Braceland Homes Inc. is an Escondido, CA real estate brokerage founded in 2018 by retired US Navy officer Erik Braceland (DRE 02059069). Erik launched his second career after several underwhelming experiences with REALTORS® he worked with to buy and sell his own investment properties while serving on active duty. His systems, processes, and strategies positively impact the way homes are sold, and the systematic trademarked approach he embraces, guarantees his clients' satisfaction and success.
Looking at California housing inventory levels on this one. Just a quick refresher, six months of housing inventory creates a neutral or balanced market where both buyers and sellers are on equal footing and neither really has an advantage in negotiations. A seller’s market is one in which there is less than six month’s inventory, and a buyer’s market is one in which there is more than six month’s inventory. Rules of supply and demand apply. Less inventory means more demand and seller advantage. More inventory means less demand and buyer advantage.
We can see here that we are well below that magical six months of inventory, and only at a current inventory of 3.2 months, even less than last year. Further we can see that it’s been well over a decade since California has come anywhere near six months of housing inventory. This is great news for those of you that own a home and wish to sell it at some point.
Things to See and Do in Escondido California - Queen Califia's Magical Circle
Queen Califia's Magical Circle is the last major international project created by artist Niki de Saint Phalle. Inspired by California's mythic, historic, and cultural roots, the garden consists of nine large-scale sculptures, and circular "snake wall" bearing the brilliant, unique mosaic ornamentation that is an unmistakable part of the artist’s later work.
Queen Califia's Magical Circle is situated in North County San Diego in the city of Escondido, California at beautiful Kit Carson Park, just minutes from interstate 15, and is open to the public on Tuesdays, Thursdays, and Saturdays from 9:00 AM until 12:00 PM.
Market time gives us a good idea of how long it should take to sell a home. It also tells us if the housing market is hot or cold, or somewhere in between. As we can see from the data, market time commonly follows seasonal trends in addition to being influenced by larger economic forces. Although the market appears to be slowing on the graph, that’s typical of the winter season in California residential real estate. The latest data here is from January. Housing data is often a look back a month or two, because it takes time to compile and process. I my experience, as an active real estate broker, I can tell you the housing market is already waking up and becoming more competitive as we approach spring time.
Market time will typically drop starting in the spring, through the summer as more and more buyers and sellers enter the market. Market times will climb again as we approach autumn, and people start to turn their attention to family and the approaching holidays. Once the new year has passed, many people begin or resume their relocation planning.
Mortgage rates play a significant role in your home search. As rates go up, they impact how much you’ll pay on your monthly mortgage payment, which directly affects how much home you can comfortably afford. This graph shows how even a quarter-point increase in rate can have a big impact on your monthly payment.
With mortgage rates on the rise, you’ve likely seen your purchasing power impacted already. Instead of delaying your plans, today’s rates should motivate you to purchase now, before rates increase even more. Use that motivation to energize your search and plan your next steps accordingly.
The best way to prepare is to work with one of our trusted real estate advisors at Braceland Homes. We can connect you with a trusted lender, help you adjust your search based on your budget, and make sure you’re ready to act quickly when it’s time to make an offer on a home.
Checking out the latest with home prices here. So the quick takeaway from this data is that median home prices in California dipped slightly below $800,000.00 and we had a 3.8% drop from the month before. If we take a step back though, and this is important for you home buyers, of course we have lots of little ups and downs, but look at the overall, relentless, upward trend in home prices since 2009! Even the little drop we just had…its still 5.5% more expensive than the same time last year!
To me the message here is clear, if you want to purchase a home, and you have the means to make that happen, then buy a home now! Get on board this escalator and ride it to the top. Stop fretting over the new interest rate reality, and start building equity in your new home now. Hopefully interest rates will drop back down. If so, you can just refinance your home loan to take advantage of the better rates. You know what you won’t be able to do? You won’t be able to benefit from today’s prices, if you don’t take action today.
Here we’re looking at single family home sales. This data goes back almost twenty years and gives us a good look at what the housing market has been doing, and where its trending.
If you look to the left, you can see the impact of the big housing crisis where homes sales ground to a halt and bottomed out in 2007. We see another huge dip in 2020 when COVID took hold, and again in late 2022 when the FED substantially raised interest rates.
The housing market still hasn’t really recovered from the new interest rate reality. Things have been very slow in the residential real estate world here in San Diego and across all of California, but you can see here on the right, we’re starting to see signs of life in 2024 as we move into the busy spring and summer home selling seasons!
Which House Price...Should I Choose To Sell My Home
The price you set for your house sends a message to potential buyers. Price it too low and you might raise questions about your home’s condition or lead buyers to assume something is wrong with the property. This could also potentially leave money on the table which decreases your future buying power.
On the other hand, price it too high, and you run the risk of deterring buyers. When that happens, you may have to reduce your price to try to re-ignite interest in your house after it sits on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder why the price was reduced and what that means about the home.
Think of pricing your home as a target. Your goal is to aim directly for the center – not too high, not too low, but right at market value. Pricing your house correctly increases the chance you’ll have more buyers who are interested in purchasing it. That also makes it more likely you’ll see multiple offers and a higher sales price. Ideally you want buyers battling each other...not you battling just one buyer. Additionally, when homes are priced right, they tend to sell quickly.
Right now, we have a 2.2% increase in home sales over this time last year. The median price of a home in southern California is currently $790,000.00…and that’s an increase of 7% over last year. Current housing inventory stands at 3.2 months, and we know that anything below six month’s inventory is a seller’s market. Market time is 30 days, and sales to list price ratio is just below 100%.
For sellers, all this means you’re still in good shape, but your home isn’t going to sell overnight, and you may not get your full asking price. What if you’re a buyer? You folks are going to be spending a pretty penny, and you’re probably going to face at least some competition to get the home you want.
Discover the perfect blend of convenience and comfort in this exceptional single-story 2-bed, 2-bath Escondido California home for lease with a spacious 2-car garage. Flooded with natural light, the open layout is enhanced by recessed lighting and ceiling fans throughout. Cozy up by the gas-burning fireplace in the spacious living area. Enjoy the warmth of wood laminate flooring, elegant quartz countertops, Shaker cabinets, stainless steel appliances and fresh paint. All bedrooms feature ample natural light. The fully fenced yard, furnished for relaxation, completes the picture. Ideal location near shopping, dining, and easy access to the 15 and 78 freeways. A delightful single-story retreat awaits!
If you like what you see, are looking for Expert Property Management in Escondido California, or for homes for lease, call me direct at 619-947-3560. Good luck with your search, have a Great Day, and I hope to hear from you soon!
Use AnnualCreditReport.com to pull your credit reports from the three major U.S. credit bureaus (Experian, Equifax, and TransUnion) for free, every twelve months. Then thoroughly review each one page by page, particularly the “adverse accounts” section that details late payments and other slip-ups.
Assess where you stand
The better your credit history, the higher your score—and the better your opportunities for a home loan. The Federal Housing Administration or FHA, requires a minimum credit score of 580 to permit you to purchase a home with a 3.5% down payment. Other major lenders often require at least 620 to qualify for a home loan. You're not there yet? Don’t panic, there are ways to raise your score.
Dispute errors on your credit report
If you spot mistakes in your report, start by sending a dispute letter to the credit bureau that reported it, providing as much documentation as possible, per FTC guidelines. You’ll also need to contact the organization that provided the bad intel, such as a bank or medical provider, and ask it to update the info with the bureau.
Erase one-time mistakes
Call the company that registered the late payment and ask that it be removed from your record. This won't always work, but for accidents and small errors, it’s an easy way to improve your credit score.
Increase your limits
If you can't simply pay off your debts right now, you can still achieve a similar result by doing this. Ask your credit card companies to increase your credit limit instead. This improves your debt-to-credit ratio, which compares how much you owe to how much you can borrow. Although you owe the same amount, you’re using a much smaller percentage of your available credit, which reflects favorably on your borrowing practices...and your credit score.
Pay on time
You have the power to improve your credit score all on your own just by doing this. Commit to always paying your bills on time; consider signing up for automatic payments so it’s guaranteed to get done.
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Contact Me If You Are Looking To:
• Buy or Sell a Home in the Greater San Diego Area
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Erik Braceland 619-947-3560
San Diego Real Estate Broker | San Diego Real Estate Agent | San Diego REALTOR | San Diego Mortgage Broker
If you'd like to work with me to buy or sell a home in the greater San Diego area, message me on one of my social media channels, or email me at Erik@BracelandHomes.com
DISCLAIMER: This content is intended only for informational, educational, and entertainment purposes. Neither Braceland Homes Inc. nor Erik Braceland are registered financial advisors, attorneys or certified public accountants. Your use of this channel, or your reliance on any information on the channel, is solely at your own risk. Moreover, your use of the Internet (including, but not limited to, Tiktoc, Facebook, Instagram, YouTube, E-Mail, etc.) for communications with Erik, and/or Braceland Homes Inc., does not establish a formal business relationship with them.
