Posts Tagged ‘Encinitas Homes For sale’

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Where’s The 2011 San Diego Real Estate Market Headed?

Monday, January 24th, 2011

Every Realtor gets asked this question on a daily basis. I hope by now you realize that I am not heavy pressure and I don’t believe in sending you panic emails that “if you don’t buy now, you’ll miss out on the deal of a lifetime!” This is why last month when I started hearing and reading ads about having to buy now because interest rates are going to continue to rise I thought “really, that’s not what history or current numbers say” which is what I wrote you in last months Newsletter. Interest rates have fallen from there high of 5.125% in December to 4.75% today. Still not the 4.25% we saw in October (which I wrote we may never see again) but not even close to the 6% so many were “hard sales” people were predicting.
I love the internet. The information I can find not only for my business but reviews on things I want to buy, vacation destinations, places to take my six year old godson, it’s all right there. The one thing I do not like about the internet is that anyone can blog, even the biggest idiots in the world. I read an article from a guy in Texas that predicts the San Diego market was going to drop in 2011. This is the type of misinformation that too many people read and some how think it has credence. The best way for you to keep track of the market you care about is with a local Realtor. My feeling is we will continue to see the same very slight bump up in prices in most areas of our market that we saw last year. The craziness of 2004-2006 will probably never come back and if it does, it will take at least 10 years. But when you see reports of the slumping housing market, all I can say is look at the numbers that matter. We’re not in Riverside, New York or Chicago for that matter. The only thing that should matter to you is the area you want to buy or sell. I’m happy to give you all the details for an informed decision, just ask.

I broke down North County zip codes (if you need other zip codes just email) to compare 2010 and 2009. I feel this gives you a good view of what our market is doing.

Zip Code Property

Type

 2010

Unit Sales

 2010

Average

Price

 2009

Unit Sales

 2009

Average

Price

 $$$ %

Increase/

Decrease
92008 Attached 88 $424,614 90 $441,745 -.04%
92008 Detached 130 $696,539 134 $640,235 +.08%
92010 Attached 70 $337,556 79 $317,442 +.06%
92010 Detached 107 $557,659 125 $507,140 +.09%
92009 Attached 244 $397,712 226 $318,389 +.20%
92009 Detached 480 $742,233 423 $735,242 -.01%
92011 Attached 68 $429,739 81 $412,823 +.04%
92011 Detached 193 $780,129 197 $749,606 +.04%
92024 Attached 136 $443,249 142 $389,726 +.12%
92024 Detached 353 $926,721 340 $879,904 +.05%
92007 Attached 44 $511,611 40 $548,723 -.07%
92007 Detached 61 $980,544 57 $1,004,004 -.02%
92075 Attached 70 $627,210 87 $606,411 +.03%
92075 Detached 77 $1,277,500 67 $1,303,008 -.25%
92014 Attached 41 $528,487 46 $642,508 -.18%
92014 Detached 89 $1,750,502 130 $1,906,313 +.26%
92130 Attached 240 $408,063 265 $398,259 +.02%
92130 Detached 382 $1,034,747 380 $982,441 ->25%
92067 Attached 6 $772,333 4 $905,090 -.15%
92067 Detached 160 $2,541,206 105 $2,882,678 -.12%
92056 Attached 229 $230,479 270 $196,595 +.15%
92056 Detached 424 $356,220 521 $339,101 +.06%
92078 Attached 212 $283,991 193 $265,579 +.06%
92078 Detached 353 $485,249 473 $480,682 +.005
92069 Attached 121 $148,254 156 $147,370 -.08%
92069 Detached 340 $372,312 375 $359,035 +.04%
92084 Attached 46 $164,042 68 $143,666 +.12%
92084 Detached 272 $340,449 374 $343,579 +.05%
92083 Attached 88 $161,499 83 $147,414 +.09%
92083 Detached 246 $263,279 335 $247,042 +.06%
92025 Attached 78 $138,428 122 $132,931 +.04%
92025 Detached 310 $378,880 359 $319,640 +.16%
92026 Attached 146 $143,829 222 $123,019 +.14%
92026 Detached 424 $361,702 511 $335,212 +.07%
92054 Attached 160 $409,328 151 $305,180 +.25%
92054 Detached 191 $468,474 253 $366,116 +.22%
92057 Attached 293 $135,795 366 $146,910 -.08%
92057 Detached 495 $340,358 675 $318,951 +.12%
Totals 4767 21,509,322 8525 21,289,709 +.01%

If you would like to be added to my m0nthly newsletter, email rob@robdennyhomes.com

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Posted in Cardiff CA Homes for sale, cardiff homes, cardiff Homes For Sale, Encinitas CA Homes For sale, Encinitas homes, Encinitas Homes For Sale, leucadia homes | No Comments »

Do-It-Yourself Interior Painting Is Like Money in the Bank

Monday, January 24th, 2011

Trying to decide whether to do some home remodeling this year or leave your money in the bank? You can do both if you remodel with paint. The key, of course, is investing some sweat equity.
Do-it-yourself interior painting is a great way to “earn” money. Since painting a room is usually a two-day proposition, if a contractor-applied paint job costs $500 in your area, you’re essentially paying yourself $250 a day to paint.
Absent the labor cost, do-it-yourself interior painting is downright thrifty. Your only outlay is for paint, application equipment like brushes and rollers, and some miscellaneous expenses for things like tape and a drop-cloth. Total cost will probably be less than $100 a room.
Ask some questions and do a little research regarding preparation of the surface to be painted and the very best paint and tools for the job.
So if you think you’re up to the job, put yourself to work doing your own interior painting. You’ll be rewarded not just with the money you save, but also with the satisfaction of a job well done.

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Wells Fargo to Modify California Mortgages to the Tune of Two Billion Dollars

Wednesday, January 19th, 2011

Wells Fargo & Co. has agreed to modify the mortgages of nearly 15,000 California homeowners who teeter on the brink of foreclosure under a $2 billion deal with state officials. San Francisco-based Wells Fargo and the California attorney general’s office announced the settlement in connection with “pick-a-pay” loans originated by Wachovia and Oakland-based World Savings. Wells Fargo didn’t originate the loans, but was saddled with the World Savings loan portfolio when Wells Fargo bought Wachovia in 2008.
Under the “pick-a-pay” program, mortgage borrowers could pick the level of their monthly payment during the early years of their loans. As the loans matured, their payments sometimes would reach levels that outpaced the ability of borrowers to make the monthly mortgage.
Under the settlement, Wells Fargo will offer affordable loan modifications to an estimated 14,900 California borrowers with pick-a-pay loans made by World Savings or Wachovia.
Many of the modifications will include significant principal forgiveness. The total value of the modifications mandated by the settlement is projected to be more than $2 billion.
About 60% of the pick-a-pay portfolio that Wells Fargo inherited is in California.
Wells Fargo officials said they hope that homeowners who receive letters from the bank inviting them to begin a loan modification process will contact the financial firm.
Maybe selling the property is the right next step for you.

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Seller Do’s and Don’ts

Monday, October 18th, 2010

FOR+SALE+SIGN 1 150x150 Seller Do’s and Don’tsIt would be unrealistic to say that the real estate market is utterly rosy right now, but neither is it thorn-fFOR+SALE+SIGN Seller Do’s and Don’tsilled by any means. In fact, things are decidedly looking up: July got some good news, when the National Association of Realtors reported that pending home sales rose 5.2% from downwardly revised June levels, beating economists’ expectations. This is good news for both buyers and sellers.
While challenges still exist—for instance, getting the best price when selling, or securing financing when buying—there are some once-in-a-lifetime opportunities out there, and plenty of happy results can be had for both buyers and sellers. The key for both groups is to remain flexible, adaptable and diligent. To that end, here are some dos and don’ts for sellers:

DO’S:

Be flexible. Often it’s the little things that push a buyer into the “yes” zone. If the buyer goes on and on about how much they love your icemaker, throw it in. If the closing has to be pushed ahead more than you expected, try to be as flexible as possible and pack the moving van a little quicker.
Clean up. One person’s prize doll collection is another person’s cluttered nightmare. Similarly, a living room filled with Beanie Babies could elicit a reaction of fear, rather than “Aw, how cute!” from a buyer. Put away any personal collections that not only cause clutter, but also make it hard for a buyer to see the home as his or hers, rather than yours.
DON’TS?

Don’t be greedy. The market—not your emotions—dictates your home’s price. If comparables in the area, and several trusted real estate agents tell you your home is worth $400,000, you’re not fooling anyone by pricing it at $500,000—and you’re only doing yourself a disservice. Pricing it at market, even a little below, could generate a bidding war, and ultimately get you more money.
Don’t get personal. If you’re selling your house for a certain amount, and someone offers something much lower, don’t take this as a personal affront and refuse to counteroffer. Letting your emotions get in the way can potentially ruin the deal. What’s the harm in making a counteroffer?
Don’t procrastinate. In the current climate, you might be scared to try to sell your home, as you may have to face a lower selling price than you may have gotten before the recession. But remember, the house you buy might be even lower, commensurately. It’s all relative. So if you’re serious about selling, consider doing it now. Also, acting before the cold months come is a good idea, as the winter months are historically harder for home sales.

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Posted in Cardiff CA Homes for sale, cardiff homes, Encinitas CA Homes For sale, Encinitas homes, Homes For sale, leucadia homes, San Diego Real Estate, Uncategorized | No Comments »

Four Reasons Buying A Home Now Presents The Opportunity Of A Lifetime

Friday, October 15th, 2010

If you are looking to take advantage of the opportunity of a lifetime, now is the perfect time to get off the sidelines. Playing by your own terms may be the name of the game today. Ask for price reductions, improvements, closing costs—whatever—and sellers, who seriously want to sell, are very likely to work with you. If all the pieces are in place—you’re qualified to buy a home, the purchase makes sense for your situation and you’re prepared to live in the home for at least five years the following reasons should be motivation enough to get you back in the market.

1. You have a large inventory to choose from?In many places it is taking months to sell a home, which is creating a lot of inventory for those looking to buy. A large selection of homes on the market gives buyers more choices and drives down prices as well.
2. Builders are offering big discounts?Homebuilders are getting even more aggressive with their pricing today. Look at completed new homes first because builders are offering steep discounts. Plus, you’d have a warranty not only on the home itself, but also on the home’s appliances, he said. Walk in with a preapproval for a mortgage and make an offer. Chances are a builder will consider that offer rather than let a potential buyer get away.
3. Mortgage rates are historically low?It’s not just the price of the home that will affect affordability; mortgage terms will also affect your monthly payments. Rates on the popular 30-year fixed-rate mortgage came in at 4.54%; 15-year fixed-rate mortgages were down to 4.00% and 5/1 ARM mortgages were as low as 3.78%. You’ll still need good credit, a substantial down payment and a willingness to document your income in order to qualify for these great rates. In addition, low mortgage rates serve as an equity shock absorber. When buyers borrow at today’s record-low rates, they start building equity as soon as they close. This allows new homeowners to have a little give to absorb any ups and downs as housing market continues to gain traction.
4. Houses are in move-in condition?Many homeowners have decided to wait out to the market and instead stay in their current home and take care of home improvement projects to make the home feel like new again. Because of this, many homes coming onto the market today are in good condition and ready for buyers to move in.

If all the pieces are in place—you’re qualified to buy a home, the purchase makes sense for your situation and you’re prepared to live in the home for at least five years the following reasons should be motivation enough to get you back in the market.

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Posted in Cardiff CA Homes for sale, cardiff homes, Deal Of The Week, Encinitas CA Homes For sale, Encinitas homes, leucadia homes, San Diego Real Estate | No Comments »

Some Ideas To Help With Credit Fitness To Take Advantage Of Low Interest Rates

Monday, October 11th, 2010

Many home buyers now and into the foreseeable future will face tight lending standards and the need to improve their credit score to get pre-qualified or pre-approved for mortgages. START NOW with the following steps for some speedy credit repair to gain lender approval and the best possible rates:

Credit Card Wisdom

-Paying revolving credit cards down is generally more beneficial than, for example, paying down student loans, mortgage or auto loans.

-Always leave a 30% or higher gap between what you owe on the card and the card’s limit. Lenders look for this minimum gap.?-Use cards with care even if you pay off balances each month because depending upon statement dates, the lender may see big balances.

-Pay down the cards closest to their limits first for speedier credit repair. The lending bank will then see the “gap” it wants to see.?-Do not ask a creditor to lower credit limits. Generally, carrying smaller balances on several cards is better than one large balance on one card.

-Check your credit card limits to make sure the report is correct. Limits may not be reported on all cards.?-Never make a late payment on credit cards or any loan.

Protesting Items

-Protest any unjust negatives, such as late payments, collections that are not yours, and any items not reported as “paid as agreed,” if you paid on time and in full.

-Protest items listed as unpaid that were included in a bankruptcy, and items older than seven years (10 for bankruptcy).

-Focus first on the larger, newer negatives listed on the report.
It is important not to worry about smaller items like incorrect address information or an old employer listed as current. This is, of course, unless there is the possibility of identity theft or the file is mixed with someone else’s.
Any increase in credit card balances or other credit purchases (car, motorcycle, RV, boat, furniture, etc.) can change your credit score and will increase your monthly debt. Your total monthly debt is used to determine your ability to qualify for a loan. A higher monthly debt will lower the amount of your loan qualification.

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Posted in Cardiff CA Homes for sale, Encinitas CA Homes For sale, Homes For sale, Real Estate News, San Diego Real Estate | No Comments »

Hud Loan modification Scam Alert

Friday, October 8th, 2010

Scams aren’t always easy to spot – but it helps if you know the warning signs to look for. Here are six red flags to indicate that you may be dealing with a loan modification scammer:
1. A company/person asks for a fee in advance to work with your lender to modify, refinance or reinstate your mortgage. They may pocket your money and do little or nothing to help you save your home from foreclosure.
2. A company/person guarantees they can stop a foreclosure or get your loan modified.Nobody can make this guarantee to stop foreclosure or modify your loan. Legitimate, trustworthy HUD-approved counseling agencies will only promise they will try their very best to help you.
3. A company/person advises you to stop paying your mortgage company and pay them instead. Despite what a scammer will tell you, you should never send a mortgage payment to anyone other than your mortgage lender. The minute you have trouble making your monthly payment, contact your mortgage lender.
4. A company pressures you to sign over the deed to your home or sign any paperwork that you haven’t had a chance to read, and you don’t fully understand. A legitimate housing counselor would never pressure you to sign a document before you had a chance to read and understand it.
5. A company claims to offer “government-approved” or “official government” loan modifications.They may be scam artists posing as legitimate organizations approved by, or affiliated with, the government. Contact your mortgage lender first. Your lender can tell you whether you qualify for any government programs to prevent foreclosure. And, remember, you do not have to pay to benefit from government-backed loan modification programs.
6. A company/person you don’t know asks you to release personal financial information online or over the phone. You should only give this type of information to companies that you know and trust, like your mortgage lender or a HUD-approved counseling agency.

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What Is An Appraisal?

Monday, October 4th, 2010

An appraisal is an experts opinion of the value of the property.

Simply put, an appraisal is an informed estimate of the value of a property. It’s the number lenders refer to when deciding how much money to loan on a specific property.

The seller of a home will probably have a real estate agent, who will use a CMA (Comparative Market Analysis) to determine a realistic asking price for the home. While the information is useful, the lender will look to a specialized, local third-party professional to provide the “official” home valuation report. And that professional is… you guessed it …the appraiser.

Arriving at that final appraisal figure is no easy task — to be accurate, an appraiser needs an educated, trained perspective and understanding of all of factors that have to be carefully weighed with respect to the state of the real estate market in that specific area.
The type of area: Is it part of a development? Or is it stand alone acreage?
The recent sales prices of comparable homes located nearby
The average sales time of this type of property in that area
The proximity to desirable schools and public facilities
The appraiser will tour the home as a potential buyer would tour the home. Clean, updated, well-maintained homes will appeal more to buyers – and chances are, they’ll appeal more to the appraiser as well.

First impressions aside, for his analysis the appraiser will generally consider only permanent fixtures and real property — that is, property that’s permanently dug into, or set upon, land. So, a building is real property — a couch is not. Added touches, like sconces or other added fixtures, are nice but do not count toward the appraiser’s assessment.

After taking stock of the real property, the appraiser estimates the square footage of the home. GLA (Gross Living Area) is calculated by measuring the exterior of the home. The appraiser will note the GLA and then will look to calculate actual living area space. So that means he deducts the measurements of non-living areas, such as garages or covered porches. (Although, surprisingly, finished basements are calculated separately from the above-ground GLA.)

All said and done, depending on the size of the property, an appraisal should take anywhere from 15 minutes to 2 hours. Buyers (and lenders) can typically expect a report within a few business days.

And who pays for the appraisal? Although the Lender arranges for the Appraisal, the buyer pays the bill. For an average home, that’s usually around $300 to $500.

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Fannie Mae Delinquencies Decline Housing Market On The Rebound?

Friday, October 1st, 2010

I read an article that Fannie Mae, the nation’s largest mortgage financier is shrinking its mortgage investment portfolio.They reported this week that its holdings declined at a compound annualized rate of 4.1 percent in August, while its total book of business fell by 1.3 percent.
Fannie Mae’s single-family serious delinquency rate dropped 17 basis points in July to 4.82 percent (Fannie Mae reports delinquencies with a one-month lag time). The multifamily serious delinquency rate declined 6 basis points to 0.74 percent in July.
Fannie’s single-family delinquencies are still 65 basis points above the rate recorded in July 2009, but they have been dropping now for five straight months.
Does this mean we’re out of the housing mess? It’s really impossible to tell. It does show that we are moving in the right direction. Especially when you consider the Government Sponsored Enterprise (GSE) and its regulator attribute improvements to the company’s loss mitigation efforts and the fact that newly acquired loans are of much higher credit quality than in the recent boom years. There are skeptical analysts who suggest the lower past-due numbers are merely the consequence of an increase in GSE foreclosures. However, they need to also consider Fannie’s sibling government-backed mortgage firm, Freddie Mac is seeing the same trends come to light in its mortgage business.
Freddie’s single-family serious delinquency rate dropped 6 basis points to 3.83 percent, according to its August figures. It too, shrank its portfolio by 5.2 percent.
As of the end of August, Fannie Mae’s total mortgage portfolio stood at $3.2 trillion.

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Reverse Mortgages Yeahs and Nays

Thursday, September 30th, 2010

Some parents are warning their kids not to bank on inheriting the homestead. Why? Because some parents are considering a reverse mortgage. Such mortgages may not be beneficial for everyone, but their popularity is definitely on the rise.
Reverse mortgages are based on the home’s current value, borrower’s age and existing interest rates. Borrowers can choose to receive loan proceeds in a single, lump-sum payment, as periodic predetermined payments, a line of credit or both.

Possible YEAHS of a Reverse Mortgage
•A reverse mortgage has no fixed due date.
• No repayment is required as long as the home remains the borrower’s principal residence.
• Loans become payable upon death, sale, ceasing to live in the home or failure to keep taxes, insurance or maintenance current.
• Borrowers cannot be foreclosed on.
• Reverse mortgages are nonrecourse loans. The amount owed can never exceed the selling price.
• Borrowers continue to hold title to the property.
• There are flexible payment options.
• Loan proceeds are not taxable.
• Underwriting and approval do not depend on the borrower’s current income or employment status.
• Would-be borrowers are required to meet with an independent financial counselor prior to getting a loan.
• The lender’s lien on the property is removed if the lender fails to make loan advances according to the agreement.

Possible NAYS of a Reverse Mortgage
• Homeowners must be at least 62 years old, own their home outright or have high home equity.
• Reverse mortgages provide around 65 percent of the home’s value. Loan-to-value ratios as high as 80 percent may be available to older homeowners, but higher closing costs and fees and shorter life expectancy offset some of this advantage.
• When the borrower dies, the loan and all accrued interest and costs become due and payable, typically necessitating the sale of the home. Heirs wanting the house must repay the entire amount due, which could be greater than the home’s value at the time. Inheritance planning is tricky.
• Relatively high up-front costs mean borrowers need to stay in the home longer (at least ten years) to make the loan financially attractive. This disadvantage has been offset by some lenders eliminating origination fees, setting aside service fees or both.
• Borrowers are responsible for all other ownership costs.
• Homes can be foreclosed on if borrowers cease to live in them for 12 consecutive months or default on any obligation, such as maintenance, taxes or insurance.
• Borrowers may be targets for aggressive sales pitches for other expensive and potentially inappropriate products or services.
• Reverse mortgages are fundamentally different than forward purchase mortgages or home equity loans. Generally, reverse mortgages have more complicated terms and conditions.

Before making any decision regarding a reverse mortgage talk to a qualified and trusted mortgage and tax advisor.

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