Keepin’ it real estate 🏡

2023 predictions for San Diego real estate

There aren’t enough flame emojis on the Internet to describe the San Diego housing market. In October 2022, the median home in San Diego County sold for $850,000, a 5.6% jump year-over-year. Yowza. 🔥

Despite some seasonal adjustments this winter, prices are cooling in some areas — but heating up in others. For those hoping to dip their toes in the home buying waters soon, it helps to know what trends to expect. Put on your sunglasses, and let’s hear what a couple of bright, local experts predict.

San Diego Skyline — Kindness is in the air.

Look out for mortgage rates

Realtor Tiffani Tu expects San Diego to continue to be a hot market, but if you’re seeing prices go down, you’re not seeing the whole picture. Mortgage rates in the county have increased — now averaging 6.5% for a 30-year, fixed interest loan — and may continue climbing. Realtor Jessica Tangen sees the trend too, and acknowledges these rates add complexity to the buying process.

Mortgage rates might make homes more expensive in the long run, but they can present opportunities when making a purchase. Both Tu and Tangen mentioned a possibility for buyers to receive credits for interest rate buydowns, closing costs, or repairs needed on the property.

Don’t give up on San Diego

Some national outlooks for 2023 paint a fairly grim picture, like Redfin’s projection of falling housing prices. But when Tu considers projections from professional organizations, she anticipates prices to be fairly flat in 2023. Tangen also continues to see homes being sold at asking price — sometimes even above.

As for the style of home — that depends on the buyer and their purchasing power. Tu and Tangen have seen buyers make compromises with their first purchase, and first-time buyers may purchase homes they anticipate selling in roughly five years. But this could change. As price growth slows, buyers will have more power when making a purchase.

San Diego backside skyline — This market is still hot.

Worth it to wait?

Both Tangen and Tu don’t think there’s a need to wait if the individual is in a position to buy. Tangen has seen people wait only to watch prices go up, inventory decline, or mortgage rates climb. Meanwhile, they lose the opportunity to own a property that appreciates in value. But buying a home is a big commitment. People who are not prepared for the financial implications may want to consider renting.

MORE HOT REAL ESTATE TIPS

Give us your predictions: Over the next six months, the real estate market here will…

Heat up even more
Level off and stay about the same
Start to cool off a bit
I have no earthly idea

WHAT DO YOU EXPECT?

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Thursday, Dec. 15

Lemon Grove Farmers Market | Thursday, Dec. 15 | 3-6:30 p.m. | 2885 Lemon Grove Ave., San Diego | Free | An East County gathering highlighting locally-grown produce.
Snow N Glow Holiday Festival | Through Sunday, Jan. 1 | 4-9 p.m. | Del Mar Fairgrounds, 2260 Jimmy Durante Blvd., Del Mar | $45-$300 | Enjoy 1 million dazzling lights, visits with Santa + live entertainment — upgrade to add unlimited snow tubing and rides on the Ferris wheel.
2 Pianos, 4 Hands | Through Sunday, Jan. 1 | 7:30 p.m. | North Coast Repertory Theatre, 987 Lomas Santa Fe Dr., Ste. D, Solana Beach | $57 | Jefferson McDonald + Matthew McGloin take you on a musical, comedic journey — part of the theater’s holiday series.

Friday, Dec. 16

Holiday Paint-n-Sip Night | Friday, Dec. 16 | 6:30-8:30 p.m. | Vinya, 6185 Balboa Ave., San Diego | $45 | Create holiday cards + gift tags with watercolors while sipping wine.
Gnome in the Home | Friday, Dec. 16 | 7:30 p.m. | Vista’s Broadway Theater, 340 East Broadway, Vista | $20 | Jessica Hackenson’s one-woman holiday spectacular.

Saturday, Dec. 17

San Diego SantaCon 2022 | Saturday, Dec. 17 | 12-8 p.m. | Moonshine Flats, 344 7th Ave., San Diego | $10.99 | Put on your red suit for this Santa costume contest and bar crawl.
Grand-Puppy Yoga | Saturday, Dec. 17 | 12:30-1:30 p.m. | Spirit Yoga, 1559 Garnet Ave., San Diego | $30 | Put your paws on the mat with adoptable, senior dogs from Frosted Faces Foundation.
An Irish Christmas | Saturday, Dec. 17 | 7:30 p.m. | Balboa Theatre, 868 Fourth Ave., San Diego | $38-$75 | Step dance into the holiday season.

Sunday, Dec. 18

San Diego Sockers vs. Mesquite Outlaws | Sunday, Dec. 18 | 5:05 p.m. | Pechanga Arena San Diego, 3500 Sports Arena Blvd., San Diego | $25-$55 | The local team kicks off with their Texas rivals.
Dionne Warwick | Sunday, Dec. 18 | 7 p.m. | The Magnolia, 210 E Main St., El Cajon | $49-$225 | What the world needs now…is a show from this legendary songstress.

We have a calendar filled with events and activities you can plan for in advance. Click the button below to bookmark ideas for upcoming date nights, family outings, and time with friends.

MORE EVENTS LIVE HERE

Weather

61º | Mostly cloudy | 4% chance of rain

Sunrise + Sunset

Rise: 6:43 a.m.
Set: 4:43 p.m.

Tide

Low: 8:21 a.m. + 8:49 p.m.
High: 3:34 a.m. + 1:22 p.m.
Water Temperature: 58º

Civic

Nathan Fletcher ended his tenure as Board of Supervisors Chairman on Tuesday, and announced he will not seek a third, one-year term. He endorsed Vice Chairwoman Nora Vargas as his successor in 2023, but will continue to serve his second term as District 4 supervisor after being elected in November. 🤝 (Times of San Diego)
San Diego City Council voted to approve updates to Council Policy 800-14, which sets guidelines prioritizing the funding of projects under the Capital Improvement Program. Amendments include a focus on building parks in deficient areas and supporting infrastructure that serves the greatest needs for the most people. 📜

Environment

In a unanimous vote, San Diego City Council extinguished wood bonfires on city beaches unless they’re in rings designated by the city. The regulation is designed to improve air quality at night and reduce injuries from smoldering wood in the sand. The law will go into effect 30 days after a second vote in January. 🔥 (San Diego Union-Tribune)

Outdoors

Mission complete. After a 25.5-day journey to the moon, the Artemis 1 Orion space capsule returned to Earth and landed in waters off Baja California. On Tuesday, it was docked at Naval Base San Diego. Next stop — the capsule is heading to the Kennedy Space Center in Florida. 🛰️ (Fox 5)

Edu

Scientists at UC San Diego received a $10 million grant from the US Department of Energy program to power studies on recycling spent batteries so they can be restored and reused. This research will serve to benefit technologies that will allow for electric vehicles to be developed more sustainably. 🔋 (UC San Diego Today)

Open

Tahini — known for its Middle Eastern street food — perked up its original store in Kearny Mesa by adding Finjan, a new cafe that gets its name from the Arabic word for “coffee cup.” The store will serve hot + iced drinks using James Coffee and Middle Eastern-inspired snacks. ☕ (Eater San Diego)

Concert

Ready to take ctrl of your 2023 plans? R&B star SZA is bringing her “SOS Tour” to Viejas Arena on Monday, March 13, 2023. Ticket presales begin this morning at 10 a.m. and will be available to the general public Friday at 12 p.m. 🎤

Closed

Zorbas Greek Restaurant in Chula Vista closed its doors for good on Sunday after 34 years serving the community. Chef + founder Pashalis Koutzimbis showed gratitude for the eatery’s time in business and plans to retire with his wife. 🥙 (CBS 8)

Seasonal

Got a coffee lover in your family? We can almost guarantee these two products are on their wish list — the Fellow Stagg Electric Kettle and the Fellow Pour Over Coffee Set. Both strike the perfect balance of form and function. Psst — don’t forget the matching travel mug. ☕ *

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Sealed off 🦭

La Jolla Children’s Pool closes today, but it’s not goodbye — it’s seal you later. Each year, Dec. 15 marks the beginning of pupping season.

Children's Pool La Jolla — La Jolla Children’s Pool from afar is still breathtaking.

If you’re unfamiliar with the term pupping season, it’s the five month period when seals give birth. Closing the Children’s Pool will provide seals with a safe place to welcome their new pups and nurse them. When pupping season ends, it marks the beginning of breeding season. Harbor seals carry their babies for 9-11 months before giving birth.

Closing the Children’s Pool (aka Casa Beach) prevents humans from interfering with the pupping process. Thanks to last year’s conservation efforts, 56 pups were born in La Jolla in February + March of 2022.

DIVE INTO MORE DETAILS

THE WRAP

Today’s issue was written by Michael.

Editor’s pick: Good morning, San Diego. There’s only one full weekend before Christmas, and I haven’t built (or eaten) a gingerbread house yet. But, I know I’m playing for second. Rancho Bernardo Inn is showing off its life-size gingerbread display — and wow. The ingredients weighed over one ton cumulatively, and it’s big enough for a human to live inside. I wonder how much rent costs.

Missed yesterday’s newsletter? Let’s raise a glass to these five urban wineries.

Connect with us.

Editorial: Monica Garske, Michael Beausoleil, Britt Thorson, Emily Shea | Send us a scoop, question, or feedback.

Sales: Julie Brown | Advertise with us.

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