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Joe Boozer
August 2020
Service! Integrity! Results!

It’s All About The ’Burbs: In A Time Of Pandemic, More Young Families Are Fleeing The City For The Country
Scoffers label it, ‘panic-moving.’ Others call it common sense. Wherever you stand, there is little doubt that, as the pandemic continues to surge, the flight of families from city to suburbs is picking up steam across the nation.
      “Young New York couples typically put off a move to the suburbs until after the birth of their second child,” said Elizabeth Nunan, president of Houlihan Lawrence, a leading New York residential brokerage. “It gives them time to save some money and enjoy the perks of city living until the need for space and the cost of childcare make the family-friendly suburbs a better choice.”  
      But circumstances
Mortgage Rates
U.S. averages as of August 2020:

30 yr. fixed: 2.99%
15 yr. fixed: 2.51%
5/1 yr. adj: 2.94%

have flipped the concept on its ear.
      “Living in the epicenter of the coronavirus pandemic left most New Yorkers justifiably fearful,” Nunan said.
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Preparing Your Home for Sale During the Pandemic
     Despite the ongoing coronavirus pandemic, the real estate market must go on. Homeowners still need to sell, house-hunters still need to buy, and real estate agents still need to make a living. But the typical home selling process involves frequent contact with strangers—which is not recommended during this time of social distancing.
      By now, you’re probably getting pretty good at making adjustments in your everyday life to protect the health and safety of yourself and those around you. Along the same lines, there are steps you can take to show your home to potential buyers without risking your health or hurting your chances of a sale. Here are some tips to prepare your home for sale in the coronavirus

Thinking of a Remodel? Here Are Your Financing Options
     People are spending a lot more time at home. Whether it’s because of a stay-at-home edict or just choosing to work remotely instead of heading toward the office, many are choosing the stay-at-home model and some employers have found the stay-home can be an option for the employee going forward. And spending more time at home might also lead to thinking of a few household projects. Is the kitchen looking a little dated after all? How about some new countertops and upgraded appliances? Is the living room carpet looking a bit threadbare? If so, you’ll need to decide how to pay for those improvements.
      The obvious way is to pay cash. It’s quick, interest-free and you can tap into a checking or savings account pretty much anytime you need it. You get a bid, decide whether or not to move forward and write a check. On the flip-side however, pulling money out of an account can put a dent in the balance and in any interest-bearing account, money out

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Local Real Estate Update!

 As we enter July and look back at the local San Diego Real Estate Market, we are seeing a continued increase in sales activity as we enter the normally active summer selling season.  With the start of opening of the economy and the need for many home owner's to sell their home or other property for various reasons, the inventory of homes for sale as started to improve in recent weeks!  The market has suffered from a lack of inventory for the past year or more, but it had started to improve as 2020 began. The pandemic obviously impacted sellers, many of whom postponed putting their home on the market due to the threat of the virus. By April, inventory was down almost 50% in the area, from an already low figure--down to under a 2 month's supply!

On the Buyer side we also saw a decrease in buyer activity, especially at the early stages of the pandemic in March with reports of buyer activity down around 25% in our local market.  Since home listings were also down and by almost 50%, even with fewer buyers we were still experiencing a "seller's market".  We had too many buyers for the inventory of homes for sale, creating competition among the buyers for the homes that were coming on the market. Sales remained brisk, but at a obviously reduced level due to the shortage of homes for sale.

Inventory of homes for sale is still low, but seems to be increasing as we move into July. It had dropped to as low an 1.5 months (average level is considered about 6 months in a "balanced" market).  We are still in a "seller's market" especially in the entry level housing up to around the $700,000 range in San Diego County. The extremely low home loan rates that are available (under 3% at this writing for a 30 year fixed rate loan) continues to fuel demands by buyers to purchase a home!  Pending sales in May were up Nationally by 44%, the biggest increase since 2001! Prices also are showing appreciation, especially in view of the low interest rates, which actually has made it cheaper to buy now than in the past year or so!

It is a great time to buy or sell a home right now, with inventory still inadequate for the demand by buyers, keeping our seller's market, while buyer's can cash in on the low interest rates to get a cheaper payment!  If inventory continues to build and interest rates start up later in the year, things may not be as good for buyer's or sellers!

If you have thought of buying and/or selling please give us a call for a no obligation consultation on your particular situation!  We can keep you informed as the month progresses and advise you if it looks like the time to plan your move! We can handle your purchase and/or sale and if you need property management assistance, we also can provide that! We have instituted "virtual' home tours and showings and maintain strict "social distancing" and safety procedures to keep everyone safe.  Almost all paperwork can be done via digital signing!  We are here to help and answer any of your questions.   Give us a call or text us anytime!


  Daily News and Advice

Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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The Mortgage Secret That Could Save You Thousands
Creative Ways To Carve Out A Home Office In Your Place
How Lenders Set Mortgage Rates

Joe Boozer, Broker GRI
E-mail: joeboozer@cox.net
Website: http://JBProperties.Org/
619-988-7222 cell
1081 BORDEN RD., SUITE 103
Escondido, CA 92026

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