Right now it is very high fueled by explosive demand out of balance with supply chain recovery issues, under-production of energy resources, labor shortages, lots of cheap capital.and rampantly rising rents fueled by under-building. We are one of the best real estate agencies in San Diego County. VISIT: San Diegos 9 Best Beach Towns to Buy a Home in2023 | 2024. These people may decide to rent houses. 5 Reasons it Wont Crash in 2023 | 2024, San Diegos 10 Most Affordable Neighborhoods in 2023 | 2024, San Diegos 7 Wealthiest Neighborhoods in 2023 | 2024, San Diegos Best 5 Private Country Clubs in 2023 | 2024, Exposed: The 'Real' San Diego Cost of Living Guide 2023 | 2024, San Diego Best Neighborhoods to Live (2023), San Diego Conventional Home Loans - Purchase & Refinances (2023), San Diego Down Payment Assistance Programs - Rates, Terms, Limits (2023), San Diego FHA Home Loans - Purchase & Refinances (2023), San Diego First Time Home Buyer Programs - Rates, Terms, Limits (2023), San Diego Home Loans - Purchase & Refinances (2023), San Diego Home Possible Home Loans - Rates, Terms, Limits (2023), San Diego HomeReady Home Loans - Rates, Terms, Limits (2023), San Diego Jumbo Home Loans - Purchase & Refinances (2023), San Diego Low/No Down Home Loans - Rates, Terms, Limits (2023), San Diego Real Estate Market Statistics (2023), San Diego USDA Home Loans - Purchase & Refinances (2023), San Diego VA Home Loans - Purchase & Refinances (2023). A large percentage of sellers are in "wait and see" mode watching demand continue to weaken and unwilling to trade their current 3% and lower rate for significantly higher borrowing costs for a move up. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply. Housing Market Crash 2023: Will Real Estate Crash Again? CAR's 2023 California Housing Market Forecast shows a decline in existing single-family home sales of 7.2% next year to reach 333,450 units, down from the projected 2022 sales figure of. A Premier Turnkey Investment Marketplace For Investors, Newly Listed Investment Properties For Sale In Affordable Growth Markets, Join our Real Estate Investment Group (FREE). There were 71 new listings down 33.6%. Check out the rental price reductions on Zillow Rentals!2. Experts forecast what the San Diego real estate market will look like in 2023. The demand for property in San Diego County is still high. Since then he's bought dozens of properties all over the World including hot spots like: San Diego, Buenos Aires Argentina, Fortaleza Brazil, coastal Nicaragua, Panama City Panama, and other prime locations. Buyers and sellers alike can expect to be dealing with intense competition. Housing Market Trends 2023: Will the Market Rebound? Texas Housing Market Predictions & Trends 2023, Southern California Housing Market Forecast 2023, Chicago Real Estate Market: Prices, Trends, Forecast 2023, AZ Housing Market: Prices And Forecast 2023, 21 Best Cities to Invest in Real Estate in 2023, Boston Real Estate Market: Prices, Trends, Forecast 2023, Las Vegas Real Estate Market: Prices, Trends, Forecast 2023, Myrtle Beach Housing Market: Prices, Trends, Forecast 2023, El Paso Housing Market: Prices, Trends, Forecast 2023, Madison Housing Market: Prices, Trends, Forecast 2023, Vancouver WA Housing Market: Prices, Trends, Forecast 2023, Chandler Housing Market: Prices, Trends, Forecast 2023. Inflation rates will also play a role in deciding future mortgage interest increases because they will influence how much lending institutions will charge for mortgages. There is no reason to expect that the median price for a single-family home will go down significantly. This suggests that there are more homes available for purchase, but the decrease in closed and pending sales indicates that demand is not as strong as it was in previous years. However, inventory increased for both detached and attached homes, with detached homes seeing a rise of 14.3% and attached homes experiencing a 36.2% increase. There were 24 total pending sales down 44.2% and 22 total sold down 46.3%, San Diego condomarketdata for all condos,townhomes, penthouses, and rowhomes priced under $1M compares January 2023 from January 2022. Feb. 28, 2023 7:09 AM PT. This is an increase over last month's market action index of 89. However, it is worth pointing out that today's home values result from years of historical appreciation. EXPOSED: The 'Real' San Diego Cost of Living Guide2023 | 2024. Miami led the way with a 15.9% year-over-year price increase, Interestingly, housing prices declined 1.8% in . We do more than make things easier for you; we make it all more cost-effective! We are ready to answer any questions, so why not contact us and find out more? Some of these areas will erode some or most of these gains of the past 2 years. Failure to inspect. They need to be upside down, owe more on the loan than the house is worth. It is anticipated that overall home prices will trend downward, forced by higher interest rates and possible job losses. Some self-proclaimed experts on real estate suggest that a person can oversee a real estate transaction alone. The underlying forces of supply and demand still favor a pricey market like San Diego, and though the rate of growth may be decelerating, home prices continue to climb. Comparing rental rates to the United States average of $1,062, San Diego County is 56.1% larger. The hot seller's market has slowed down, with prices to follow through 2023 as inventory increases and homebuyers opt to wait out the declining market. Inventory was up 21.7% for all price points and residential property types. How To Invest in Real Estate During a Recession? With a very very tight supply of available homes and mortgage rates rising, resales will decline to between 5M-5.5M.When the Feds begin to increase the discount rate, there will be an immediate effect on the 10-year T-bill. There are several factors that contribute to the hot housing market in San Diego. It is going to create more rental properties, and people will rent instead of buy. The highest level since 2011, Freddie Mac reported the average 30 year fixed rate was above 5% for April. Tesla and Ford price cuts5. The housing market in 2023 will be dealing with inflation. Because the median sales price in this neck of the woods is close to $1 million, any buyer must think of a house purchase as a substantial financial investment. TOP POST: Zillow San Diego: 5 Lies, Fraudulent and Deceitful Tactics Used in2023 | 2024. San Diego's 7 Best Places to Live in 2023 | 2024 (Trending), San Diego Housing Market Forecast for 2023 | 2024 (Updated), 5 San Diego Housing Predictions for 2023 | 2024 (Top Post), 5 (Hot) Up and Coming San Diego Neighborhoods in 2023 | 2024, San Diego Housing Bubble? They will tell you how we made everything more convenient for them. Uncertainty is a challenge that every first-time homebuyer must confront. Inventory has increased to 724. The Multiple Listing Service(MLS) inventory for sale figures of September 2021were 6000 units, which is a historic low. 3. We also discuss with you how much you are willing to pay and what kind of monthly mortgage payment you can afford. Report flooding to the City's emergency dispatch center . 's condo report. They combine the two and call it +3.6% combined growth. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Message and data rates may apply. The average price per square foot is $1,336 up 19.8%. The median price for a single-family home was $590,000 in March of 2020. However, this also might be a time to take advantage of lowering house prices to secure desired property. We admit that things dont look too rosy as far as mortgage interest rates in the future are concerned. The nonresidential sector will be explosive with government-funded projects: 2021 we had an average of 2.75% 30 year fixed mortgage rates, $842,000 median single-family home price, an increase of 18.6%. Learn how to put down just 3.5%, get a home loan up to $977,500, even if you don't have "perfect" credit Do you have an FHA home loan now, want to skip a payment (or two), lower your interest rate, and save $$ on monthly payments? They need to expect that they'll never be able to afford this mortgage payment. The average rent for a 1-bedroom apartment increased by 1% to $2,320, and the average rent for a 2-bedroom apartment increased by 3% to $3,089. Since then he's bought dozens of properties all over the World including hot spots like: San Diego, Buenos Aires Argentina, Fortaleza Brazil, coastal Nicaragua, Panama City Panama, and other prime locations. It is a big decision. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US. The median listing home price in San Diego County is $860K, while in San Diego City, it is higher at $924.9K. However, the index has increased slightly from December 2022 when it was 2.4 months. Sellers will cover up problems in the home. 30251 Golden Lantern, Suite E-261 Property Shark just published their top 100 list of the most expensive housing markets with Rancho Santa Fe #18 followed by Coronado and Del Mar. There is a lot to buying a house, and much of it is paperwork. Goldman Sachs is bearish about home prices. California Department of Real Estate #01362400, San Diegos 4 Safest (and Least Crime Ridden) Places to Live in 2023 | 2024, San Diego's 7 Best Places to Live in 2023 | 2024 (Just Updated), San Diego Real Estate Market: News, Trends, Forecasts (2023). A painful period for the US housing market looks like it's coming to an end, according to Goldman Sachs. We propose that you contact us at your earliest convenience to find out more about us. This may be due to a variety of factors, including changing buyer preferences and market conditions. In addition, we deal with lending institutions on a routine basis and know where the best interest rates can be found. The housing market is considered to be a seller's market with high demand and a limited supply of homes. Own a home in San Diego and you want to get a personalized home valuation for it to see how much you can walk away in profit in this exciting market? MENU. Filed Under: Growth Markets, Housing Market, Real Estate Investing Tagged With: San Diego Housing Market, San Diego Housing Market Forecast, San Diego Real Estate Market. Compared to January 2022, the index has increased by a significant margin of 1.2 months, indicating a slower market. The sober news is that San Diego is in the top 20% nationally for real estate appreciation. The San Diego real estate market has some of the highest prices in the United States. Lets face the facts: we have been spoiled rotten the last few years. Real Estate Market 2022 Analysis, Statistics, Trends, and Forecast, 2023 is looking to be be modestly recessionary, with the Feds near the top of interest rate increases. The absorption rate is down 14.6% at 3.5 months. UPDATED: San Diego Real Estate Market Forecast 2023 | 2024 The San Diego area is projected to grow to 3,345,438 by 2025. Despite a still-strong housing market, rising mortgage rates are plainly making it more difficult to buy in a market that already has some of the highest prices in the country. Housing Market Crash: What Happens to Homeowners if it Crashes? As compared to last January, the median price is down by 14.4 percent to $1.33M. The average price per square foot is $819 down 4.4%. Consequently, the decision to buy or sell a property worth in the high six or low seven figures is a serious one. Currently, the renter percentage in San Diego is approximately 53%, and the homeowner percentage hovers around 47%. With a very very tight supply of available homes and mortgage rates rising, resales will decline to between 5M-5.5M. In terms of median time on the market, San Diego condos are selling relatively quickly with a median of 22 days, which is consistent with the trend in other Southern California regions such as Los Angeles and Orange counties. For example, the war in Ukraine might suddenly end, bringing down energy prices almost immediately. Let us look at the price trends recorded by Zillow (a real estate database company) over the past few years. They need to expect that they'll never be able to sell the house.Demand is the factor to understand when predicting future foreclosure. Capital Economics predicts that there will be a gradual rebound in house prices of about 3% by the end of the 2024 calendar year. Sellers rarely allow a buyer that much time. La Jolla San Diego Housing Market Statistics for 2023 | 2024 Including - Sales Price, Market Time, Days on Market, Number of Homes Sold, and More! Higher interest rates are rapidly driving buyers out of the San Diego housing market. San Diego has a strong and diverse economy, anchored by industries such as healthcare, defense, and technology. Condos and townhomes $545,176 median home price and an increase of 18.5%. Detailed video and post reveals all. The final days of 2022 can be a good time for some people to buy, but for others, this is an excellent time to plan ahead. San Diego's real estate market has been on an upward trajectory for the past two years. To change how the search is displayed, click the gray button next to "Sort" to display houses by price, number of bedrooms, or days on the market. On the other hand, the sales activity for condos and townhomes in San Diego has seen a sharp decline compared to the previous year. We think that interest rates will go up some more in 2023 and then come back down. Single family detached home sales decreased 18.4% while condos and townhomes are down 14.4 percent with an increase in inventory of 2% for single family and 22.3% for condos/townhomes. After many months of under-supply and soaring prices there is now a chip surplus. San Diego City has 102 neighborhoods, with Black Mountain Ranch being the most expensive at a median listing home price of $2.6M, and City Heights is the most affordable with a median listing home price of $549.9K. The relatively stable conditions of the last few years, when interest rates were low, and house prices rose steadily, are no longer here. The current interest rate in January 2023 was 6.27%, which was slightly lower than the interest rate in the previous month, which was 6.36%. This area is wonderful but costly, no question about that. The mortgage rates could go down in 2024, but we are facing a volatile future because the Feds monetary policy could tighten, and we might be staring at a recession. We will gladly set up a meeting at a usually convenient time and discuss how the market looks for the coming months and how we can provide you with the high-quality service you deserve. They worry that what the future will hold will not be particularly good and may have dire consequences. When to make a move? That is a drop of almost 1% over the past five months. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. It is safe to say that mortgage interest rates will be higher in 2023 and 2024 than in the past. You can always try to do things on your own, but it is time-consuming, and you have little time to waste in the San Diego real estate market. This suggests that sellers have the upper hand in negotiations and buyers may need to act quickly and be prepared to pay close to the asking price in order to secure a home. All information presented should be independently verified through the references given below. There is a lot of give-and-take in a real estate transaction where, for example, one side agrees to pay for all the closing costs in return for repair work performed on the property. The majority of inflation was related to supply problems related to shipping and computer chips as well as gas prices.Homeowner equity has almost doubled In the past decade home equity has doubled and 1/3 of all San Diego homeowners are morgage free. We will check out the houses you are interested in, suggest how to handle the mortgage financing, and provide other guidance. Overall, these figures suggest that the Greater San Diego housing market is experiencing a slowdown, which may offer opportunities for buyers looking to purchase a home in the area. There were649 new listings down 43.1%. Real estate agents will schedule property inspections, and any deficiency uncovered becomes part of negotiating the closing price. By proceeding, you consent to receive calls and texts at the number you provided, including marketing by auto-dialer, pre-recorded voicemail, and email, from this site's operators about real estate related matters, but not as a condition of purchase. Message and data rates may apply. Overall, inflation is driving the rise in interest rates. Median Rent $3,204 Month-Over-Month Change -$6 Year-Over-Year Change + $54 Available Rentals 2,788 Source: Zillow Rentals Data Price Range The absorption rate is up 23.8% at 2.6 months. From top to bottom you will see: Median Sales Price Median Percent of Original Price Median Market Time Median Active Market Time Months Supply of Inventory Forecast (Pending) But, of course, you are the one who makes the final decision on the property, and we respect that. Because mortgage financing has gotten more expensive as the Federal Reserve raises interest rates, record home price increases may not last much longer. The Longterm Boom MarketsCOVID also triggered something that had been missing in the markets: the urgency to accelerate plans that had been mulled over but not acted on for some time: retirement, a move to the suburbs, a move to a city, or smaller city, a move for political reasons, a move for lower state taxation, a move to a warmer or cooler climate, etc. United States Department of Agriculture (USDA). There is a question of timing that must be answered. Overall, while the condo/townhome market in San Diego has seen a modest increase in prices, the significant decline in sales activity may indicate a shift in the market. You can text Help for help and Stop to cancel. That is not bragging; it is a fact based on years of experience in the market. The San Diego condo/townhome market has seen a moderate increase in median sold prices, according to. Posted in Economic Coverage on Feb 28, 2023. If you can convert San Diego rental properties into smaller units, youd receive around $2200 a month for a one or two-bedroom apartment. 8.75% for a 30-year mortgage loan and 8.25% for a 15-year mortgage loan. They are the type of people who are willing to put money upfront in order to get a sale and make the bidding on a property. When looking at monthly indicators, the days on market to closing are relatively the same, but inventory has a staggering difference, 20% less for single family homes and 36% for condos/townhomes. It all depends on factors yet to happen. These varying prices offer a range of options for homebuyers looking for different levels of affordability. VISIT: San Diegos 7 Wealthiest Neighborhoods in2023 | 2024. We like to take a deep breath and update you on the market as it now heads into the 2023 economy.JUST UPDATED: San Diego's 7 Best Places to Live in2023 | 2024. This is a 0% increase compared to the previous year. As a result, home price growth is expected to continue slowing, dipping below its pre-pandemic average to 5.4% for 2023, as a whole. JUST UPDATED:San Diego's Best Places to Live2023 | 2024. There were 19 new listings down 26.9%, There were 9 total pending sales down 57.1%and 8 total sold condos down 52.9%, San Diego condomarketdata for all condos,townhomes, penthouses, and rowhomes priced $3M-$5M compares January 2023 from January 2022. The rate of appreciation will be much less than what we have seen in the last year when the mortgage rates were lower than 3.5%. Moodys Analyticsgoes even further. Of course, we understand that, but looking at predictions allows the consumer the opportunity to plan constructively. There were 942 homes available for sale in this category. The banking establishment predicted in October 2022 that it will decline anywhere from5% to 10% in 2023. He specializes in creative financing, locating undervalued real estate for buyers, and getting sellers more money for their homes in less time with less stress and hassle. San Diego sellers are worried have they missed the top, is it too late? In addition, certain areas that should be inspected, such as the plumbing, might be ignored. Asthe Democrats prepare for the 2024 election, pressure will come from the White House and Senate to reduce mortgage rates and inflation. Lumber prices have increased to more than $1,000 per 1,000 board feet from $300 per 1,000 board feet. In a balanced real estate market, it would take about five to six months for the supply to dwindle to zero. San Diego, CA Rental Market Choose another area All beds All home types Last updated February 25, 2023 Market Summary The median rent for all bedrooms and all property types in San Diego, CA is $3,204. Let's explore both. During the twelve months (2021 Q2 2022 Q2), San Diego's appreciation rate has been around 15.83%, slightly above the national average. Morgan Stanley has predicted a 10% drop in housing prices from June 2022 to 2024. 2022 expects production of 1.5M-1.7M units with a return to more normal once backlogs are filled. This consent applies even if you are on a corporate, state or national Do Not Call list. May pending sales decreased 22.8% for single family homes and 19.6% for condos/townhomes indicating a probable decrease in June closed home sales for San Diego. In January 2023, the median sold price was $587,000, which is a 2.1% month-over-month increase from December 2022 and a 0.9% year-over-year increase from January 2022. Goldman Sachs is forecasting record drops in San Diego's home prices and says home values will fall at levels similar to the 2008 crash. JUST UPDATED: San Diego's 7 Best Places to Live in2023 | 2024, Expected Available Housing in San Diego for 2023, Most Active Real Estate Markets in San Diego for 2023. 2023 is looking to be be modestly recessionary, with the Feds near the top of interest rate increases. At its current valuation, the median home value in SD is well above the $320,662 mark set by the national average. In terms of sales, there was a significant month-over-month decrease of 17.9% in sales from December 2022 to January 2023, and a massive 35.1% decrease in sales compared to January 2022. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. Homeowners vs Renters Statistics: According to themost recent 2020 American Community Surveycensus data, San Diego County has a renter percentage of 46.7% which is the second most renter percentage of all the counties in the greater San Diego County region. San Diego real estate is dynamic, and changes are always possible. Comparing August 2021 through July 2022, pending San Diego sales were down 17.3% from 12 months prior. Metro Phoenix's median sales price has fallen 13.68% from May 2022's record of $475,000, according to ARMLS. There were 468 homes available for sale in this category. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Inflation will affect mortgage rates, and there is no way to get around that. This is also true across much of Southern California. This theory proved to be inaccurate. Note that declining inventory alone does not signal a strengthening market. Speaking of inflation: it's nothing new. Leading indicators suggest competition for homes may be cooling somewhat. Looking at the unsold inventory index for condos, which is the number of months it would take to sell all the homes on the market if no new properties were listed, San Diego has a relatively low index of 2.6 months, indicating a seller's market where there are more buyers than available properties. If The Housing Market Crashes What Happens To Interest Rates? However, you can expect to spend hours putting everything in order if you do not. You should rely on this information only to decide whether or not to further investigate a particular property. Learn how to tap into your homes equity with an fha cash out refinance, get up to a $977,500 loan amount, up to 85% loan to value, with a maximum of 56.99% DTI ratio By proceeding, you expressly consent to receive calls and texts at the number you provided, including marketing by auto-dialer, pre-recorded or artificial voice, and email, from San Diego Real Estate Hunter about real estate related matters, but not as a condition of purchase. This theory proved to be inaccurate. By clicking Send I/We agree by electronic signature as stated below: 1) To be contacted by telephone even if the telephone number appears on a State/National Do Not Call registry or any companys Do Not Contact lists. Home price appreciation for San Diego County is anticipated to be 8%. Marco Santarelli is an investor, author, Inc. 5000 entrepreneur, and the founder of Norada Real Estate Investments a nationwide provider of turnkey cash-flow investment property. Mike Fratantoniis the chief economist and Senior VP of the Mortgage Bankers Association (MBA). We like to stress that planning is essential, regardless of what the economic conditions and any future outlook happens to be. San Diego buyers are worried are they are buying at the top? Homebuilders are still favoring multi-family buildings as opposed to single-house units. La Jolla housing market updates and trends comparing January 2023 from January 2022 Therefore, digesting information and letting it help you guide your course of action in the coming months is critical. You should be ready to enter the market with your ducks in line. Land, multi-unit, and other property types are excluded. August 1st 2022As expected interest rate increases are to blame for San Diego real estate sales down one-third year over year. We are licensed mortgage loan originators. READ: San Diego vs Los Angeles: Which SoCal City is Best in 2023 | 2024? This may also suggest that buyers have more time to consider their options and make informed decisions, rather than being pressured to make quick purchases due to a shortage of available homes. The rent youd receive on single-family San Diego rental properties would, of course, be much higher. A real estate professional is the best friend of a first-time house buyer. This is juxtaposed with the 45% pricing increase the U.S. housing market saw between December 2019 and June. All Rights Reserved. From the First Quarter of 2022 to the Second Quarter of 2022, the appreciation rate was 3.98%, and that yields a 16.89% annualized rate. At the start of 2022, San Diego house prices were on the incline. San Diego's 7 Best Places to Live in 2023 | 2024 (Trending), San Diego Housing Market Forecast for 2023 | 2024 (Updated), 5 San Diego Housing Predictions for 2023 | 2024 (Top Post), 5 (Hot) Up and Coming San Diego Neighborhoods in 2023 | 2024, San Diego Housing Bubble? This information is deemed reliable but not guaranteed. San Diego County's home values have gone up 5.2% over the past year ZILLOW HOME VALUE INDEX. NEW POST:San Diegos Best Private Country Clubs2023 | 2024. There were 57 total pending sales down 18.6% and 53 total sold down 23.2%, The average market time was 59 days up 90.3%, The absorption rate is up 56.3% at 2.3 months. Housing Foreclosure Rates and Statistics 2023. 1. Miami, Tampa, and Atlanta reported the highest annual gains among the 20 cities. VISIT: 5 Best Places to Live in San Diego for Military in2023 | 2024. We take the information you give us regarding what you want, look at the neighborhoods and the price ranges, and deliver the best options available. There were 119 homes available for sale in this category. Nevertheless, a buyer should examine any house before the closing day. Many of these reactionaries have sinces realized their thoughts and aspirations were out of touch with their reality and they are re-visiting where they wish to live yet again. The San Diego inflation rate is expected to be slightly higher than average. These figures can cause house sales to go down, and the prediction is a drop in sales by 7% to as much as 15% for the year. The price per square foot and median list price have both been reasonably stagnant. You also agree to our Terms of Service, and to our Privacy Policy regarding the information relating to you. There is record equity growing each day and homeowners can sell within days to 2 weeks. Everybody is looking to the Fed to see what it will do next; things can change radically at a moments notice. Additionally, the increasing population of millennials in the area is also driving demand for housing. Laguna Niguel, CA 92677, Copyright 2018 Norada Real Estate Investments. There were417 new listings down 15.1%. However, we would like to remind people that projections are essentially images coming from a crystal ball. Scott Taylor is a licensed mortgage loan originator, real estate agent, and full time investor in San Diego. Of a first-time house buyer now a chip surplus January, the median price for a 15-year mortgage and! That you contact us at your earliest convenience to find out more been! From December 2022 when it was 2.4 months $ 590,000 in March of 2020, indicating slower. Single-Family home was $ 590,000 in March of 2020 for housing nationally for real estate market forecast |. Let us look at the price per square foot is $ 819 4.4. Posted in Economic Coverage on Feb 28, 2023 result from years of appreciation. The last few years % from 12 months prior mark set by the national average 0. Today & # x27 san diego housing market forecast 2023 s real estate professional is the Best real estate Investments makes no or. 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