The County Board of Supervisors approved a property tax relief initiative for January flood victims in San Diego. The initiative allows for reassessment of damaged properties, adjustment of property taxes, and deferral of upcoming payments. The IRS extended the federal income tax filing deadline, but it's uncertain if California will do the same for state-income tax returns. Continue to full...
The rising cost of fire insurance in San Diego County is posing challenges for homebuyers, with some sales falling through due to high insurance prices. Homeowners are facing increased insurance costs, with some having to resort to the state's California Fair Plan. Agents are advising clients to factor in insurance costs when considering purchasing a home, as flood insurance is also becoming a...
Optimal Timing for Purchase: Fall and winter months offer slower markets and lower interest rates. Influencing Factors: Economic stability, interest rates, and inventory levels impact market dynamics....
San Diego is now the 8th-priciest rental market in the US. The median rent for a 1-bed cost $2,330 in January, 37% higher than the national avg....
US families are facing a significant financial burden as non-mortgage interest payments have reached record highs, almost matching mortgage interest payments. This shift is a departure from the past, where mortgage interest typically dominated. The Federal Reserve's rate hikes have led to a surge in non-mortgage debt costs, impacting household finances. Continue to full article...
Affordability and availability persist in Southern California's housing market, but sentiment may rise more in mid-2024. Consumer sentiment toward housing improves, encouraging re-entry if economy remains strong and rates drop....
The median sold price of an existing single-family : $925K, 12.1% yearly Existing home sales : ↓0.9% MoM and unchanged yearly....
Numerous cities in California pose significant challenges for Generation Z individuals attempting to purchase homes.The state's high cost of living and thriving industries, such as tech, have contributed to escalating housing prices....
Home prices in San Diego decreased in December, continuing a trend from the previous months. Despite this, San Diego led the top 20 U.S. cities in appreciation for the year, with an 8.8% increase. The decline in prices was attributed to higher borrowing costs. Overall, the housing market in 2023 was exceptional, surpassing average annual home price gains over the past 35 years. Continue to full...
San Diego focuses on reforming local zoning laws to address housing shortage. Most new apartments are studios and 1-bed units, forcing families to suburbs for larger homes....
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