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FEATURED LISTINGS
- 3D
Active$2,250,000
6 Beds4 Baths4,353 SqFt3759 Via Cielo Azul, Alpine, CA 91901
Single Family Home
Listed by Amy Saflar of Coldwell Banker West
- 3D
Price Dropped by $50K$1,550,000
3 Beds2 Baths1,988 SqFt3934 Southview DR, San Diego, CA 92117
Single Family Home
Listed by Amy Saflar of Coldwell Banker West
- 1/44 44
New$750,000
3 Beds2 Baths1,210 SqFt1335 Tobias Dr, Chula Vista, CA 91911
Single Family Home
Listed by Gregory Dunn of Otay Mesa Realty
- 1/40 40
Coming Soon$849,900
3 Beds3 Baths1,162 SqFt9145 Dulene DR, Lakeside, CA 92040
Single Family Home
Listed by Lori Zawlacki of Pacific Hills Realty
Real Estate Trends
The Big Difference Between Renter and Homeowner Net Worth
Some HighlightsIf you’re torn between renting or buying, don’t forget to factor in the wealth-building power of homeownership.Unlike renters, homeowners gain equity as they pay their mortgage and as home values rise. That’s why, on average, a homeowner’s net worth is nearly 40x higher than a renter’s. Connect with an agent if you want to learn more about the financial benefits of homeownership or the programs that can help make buying possible.
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Should You Sell Your House or Rent It Out?
When you’re ready to move, figuring out what to do with your house is a big decision. And today, more homeowners are considering renting their home instead of selling it. Recent data from Zillow shows about two-thirds (66%) of sellers thought about renting their home before listing, with nearly a third (28%) taking that possibility seriously. Compared to 2021, when fewer than half (47%) of homeowners considered renting before selling, it’s clear this trend is on the rise.So, should you sell your house and use the money toward your next home or keep it as a rental to build long-term wealth? Let’s walk through some important questions to help you determine the right path for your financial and lifestyle goals. Is Your House a Good Fit for Renting?Before you decide what to do, it's important to think about if it would make a good rental in the first place. For instance, if you’re moving far away, managing ongoing maintenance could become a major hassle. Other factors to consider are if your neighborhood is ideal for rentals and if your house needs significant repairs before it’s ready for tenants.If any of these situations sound familiar, selling might be a more practical choice.Are You Ready for the Realities of Being a Landlord?Managing a rental property involves more than collecting monthly rent. It’s a commitment that can be time-consuming and challenging.For example, you may get maintenance calls at all hours of the day or discover damage that needs to be repaired before a new tenant moves in. There’s also the risk of tenants missing payments or breaking their lease, which can add unexpected stress and financial strain. As Redfin notes: “Landlords have to fix things like broken pipes, defunct HVAC systems, and structural damage, among other essential repairs. If you don't have a few thousand dollars on hand to take care of these repairs, you could end up in a bind.”Do You Understand the Costs?If you’re considering renting primarily for passive income, remember, there are additional costs you should anticipate. As an article from Bankrate explains:Mortgage and Property Taxes: You still need to pay these expenses, even if the rent doesn’t cover all of it.Insurance: Landlord insurance typically costs about 25% more than regular home insurance, and it’s necessary to cover damages and injuries.Maintenance and Repairs: Plan to spend at least 1% of the home’s value annually, more if the house is older.Finding a Tenant: This involves advertising costs and potentially paying for background checks.Vacancies: If the property sits empty between tenants, you’ll lose rental income and have to cover the cost of the mortgage until you find a new tenant.Management and HOA Fees: A property manager can ease the burden, but typically charges about 10% of the rent. HOA fees are an additional cost too, if applicable.Bottom LineTo sum it all up, selling or renting out your home is a personal decision. Make sure to weigh the pros and cons carefully and consult with professionals so you feel supported and informed as you make your decision. A real estate agent can be a great person to go to for advice.
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More Homes, Slower Price Growth – What It Means for You as a Buyer
There are more homes on the market right now than there have been in years – and that could be a game changer for you if you’re ready to buy. Let’s look at two reasons why.You Have More Options To Choose FromAn article from Realtor.com helps explain just how much the number of homes for sale has gone up this year:“There were 29.2% more homes actively for sale on a typical day in October compared with the same time in 2023, marking the twelfth consecutive month of annual inventory growth and the highest count since December 2019.”And while the number of homes on the market still isn’t quite back to where it was in the years leading up to the pandemic, this is definitely an improvement (see graph below):With more homes available for sale now, you have more options to choose from. As Hannah Jones, Senior Economic Research Analyst at Realtor.com, explains:“Though still lower than pre-pandemic, burgeoning home supply means buyers have more options . . .”That means you have a better chance of finding a house that meets your needs. It also means the buying process doesn’t have to feel quite as rushed, because more options on the market means you’ll likely face less competition from other buyers.Home Price Growth Is SlowingWhen there aren’t many homes for sale, buyers have to compete more fiercely for the ones that are available. That’s what happened a few years ago, and it’s what drove prices up so quickly.But now, the increasing number of homes on the market is causing home price growth to slow down (see graph below):In certain markets, the number of available homes has not only bounced back to normal, but has even surpassed pre-pandemic levels. In those areas, home price growth has slowed or stalled completely. As Lance Lambert, Co-Founder of ResiClub, explains:“Generally speaking, housing markets where active inventory has returned to pre-pandemic 2019 levels have seen home price growth soften or even decline outright from their 2022 peak.”Slower or stalled price growth could give you a better chance of finding something within your budget. As Dr. Anju Vajja, Deputy Director at the Federal Housing Finance Agency (FHFA), says:“For the third consecutive month U.S. house prices showed little movement . . . relatively flat house prices may improve housing affordability.”But remember, inventory levels and home prices are going to vary by market.So, having a real estate agent who knows the local area can be a big advantage. They can help you understand the trends in your community, which can make a real difference in finding a home that fits your needs and budget.Bottom LineMore housing options – and the slower home price growth they bring – can help you find and buy a home that works for your lifestyle and budget. So don’t hesitate to reach out to a local real estate agent if you want to talk about the growing number of choices you have right now.
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