PREMIER REAL ESTATE
THE LUXURY PANEL
august’sluxurypanel The Luxury Panel is a rotating group of San Diego’s top Real Estate professionals who specialize in the luxury market sharing their expertise on hot topics and home buyer & seller questions.
Phil & Pam Reed Willis Allen Real Estate preed@willisallen.com “It’s a great time to buy or sell in San Diego! Buyers and Sellers continue to be optimistic and enthusiastic in today’s market. Sellers are capitalizing on their equity, while Buyers take advantage of historically low interest rates. This opportunistic combination makes for record breaking sales; we are seeing extraordinary homes hit the market that would otherwise never be for sale. Buyers in today’s market don’t seem to mind paying a premium for the perfect home!”
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Gary Wildeson Pacific Sotheby’s International Realty gwildeson@gmail.com “The market in La Jolla has been stable for the past year. Only around 5% fewer detached homes have sold. The decrease is largely due to smaller inventory. Days on the market are about the same both years as is the average price ($2,564,135). This means motivated sellers and buyers are getting together. Sellers are happy that there is strong demand with less competition, and buyers are finding the home they want with the added advantage of lower than predicted interest rates.”
QUESTION Why is it a good time to sell or to buy in San Diego?
Michael Panissidi Berkshire Hathaway HomeServices California Properties MP4realty@gmail.com “Although low inventory usually goes hand in hand with “Seller’s Market,” there are other factors to consider. Historically, low interest rates enable perspective buyers to free up additional funds to go toward bigger principles, which lead to higher prices and purchasing power. For Buyers, on the other hand, with Freddie Mac predicting interest rates increasing to 4.8% by this time next year, this slight increase may be just enough to price a buyer out of the market. Home prices are predicted to appreciate by 4.9%, and if you wait this could cost thousands of dollars per year. Don’t keep asking yourself the timing of “the Bubble?”
Lindsay Dunlap Pacific Sotheby’s International Realty lindsay@keystosd.com “With the best weather in the US, an Ocean at our back door, a fairly strong economy, attractive housing & diverse cities, there will always be a demand on a national & international basis to live in San Diego. Couple that with historically low interest rates, low inventory in many markets & price points, limited new construction coming online, a government whose goal is to “boost economic growth & grow jobs”, and you have the makings of a good market for some time to come.”
Gregg Whitney Billionaire’s Row gregg@greggwhitney.com “A glimpse at the high-end real estate market in La Jolla shows an immediate need for homes in the $3 million plus range, but sellers are hesitant to list their homes due to their inability to find a suitable replacement home. Supply has been slow to catch up to demand with the tight inventory of available homes for sale. The long-term outlook for La Jolla looks solid, real estate permits are at an all-time low, interest rates continue to hover around 4% on a 30-year fixed mortgage.”