April 9 – May 14, 2021 REAL ESTATE / SPORTS Mission Times Courier / College Times Courier 19 sdnews.com Understanding today’s real estate market Crusaders Soccer Club restarts competitive play By SARAH WARD
Simply put, current real estate prices are not in equilibrium. When it comes to a hot stock, the stock price may increase by 50% over just a couple of months and with gasoline prices we have all experienced a 25% increase in a matter of weeks. However, home prices do not quickly adjust to the equilibrium point! There are many reasons for this including appraisers who are slow to move the value up or down and banks who lend on conservative values. But currently demand is greatly outstripping supply, causing prices to push upward as fast as they are able. Many sellers are holding off with placing their property on the market in anticipation of higher prices a year from now while with buyers, it’s exactly the opposite. The expectation of higher prices is causing a mad dash to buy a property as soon as possible. Some thought that after last year’s spike in home prices, this year would bring just moderate increases. However, year to date home prices continue their significant upward climb. Several factors explain this phenomenon. The government is massively increasing the money supply and increasing the nation’s debt in unprecedented ways. Fundamental economics dictates the consequence of this action is weakening the nation’s dollar which directly causes the price of nearly everything to go up. This is happening with the stock market, the price of gas, food, and of course home prices. Additionally, the work-fromhome issue is causing many renters to reach the tipping
point all at once and begin the search for a property. Renters have been told for years by their elders to “buy a home!” and are finally acting on it. Other homeowners are moving out of smaller properties and up to larger properties. San Diego has very little land left on which to build so the supply of housing cannot quickly increase. Also, it is wildly expensive and difficult for contractors and developers to build homes these days, which slows down the process of increasing supply. Another interesting factor is that homes are an excellent investment because you can put little money down to own a high value property and then rent it to pay the mortgage. For example, buy a $700,000 home for $200,000 down and wait 10 years for prices to double to $1,400,000. You just made almost a million dollars and had renters paying most or all of your mortgage the whole time! We put a property on the market last week in Mira Mesa and had nearly 30 offers in three days, many from investors! I just read in The Wall Street Journal that large Wall Street funds are buying up hundreds of thousands of homes across this nation and renting them out for the longterm. The article stated that in Houston, Texas nearly 25% of all home sales are sold to investors! The article had one example where a hedge fund purchased an entire neighborhood under construction. If you still do not own a property, I strongly believe prices will continue their upward trajectory for some time. I recently saw that Washington D.C. is now trying to pass yet another $2
trillion in stimulus. Something has to give and as long as the nation’s debt continues to rise, and the dollar continues to get weaker, expect home prices to continue rising. Purchasing real estate in the world’s finest city with limited buildable land, is a low-risk proposition and has the potential to build substantial equity. If you are still renting and have decent income, contact me at your earliest convenience. I am a specialist in getting buyer’s offers accepted in this current market. I use many tools including exceedingly clean offers with fully approved loans and direct communication with agents. Also, I continue to handle listings all over San Diego county. If you are thinking about selling, reach out and I will guide you on the home selling process to ensure you get top dollar with the fewest days on market.
MARKET SUMMARY SINGLE FAMILY HOMES 92115 College Area: the year over year median home price is up 16% to $739,500 and with only 13 homes on the market compared to typically over 50. 92119 San Carlos: The year over year median home price is up 12% to $827,500 and with only six homes on the market for the entire zip code! 92120 Del Cerro/Allied Gardens: The median home price is up 9% to $873,750 and with just 12 homes on the market currently. —Sarah Ward is a realtor with Fine & Coastal Real Estate. Reach her at sarah@fineandcoastal.com, or 858-431-6043.
RESTAURANT OWNERS
By JAY WILSON
For the first time in 14 months, on Saturday and Sunday, March 27 and 28, the competitive teams from the Crusaders Soccer Club were allowed to play games against teams from other soccer clubs throughout San Diego County. Thus, began the first of up to 10 weeks of weekend games for this unusual spring season for competitive teams. “It was a great weekend to see our teams playing real games against teams from throughout San Diego. Every week our teams are playing Shelby Harden shows her skills (Courtesy CSC) games on our fields throughout San Diego County,” and made the leap up to the comsaid Rene Miramontes, director of petitive level. coaching for Crusaders Soccer Club. In addition to all the competitive “Our players and coaches have been games, 46 recreational division diligently training two and three teams continue with their very suctimes a week since June and to see cessful spring season which plays them actually playing a real game on Sundays through May 2. was just outstanding.” A special thanks to Mark Dirkes, A competitive spring season is a Crusaders competitive coachunusual for the soccer clubs affiliat- es and owner of MD Coating & ed with the Presidio Soccer League. Specialty Finishes, for donating The competitive season is scheduled the manpower, paint and the large to run through May. Crusaders letters and logo now All you have to do is look at featured on the south side of the the faces of the players. You can Crusaders cargo container on the see the excitement on their faces. Pershing Middle School field. After hours and hours of practice, For more information about the they finally have an opportunity Crusaders Soccer Club, visit our to play real games against teams website at crusaderssocer.org or from other clubs. For several of the follow on Facebook, Twitter and Crusaders competitive teams it was Instagram. their first competitive game because last fall they were playing in —Jay Wilson writes on behalf of the Crusaders recreational division Crusaders Soccer Club.
REAL ESTATE SHOWCASE
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