San Diego Market Update: April 2021

by Adam Manly, Business Development Manager at Good Life Property Management

Here are the San Diego real estate headlines worth reading about for April 2021.

IRS Tax Deadline Extended

  • The IRS has officially extended the deadline for income tax filing to next month. Payments will now be due on May 17th. The IRS has also stated that more formal guidance will be provided in the coming days
  • Taxpayers who file an extension however will still have an October 15th deadline, which is important to note
  • State deadlines can vary and do not always coincide with federal filing deadlines 

Jumbo Loans Starting to Return as Economy Improves

  • Availability for Jumbo Loans is increasing as the overall economy improves and demand for home buying remains strong
  • The supply of jumbo mortgages increased for the 6th straight month which increases the Mortgage Credit Availability Index (MCAI)
  • A measured increase in the Mortgage Credit Availability Index (MCAI) generally signifies an overall loosening of lending requirements and standards 
  • This could be a big factor in supporting the feverous housing demands of CA homebuyers as the economy continues to improve

Americans Prefer Real Estate Over the Stock Market

  • Americans view owning real estate -- both rental properties and owner occupied residences -- as a better investment when compared to the aggregate stock market according to a recent survey conducted by the Federal Reserve Bank of New York 
  • When asked between investing in the stock market and an owner occupied residence, 90% of respondents preferred investing in the latter
  • When asked between investing in the stock market and a rental property, slightly over 50% of respondents would prefer to invest in a rental property
  • More households are citing lower liability, and volatility associated with owning property as well as decent returns when compared to the stock market