When it comes to home insurance, it’s one thing to find a policy that fits your home. It’s another to find a policy that fits your budget. Surplus lines carriers can check both boxes. These “non-admitted” carriers don’t come with California Insurance Guarantee Association protections. But they’re a flexible option if your current provider kicks you to the curb. Just run the numbers using a service like A.M. Best to make sure they’re financially sound.
With more than 1.37 million people (according to the recent Census), San Diego is the eighth-largest city in the United States and the second-largest in California. But did you know the median age in San Diego is around 35, with one quarter of the city’s population under 20 and only 12% over 64? That makes it one of the youngest big cities in the country. On top of that, nearly 41% of the people speak one of more than 100 languages at home — other than English.
We’re taught not to judge a book by its cover. But oftentimes, a buyer will decide in less than a few seconds if they want to make an offer on your home based solely on the exterior appearance. Because curb appeal plays such a significant role in a successful sale, it’s important to see your home from a buyer’s perspective. Even simple cosmetic touches could have a substantial impact on getting the price you want.
In a recent poll sponsored by the San Francisco Chamber of Commerce, 77% of residents said the City by the Bay is heading in the wrong direction. Top concerns included crime, cleanliness, and costs. Meanwhile, hotel occupancy rates hit 61% in March, a 28% year-over-year increase. So it’s clear that folks from outside SF may have a different opinion.
All this could equate to opportunity for savvy buyers looking to take advantage of an exodus!
The U.S. Census Bureau recently released data from the once-a-decade count, and the report shows that our share of senior residents expanded significantly from 2010 to 2020 and faster than any decade in more than a century. Meanwhile, birth rates continue to decline as more younger couples delay having children to focus on education and careers. The AP has more on the numbers.
As usual, the Census contains some valuable nuggets of data that sellers can leverage to successfully market their homes. For example, 1 in 6 Americans is 65 and older — up from 1 in 8 in 2010 — and our median age has risen eight years since 1980 to 38.8. That means even the perfect social media post may not reach as many potential buyers as a traditional direct mail campaign.
Additionally, it’s interesting to note that 5% of households included three or more generations, and about 19% of Americans reported living with relatives. Given these numbers, it would be wise to highlight an existing ADU on your property — or the potential for adding one. On the flip side, about 28% of households were solo occupants. That’s 35 million possible buyers who may not care as much about schools and other concerns for families and couples.
