, the month-to-month decline was smaller than the long-run September-to-October price adjustment of -1.5 percent observed in the last 44 years.

Prices are expected to level off over the next couple of months, following traditional seasonal patterns. Positive year-over-year price growth should remain throughout the rest of the year as housing supply is projected to be tight in the coming months.

“A sizable jump in interest rates kept home sales constrained in October and will likely hamper home sales for the remainder of the year,” said C.A.R. President Jennifer Branchini, a Bay Area REALTOR®. “Despite rates remaining elevated, many other factors have swung in favor of buyers recently including more properties staying on the market longer before selling and fewer homes selling over list price, which could motivate more sellers to offer concessions.”

“With the Federal Reserve pausing rate hikes at the last Federal Open Market Committee meeting and recent economic news pointing to a slowing economy, mortgage rates have been coming down in recent weeks,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “If inflation continues to cool, we could see more improvement in mortgage rates than the Fed is currently projecting for next year, which would alleviate some pressure on both the buy and sell sides of the housing market in 2024.”

Other key points from C.A.R.’s October 2023 resale housing report include:

  • At the regional level for Southern California, year-over-year sales declined in October 2023 by 7.4 percent. In September, the figure was 21.7 percent. In August 2023, the figure was 13.9 percent.

  • At the regional level for Southern California, median home prices in October increased from a year ago by 6.5 percent. In September the figure was 4.7 percent. In August, the figure was 4.4 percent.

October 2023 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

blog_231122_chart1

  • Housing supply in California continued to shrink from a year ago in October 2023 as mortgage rates remained elevated. The statewide unsold inventory index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, was 2.7 months in October 2023, 2.8 months in September 2023, and 3.1 months in October 2022.

  • In San Diego in October 2023, the inventory of available homes for sale was 2.3 months, compared to 2.5 months in September and 3.0 months in October 2022. Other unsold inventory figures on a monthly basis in 2023 in San Diego included 1.9 months in August, 2.0 months in July, 2.0 months in June, 1.7 months in May, 1.9 months in April, 1.7 months in March, 2.3 months in February and 2.7 months in January. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell-out given the current rate of sales.

 

October 2023 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

blog_231122_chart2

  • Housing inventory in California slid back in October from the prior month as the market continued to grapple with high mortgage rates. The statewide unsold inventory index decreased -3.6 percent on a month-over-month basis and fell below last October by -12.9 percent.

  • Active listings at the state level continued to dip on a year-over year basis for seven straight months, and a further decline in each of the last six months all registered more than 20 percent in year-over-year comparisons.

  • New active listings at the state level dropped from a year ago for the 16th consecutive month, but the rate of decline continued to decelerate. In fact, newly added for-sale properties dipped less than 10 percent for the first time in 12 months. The smaller year-over-year rate of decline was partly due to low-base effects though, as new active listings in October 2022 also recorded a sizeable drop from the prior year. 

  • The median number of days it took to sell a California single-family home was 20 days in October and 28 days in October 2022.

  • In San Diego, the median number of days it took to sell an existing, single-family home was 14 days in October and September 2023, compared to 22 days in October 2022.Other median-time-on-the-market figures on a monthly basis for San Diego in 2023 include 13 days in August, 12 days in July, 11 days in June, 12 days in May and April, 15 days in March, 17 days in February and 26 days in January. The median represents a time when half the homes sell above it and half below it.
  • The statewide, sales-price-to-list-price ratio on a monthly basis in 2023 was at 100 percent in October, September, August, July, June, May and April, 99.1 percent in March, 97.7 percent in February and 96.5 percent in January. A year ago, in October 2022, the ratio was 97.3 percent. The sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

  • The 30-year, fixed-mortgage interest rate averaged 7.62 percent in October, up from 6.90 percent in October 2022, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

  • Mortgage rates have been coming down in recent weeks as the Fed paused rate hikes at the latest meeting and recent economic news pointed to a slowing economy. Further decline in mortgage rates should alleviate pressures on both the supply side and the demand side of the housing market in the coming months.

Topics: Brokers/Managers, Market Information

Home Buyers and Sellers Profile Draws National Media

Posted by Communications on Nov 13, 2023 7:00:00 AM

blog banner_231112_ Profile of Home Buyers and Sellers

The National Association of REALTORS® released its 2023 Profile of Home Buyers and Sellers this morning, garnering coverage in a wide range of national media outlets, including CNN , Bloomberg and The Washington Post.

For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. This annual survey was conducted by the NATIONAL ASSOCIATION OF REALTORS® of recent home buyers. Download Highlights (PDF 7 MB) | Get the Full Report(link is external) | News Release

Read additional highlights of the report in REALTOR® Magazine’s â€ś12 Trends That Explain Your Clients’ Real Estate Journey.”

The annual report, which NAR has been conducting since 1981, covers demographics, preferences, and experiences of recent buyers and sellers across the United States. Data was collected from a nationally representative sample of home buyers who purchased a primary residence in the 12-month period between July 2022 and June 2023.

This year’s report shows that reliance on real estate professionals remains strong. Although 100% of respondents said they used the Internet in the home search process, a vast majority—89% of both buyers and sellers—said they worked with a real estate professional on their sale or purchase. Only 5% of sellers cited the “agent’s commission” as an important factor in choosing their agent: The reputation of the agent, whether the agent was “honest and trustworthy,” and knowledge of the neighborhood ranked as the most important factors.

Household annual income among buyers was 22% higher than last year, an indication that high sales prices and rising interest rates have eroded lower-income households’ ability to purchase a home. Among buyers who financed their purchase, the median down payment amount was also up. In this year’s report, it was 8% for first-time buyers, 19% for repeat buyers, and 15% for all buyers.

After several years of losing share in the homebuying market, first-time buyers are making headway. They made up 32% of the market, according to this year’s report—still below the historical rate of 38% but notably higher than last year’s rate of 26%.

As in past years, buyers and sellers report satisfaction with the service provided by their real estate professionals. Ninety percent of buyers said they would definitely (75%) or probably (15%) use their agent again or recommend their agent to others. Eighty-seven percent of sellers said they would definitely (73%) or probably (14%) recommend their agent for future services.

Highlights From the Profile of Home Buyers and Sellers

Topics: Brokers/Managers, Market Information, Industry

HomeSnap-Pro Becomes Homes-Pro

Posted by Communications on Oct 13, 2023 4:46:10 PM

Homesnap pro is on the way out

The Homesnap app, which is a listing search product for both listing and buyer agents, will be changed to the Homes Pro app, a LISTING-Agent search and advertising platform. While Homesnap is still currently available, the Homesnap app will fully become the Homes Pro app on October 23.   

This update comes from Homesnap: Most elements of Homesnap will forward to the Homes Pro app or redirect to Homes.com, regardless of whether or not you're a CRMLS user. In fact, many MLSs that had relied upon Homesnaphomespro app have already made the transition to Homes Pro, so we're hoping for an easy change to the different platforms. 

When opening the Homesnap app or accessing the website, you'll see this splash screen informing you of the switch taking place on 10/23.

CoStar's business model is to steer all leads to the listing broker or agent and not to the buyer's agent working with a client. The business plan is to see advertising to the listing agents. 

Finding a suitable replacement for a familiar tool can be a daunting task, and the process of replacing it is no easy feat. However, below is a comprehensive list of comparable product solutions tailored to your particular MLS system. Carefully review each offer and determine whether the Homes Pro app or another CRMLS core product is a better fit for you.  Advantages of these tools include the client portal, the ability to Add/Edit, 

Paragon App Comparison
Matrix App Comparison

Learn more about the Paragon Connect Moblie Web Site

Learn more about MLS Touch
Learn more about the CRMLS App

CoStar's move to discontinue Homesnap came nearly three years after CoStar acquired Homesnap for $250 million in 2020, initially intending to enter the residential real estate market. In 2021, CoStar acquired Homes.com for $156 million and decided to make it their primary consumer brand. 

By the end of the year, Homesnap's website will redirect home searchers to Homes.com, and eventually, Homesnap will be completely phased out.

For now, Homes Pro will remain free for agents and multiple listing services (MLSs).

 

Topics: CRMLS, PSAR Benefits, Industry, Paragon

HIGH INTEREST RATES CONTINUE TO TEST MARKET

Posted by Rick Griffin on Oct 12, 2023 1:17:00 PM

HIGH INTEREST RATES CONTINUE TO TEST MARKET

Persistently high mortgage rates are causing fewer home sales and lower home selling prices in the California housing market, according to the latest home sales and price report from the California Association of Realtors (C.A.R.). 

In San Diego, sales of existing, single-family homes in September 2023 declined 19.4 percent in a month-over-month comparison with August 2023, while the decline was 25.3 percent in a year-over-year comparison with September 2022.

Statewide, the sales pace for existing, single-family homes in September 2023 was down 5.4 percent with 254,740 units sold in August 2023, and down 21.5 percent compared to September 2022, when 307,000 homes were sold on an annualized basis. Statewide year-to-date home sales were down 28.5 percent in September 2023.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 240,940 in September, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2023 if sales maintained the September pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

Sales of existing single-family homes in California remained below the 300,000-unit pace for the 12th month in a row. It was the fourth consecutive month for lower statewide home sales and the 27th straight drop in annual comparisons.

Year-to-date statewide home sales were down 28.5 percent in September.

Meanwhile, the median sales price for an existing, single-family detached home in San Diego County in September 2023 dipped by 2.7 percent to $973,100 from the $1 million mark posted in August 2023. A year ago, in September 2022, the median price for San Diego was $899,000, a year-over-year difference of 8.2 percent.

September 2023 County Sales and Price Activity

(Regional and condo sales data not seasonally adjusted)

September 2023 County Sales and Price Activity  (Regional and condo sales data not seasonally adjusted)

Statewide, in September 2023, the median price was $843,340, which was 2.7 percent lower than the August 2023 figure of $859,800, and 3.2 percent lower than the September 2022 figure of $817,150. The median represents a price where half of the total number of homes sold above it and half below.

While September’s median price took a step back from the 15-month high recorded in August, the month-to-month decline was in line with the long-run August-to-September price adjustment of -1.8 percent observed in the last 44 years. Prices are likely to experience monthly declines in the next couple of months, following the traditional seasonal pattern. Positive year-over-year price growth is expected to persist through the remainder of the year as housing supply is expected to remain tight.

“With the market being less competitive, there are greater opportunities for consumers who need to purchase a home for personal reasons or those who can qualify to purchase at today’s interest rates,” said C.A.R. President Jennifer Branchini, a Bay Area REALTOR®. “More sellers are making concessions as homes are taking longer to sell, fewer homes are selling above asking price, and there are more homes to choose from.”

“As mortgage rates surge to new highs not seen in more than two decades, home sales are being tested and are likely to remain tepid for the next few months,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “With the Fed planning on holding rates higher for longer, the cost of borrowing will remain elevated and may not come down much in the near term. Housing affordability will continue to hinder sales activity for the rest of the year, especially in the low- and mid-price ranges.”

Other key points from C.A.R.’s September 2023 resale housing report include:

  •  At the regional level for Southern California, year-over-year sales declined in September 2023 by 21.7 percent. In August 2023, the figure was 13.9 percent.

  • At the regional level for Southern California, median home prices in September increased from a year ago by 4.7 percent. In August, the figure was 4.4 percent.

  • Housing supply in California continued to shrink from a year ago in September as mortgage rates remained elevated. The statewide unsold inventory index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, was 2.8 in September 2023. It increased 16.7 percent on a month-over-month basis and was unchanged from a year ago in September 2022.

September 2023 County Unsold Inventory and Days on Market

(Regional and condo sales data not seasonally adjusted)

September 2023 County Unsold Inventory and Days on Market  (Regional and condo sales data not seasonally adjusted)

  • In San Diego in September 2023, the inventory of available homes for sale was 2.5 months, compared to 1.9 months in August, 2.0 months in July 2023 and 2.5 months in August 2022. Other unsold inventory figures in 2023 in San Diego included 2.0 months in June, 1.7 months in May, 1.9 months in April, 1.7 months in March, 2.3 months in February and 2.7 months in January. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell-out given the current rate of sales.

  •  Active listings at the state level continued to dip on a year-over year basis for five straight months, with the decline in each of the last six months all registering more than 20 percent year-over-year. With rates remaining high and the market transitioning to the low season, active listings will not likely improve much, if at all, before the end of the year.

  • The median number of days it took to sell a California single-family home was 18 days in September and 27 days in September 2022.

  •  In San Diego, the median number of days it took to sell an existing, single-family home was 14 days in September, compared to 13 days in August 2023, 12 days in July 2023 and 18 days in August 2022. Other median-time-on-the-market figures for San Diego in 2023 include 11 days in June, 12 days in May and April, 15 days in March, 17 days in February and 26 days in January. The median represents a time when half the homes sell above it and half below it.

  • The statewide, sales-price-to-list-price ratio on a monthly basis in 2023 was at 100 percent in September, August, July, June, May and April, 99.1 percent in March, 97.7 percent in February and 96.5 percent in January. A year ago, in September 2022, the ratio was 97.6 percent. The sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

  • The 30-year, fixed-mortgage interest rate averaged 7.20 percent in September, up from 6.11 percent in September 2022, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

Topics: Brokers/Managers, Market Information

California DRE 2023 Summer Bulletin

Posted by Communications on Sep 18, 2023 2:04:07 PM

2023_DRE_Summer_Bulletin

Check out the DRE 2o23 Summer Bulletin and gain awareness of the DRE's priorities this quarter. Below are highlights.  Download the PDF for the full update. Take a look at the California DRE Summer Bulletin here.

  • Commissioner’s Update
  • New Pre-License Statutory Course Requirements Coming in 2024
  • Vacant Land Property Scams
  • Originating Nontraditional Mortgage Loan Products
  • Succession Planning
  • Ensure Protection of Trust Funds Collected by Real Estate Brokers
  • What Would You Tell Your Younger Self?  

Commissioner_McCauley

 

Douglas R. McCauley

Real Estate Commissioner
Department of Real Estate

 

 

 

 

_______________________________________________

PSAR's Mission is to empower Real Estate Professionals

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.

Topics: Announcements

SHORTAGE OF HOMES, HIGHER INTEREST RATES, HAMPERING MARKET

Posted by Rick Griffin on Sep 17, 2023 11:57:00 AM

SHORTAGE OF HOMES, HIGHER INTEREST RATES, HAMPERING MARKET

The median sales price for an existing single-family home in San Diego hit the $1 million mark in August 2023, according to the latest home sales and price report from the California Association of Realtors (C.A.R.). 

August 2023’s median price was a 3.2 percent increase from $969,020 figure for the previous month of July 2023. A year ago, in August 2022, the median price figure was $886,250, a year-over-year difference of 12.8 percent.

August 2023 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

August 2023 County Sales and Price Activity

Statewide, in August 2023, the median price reached $859,800, its highest level in 15 months. The statewide median price reached its peak of $893,200 in May 2022.

The August 2023 median price for the state also was the largest year-over-year gain in 14 months. In July 2023, the median price for California was $832,400, a difference of 3.5 percent with August 2023. A year ago, in August 2022, the California median price was $834,740, a 3.0 percent difference with August 2023.

Meanwhile, as home prices hit high levels, home sales in California declined for the third straight month in August 2023.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 254,740 in August, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2023 if sales maintained the August pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The sales pace in August 2023 was down 5.3 percent on a monthly basis from a revised 268,940 in July 2023 and down 18.9 percent from a year ago in August 2022, when a revised 314,270 homes were sold on an annualized basis. Sales of existing single-family homes in California remained below the 300,000-unit pace for the 11th month in a row. The sales pace decline on an annual basis was the 26th straight drop.

Rising mortgage rates and an ongoing shortage of homes for sale continued to hamper the California housing market resulting in a 29.2 percent decline in year-to-date statewide home sales from January to August 2023.

Meanwhile, the sales pace for existing, single-family detached homes in San Diego in August 2023 was 2.7 higher when compared with July 2023. However, August 2023 home sales were down 16.0 percent in a year-over-year comparison with August 2022.

“Despite persistently high mortgage rates and availability of homes remaining extremely tight, there’s still solid interest from prospective buyers,” said C.A.R. President Jennifer Branchini, a Bay Area REALTOR®. “The highly competitive housing market continued to provide support to home prices, with the statewide median price steadily improving since early 2023. As California housing prices continue to stabilize, buyers and sellers on the sidelines will get back into the market once interest rates begin to moderate in the fourth quarter.”

“A reacceleration of interest rates since April, combined with tight housing inventory pushed down California home sales to a seven-month low in August,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “While rates may remain elevated for a little longer, macroeconomic fundamentals are expected to soften starting in the last quarter of this year. Mortgage rates should begin to ease, albeit gradually, in the next couple months, and provide a much-needed boost to both the supply and the demand sides of the housing market.”

Other key points from C.A.R.’s August 2023 resale housing report include:

  • At the regional level for Southern California, year-over-year sales declined in August 2023 by 13.9 percent. In July 2023, the figure was 14 percent.

  • At the regional level for Southern California, median home prices in August 2023 increased from a year ago by 4.4 percent. In July 2023, the figure was 2.7 percent.

  • Home prices continued to stabilize across the state, with 19 counties experiencing year-over-year median price decreases in August, compared to 27 counties in July and 37 in June.

  • Housing supply in California continued to shrink from a year ago in August as mortgage rates remained elevated. The statewide unsold inventory index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, was at 2.4 months in August 2023, 2.5 months in July 2023 and 2.8 months in August 2022. The statewide unsold inventory index was down 14.3 percent on a year-over-year basis.

August 2023 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

August 2023 County Unsold Inventory and Days on Market

  • In San Diego in August 2023, the inventory of available homes for sale was 1.9 months, compared to 2.0 months in July 2023 and 2.5 months in August 2022. Other unsold inventory figures in 2023 in San Diego included 2.0 months in June, 1.7 months in May, 1.9 months in April, 1.7 months in March, 2.3 months in February and 2.7 months in January. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell-out given the current rate of sales.

  • Active listings at the state level have fallen for five months in a row in a year-over-year comparison. The year-over-year decline has exceeded 20 percent the past four months.

  • Active listings in a month-over-month comparison improved slightly from July 2023 to August 2023 as fewer listings were taken off the market due to the slowdown in closed sales in August.
  • The median number of days it took to sell a California single-family home was 18 days in August 2023, 16 days in July 2023 and 23 days in August 2022.

  • In San Diego, the median number of days it took to sell an existing, single-family home was 13 days in August 2023, compared to 12 days in July 2023 and 18 days in August 2022. Other median-time-on-the-market figures for San Diego in 2023 include 11 days in June, 12 days in May and April, 15 days in March, 17 days in February and 26 days in January. The median represents a time when half the homes sell above it and half below it.

  • The statewide, sales-price-to-list-price ratio on a monthly basis in 2023 was at 100 percent in August, July, June, May and April, 99.1 percent in March, 97.7 percent in February and 96.5 percent in January. A year ago, in August 2022, the ratio was 98.4 percent. The sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

  • The 30-year, fixed-mortgage interest rate averaged 7.07 percent in August, up from 5.22 percent in August 2022, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

Topics: Brokers/Managers, Market Information

CAR RED ALERT: Attack ON Prop 13

Posted by PSAR Government Affairs on Aug 28, 2023 10:56:05 AM

Red Alert

C.A.R. strongly opposes ACA 13, a proposed state constitutional amendment. This proposal aims to make it harder for California voters to bring about changes through initiatives by increasing the percentage of votes needed to pass state and local measures. C.A.R. is against ACA 13 because it would weaken Proposition 13, potentially leading to higher taxes on homeowners and restricting their ability to prevent tax increases.

C.A.R. has issued a Red Alert, urging all California REALTORS® to contact their Assemblymembers and ask them to vote against ACA 13.

Look for the email sent to you from realtorparty@car.org with the subject line "RED ALERT: Protect Prop 13 and Voter Rights."  If you don't see it, please check your spam.

Currently, voter initiatives and constitutional amendments (except for certain taxes) require a simple majority to pass. ACA 13 seeks to change this by requiring any measure attempting to increase the vote percentage for passing local or state ballot measures to meet the same increased percentage requirement. This would impact citizen-led initiatives and not measures referred by the Legislature, creating an uneven playing field.

C.A.R. opposes ACA 13 because:

  1. It could raise the cost of buying and owning homes by weakening Proposition 13 protections. ACA 13 wants to undo safeguards set by Proposition 13, which set a 2/3 vote requirement for local governments to raise various homeowner taxes. Passing ACA 13 would make it tougher for homeowners to defend against unjust taxes.

  2. It would diminish the power of California's voters. Changing rules solely to avoid certain outcomes goes against the principles of fairness.

  3. ACA 13 would exacerbate difficulties for working families to afford homes. A recent report showed that California's housing affordability hit a 16-year low. Higher property taxes could intensify challenges for first-time buyers, hindering their transition from renting to owning. This is crucial for narrowing the state's wealth gap and aiding the diverse population in achieving homeownership and building savings.

 

PLEASE HELP DEFEAT ACA 13 – CONTACT YOUR ASSEMBLYMEMBER TODAY

Look for C.A.R.’s Red Alert email from realtorparty@car.org

With a subject line that says:
“RED ALERT: Protect Prop 13 and Voter Rights”

Topics: Government Affairs

PSAR champions of HOMEOWNERSHIP

Posted by Rick Griffin on Aug 25, 2023 7:00:00 AM

PSAR champions of HOMEOWNERSHIP

PSAR members should be proud of how your Association has been advocating for homeownership through engagement with elected officials.

As a lone voice, we have been at the forefront of pushing for enhanced homeownership opportunities and championing homeownership during recent meetings with politicians from local, state, and federal offices.

In these meetings, our volunteer leaders and staff have shared personal accounts of how public policies can hinder property transactions. In addition, we have emphasized the increasing demand for market-rate housing and the urgent requirement for expanded housing inventory in San Diego County. Our goal has been to mitigate the housing crisis and foster both stable financial futures and robust communities.

During the past year, our leadership has engaged in discussions with dozens of local officials, as demonstrated by this list of elected officials who have met with PSAR members:

Congressman Juan Vargas

Congresswoman Sara Jacobs

State Senator Brian Jones

State Senator Steve Padilla

Assemblymember Chris Ward

Assemblymember David Alvarez

Assemblymember Marie Waldron

County Board of Supervisors Chair Nora Vargas

County Supervisor Joel Anderson

County Supervisor Terra Lawson-Remer

County Assessor/Recorder/Clerk Jordan Marks

Chula Vista Mayor John McCann

Chula Vista Councilmember Jose Preciado

Chula Vista Councilmember Alonso Gonzalez

Chula Vista Councilmember Andrea Cardenas

 

National City Councilmember Ditas Yamane

National City Councilmember Jose Rodriguez

Santee Councilmember Dustin Trotter

Santee Vice Mayor Laura Koval

Santee Councilmember Ronn Hall

La Mesa Councilmember Patricia Dillard

La Mesa Councilmember Colin Parent

La Mesa Councilmember Jack Shu

Coronado Mayor Richard Bailey

Coronado Councilmember Mike Donovan

Imperial Beach Mayor Paloma Aguirre

Imperial Beach City Manager Tyler Foltz

Lemon Grove Councilmember Alysson Snow ll

National City Councilmember Luz Molina

National City Mayor Ron Morrison

 

At a recent meeting with Congresswoman Jacobs, the topics included creating more homeownership opportunities by repurposing commercial centers, improved housing finance, what needs to be done to build more “for-sale” housing, and why point-of-sale mandates are costly mistakes, as well as issues surrounding rent control and homeowners insurance.

Topics also discussed on the federal level:

  • Addressing America’s housing shortage – understanding the gravity of the housing crisis and the legislative solutions under consideration;
  • Enhancing credit access – a pivotal proposed bill would improve credit access for Americans with minimal credit history; this legislation considers integrating common bill payments, such as utilities and rent, into credit evaluations.

PSAR President Jason Lopez attended the meeting with Jacobs. “I appreciated that she is knowledgeable on local issues impacting homeownership, protecting private property rights, and sharing resources and data needed to empower communities,” Lopez said. “She also does a great job keeping us informed on federal issues that could have a local impact as well.”

In PSAR meetings with local elected officials, the discussions included:

  • Land use – the effective utilization and management of land and the need for dense multi-family purchase options and entry-level properties;
  • Development costs – the increasing expenses related to housing construction;
  • Diverse options – Recognizing the need to accommodate all types of buyers, we have recommended a variety of housing purchase options;
  • Financial benefits to municipalities – We have showcased the considerable temporary and permanent revenue streams that cities enjoy when properties exchange ownership. Moreover, we have highlighted the potential adverse effects of imposing additional taxes on these transactions.

In PSAR meetings with state elected officials, the interactions have included the following pressing issues:

  • Opposing changing the vote on bond measures – a proposed bill would reduce the bond vote requirement on property taxes from the existing two-thirds to 55 percent and would raise funds for housing and infrastructure;
  • Support for AB 743 – This bill, if passed, would permit California notaries to obtain licenses as remote online notaries, utilizing Internet and audio-visual technologies to authenticate documents for signers from distant locations.

“As part of the Realtor Party and as an Association, we put aside our personal political ideology and focus on what matters most to our members, our clients, and potential homeowners on areas that could impact their opportunity to build wealth via real estate, enjoy their property, and become part of their communities,” said PSAR President Lopez.

“Maintaining great relationships with our elected officials gives us the opportunity to make sure they know what hot-button issues are impacting their districts back home. It also gives them the chance to learn from those who have boots on the ground and are experiencing these issues in real-time.”

Through such engagements with elected officials, PSAR continues its relentless pursuit of creating a better housing landscape, ensuring that every individual has a shot at the American dream of homeownership.

 

Congressmember Juan Vargas
Senator Brian Jones
Kay Le Menager, Mike Anderson, Senator Brian Jones, Brian Jones Staff, Norma Scantlin, Tracy Morgan Hollingworth
Assemblymember Chris Ward
Assemblymember Chris Ward, Jan Farley, Laurie MacDonald, Rebecca Pollack-Rude, George Ching
Assemblymember Marie Waldron
Assemblymember Marie Waldron Bottom Row, three from left.
Assemblymember David Alvarez
Assemblymember David Alvarez, Top Center.
City Manager Maria Kachadoorian
PSAR Government Affairs Director, George Ching, Chula Vista City Manager Maria Kachadoorian, Chula Vista Chamber of Commerce CEO Marcy Weaver
La Mesa Councilmember Patricia Dillard
Laurie Mac Donald, Richard D'Ascoli, Jason Lopez, La Mesa Councilmember Patricia Dillard, Kay LeMenager, George Ching.
County Assessor Recorder Jordan Marks
Robert Cromer, Yvonne Cromer, County Assessor Recorder Jordan Marks
Coronado Mayor Richard Bailey
George  Ching, Raquel Fernandez. Coronado Mayor Richard Bailey, Max Zaker, National City Councilmember Ditas Yamane
Senator Steve Padilla
Max Zaker, Sentator Steve Padilla, Richard D'Ascoli, George Ching, Ruben Gonzales
Chula Vista Mayor John McCann
David Fletes, Chula Vista Mayor John McCann, George Ching.
Supervisor Nora Vargas
County Supervisor Nora Vargas

Topics: Government Affairs, Industry

Effortless Listing Entry with Paragon Connect

Posted by PSAR Communication on Aug 24, 2023 4:25:16 PM

paragonconnectDid you know that Paragon Connect now allows you to easily ADD/EDIT listings? This capability was introduced in the most recent major update of Paragon Connect in CRMLS. Paragon Connect functions as an extension of Paragon MLS, tailored for use on mobile phones, tablets, and computers. Notably, Paragon Connect is not a standalone app; it ensures a consistent experience across all your devices.

Simplified Listing Entry with Paragon Connect

Why should you consider using Paragon Connect for your listing entry needs? The interface offers a fresh, modern look while retaining the familiar input fields. Whether you're enthusiastic about leveraging new technology or prefer the convenience of accessing the MLS on-the-go, Paragon Connect accommodates your preferences seamlessly.

Efficiency at Your Fingertips: Partial Entry and Multi-Device Workflow

Curious about starting a listing entry on your computer and finishing it on your phone? With Paragon Connect, this transition is effortless. In the Connect interface, a partial listing is indicated as "Unavailable," while existing editable listings are marked as "Available." This streamlined process enables smooth movement between devices without missing a beat.

Paragon Connect presents a simplified and unified approach to listing entry. Its user-friendly design and compatibility across various devices make it an invaluable tool for real estate professionals looking to enhance their listing management practices.


How do I get to Paragon Connect? In the new CRMLS Dashboard, on the right hand side, click on the plus sign and add it to your Dash for next time.

 

 


Learn more about the Add/Edit ability of Paragon Connect and gain the ability to do business on your mobile device. Check out the video below.