FHA Anti-flipping Waiver Extended Through 2012

The Federal Housing Administration is extending the anti-flipping waiver through the end of 2012, which allows buyers to purchase homes that have been previously sold within the last 90 days.

The waiver, which was set to expire soon, was "intended to accelerate the resale of foreclosed properties in neighborhoods strggling to overcome the possible effects of abandonment and blight," Carol J. Galante, the acting Federal Housing Administration commissioner, said in a statement.  "FHA remains a critical source of mortgage financing and stability and we must make every effort to promote recovery in every responsible way we can," 
Souce:  Realtor.com

This is good news for FHA buyers.  If the waiver had not been extended they would have been prohibited from purchasing homes that had changed hands within the last 90 days.  This would have made it impossible for the FHA buyer to purchase the majority of bank owned homes and properties that investors had purchased, fixed up and put back on the market.

Post Holiday Help

If you are like me you enjoyed way too much rich, yummy food this weekend.  I know I am feeling a little guilty about the calories I consumed.  I plan on getting a head start on my New Years resolution to exercise more in 2012.  If you want to repair some of the damage done this holiday season, here is a list of some of the fitness centers in El Cajon.  Please add to the list.  Enjoy!!

Crunch Gym
The Sporting Club
Pure Fitness
24 Hour Fitness
Women's Fitness World
East County YMCA
Bikram YogaOptimum Condition

Bank Insanity #3

When I usually write about bank insanity, it usually involves the short sale lender or the REO owner.  Today I am going to let you know about a buyer's lender who is driving me up the wall.  The buyers are using Navy Federal for their loan.  The only item missing from the file before they would order the loan docs was the termite clearance.  We submitted the clearance yesterday and this morning I received a call that the processor saying it is inadequate, that they require the Section 2 item to be repaired.  What?  Really?  Since when are section 2 items required?

When you have a termite inspection done the report is broken down into 2 sections.  Section 1 is evidence of active infestation and lists the work necessary to provide a clearance.  This work is done in order for the termite company to provide a clearance stating that the property is free of pests.  The second section of the report is the Section 2 items.  These are recommendations or findings of items that could lead to infestation in the future.  Items such as moving dirt away from walls, stucco damage from sprinklers, grading issues.  These are things that a homeowner might want to remedy to prevent damage in the future.  I have never had a transaction where the buyer's lender required section 2 items to be done in order to get the loan.

I have sent numerous emails and left messages for clarification.  All the loan officer would say is that all repairs have to be made.  The section 2 item on this particular report is "Stucco deterioration".  The recommendation is to get it checked out by an "appropriate tradesman".  The report is not even recommending a repair.  All the loan officer will say is that "the processors is requiring it to be fixed".  What repairs?  Do they want the buyer to pay a stucco company $100 to say "Yup, the stucco is chipping"?  If so, this is going to be required for 99% of the sales in California since most homes are stucco and most homes have had a sprinkler hit the wall!  Or are they suggesting that we should re stucco the house?  Good luck with that one since it is owned by Bank of America.

So, here I sit, waiting for a call from either the processor or the supervisor to hopefully get them to listen to reason and understand this is a section 2 item and no repair is being recommended.  If in fact they did change all their requirements and now need section 2 inspections and repairs completed, why did they wait until now to let everyone know?  The buyers (their clients) now risk losing the house, their deposit, the appraisal fee and inspection fee.  All because either a processor does not understand the requirements or Navy Federal has changed theirs.

Get Ready for the Increase in Homes For Sale

With January right around the corner it is time to start preparing to sell your home. While I recommend to my clients not to wait until January, many prefer to list their home after the holidays. The inventory tends to drop in December which makes December a great time to get your home on the market but if you really need to wait until January, you need to make your home is priced competitively, if not aggressively. The prices in San Diego County have come down significantly over the past few years and you want to get as much out of your home as possible. You may be tempted to list at a higher price than comparable properties and reduce the list price as needed. DON"T DO IT.

Most experts agree that the best way to increase the odds of a successful sale is to list your home at fair market value. Do not increase the list price to "leave room for negotiation". The bottom line is that if you list above fair market value, you will have no one to negotiate with! Here's why, when a new listing hits the market real estate agents are going to see it and see if it is a fit for their buyers. If it is listed too high you are immediately labeling your property as "over-priced" in their minds. This is a difficult stigma to overcome. They are going to remember this every time they see your property and are unlikely to suggest it to their buyers. Buyers have become very savvy with the internet. They are able to watch the market months ahead of actually searching for a home. They understand what homes are selling for and will know if your house is overpriced. With the flood of inventory, they are unlikely to consider an overpriced home. Neither the agents nor the buyers are going to want to view your home.

With no showings your listing is going to go cold quickly. The longer it sits on the market the less likely it is to sell. Buyer and agents have the ability to see how long the home has been on the market. When a home is on the market for quite awhile buyers start to think there must be something wrong with it if no one else has put in an offer. This now becomes another obstacle for you to overcome. Your home can start to be used to sell your competition. Agents will share your property listing to a property listed at market value and guess what, the completion just became a deal by comparison.

You are also setting yourself up to tougher negotiations. Buyer's who views your home are more likely to feel like they are doing you a favor by submitting an offer on a home no one else wants. Even if you reduce to a fair market value they will not offer as much since it has been on the market for so long. They will not offer as much as a new comparable property.

While your home languishes on the market over priced you are missing opportunities. Buyer's who would be interested at your home at fair market value are buying other homes. Buyer's who might be interested are not viewing your home if it is out of their price point. All the while prices are continuing to decline and you will be forced to chase the market or stay put. I am assuming you want to sell, otherwise why is your home on the market?

Did you know that even if a buyer is willing to pay over market value for your home they will not be able to unless it is a cash deal. Any purchase that involves the buyer using financing is going to require an appraisal and a lender will not lend more that the appraised value and 99.99% of buyer's will not pay over appraised value.

If you want to sell your home you need to make sure it is listed at fair market value. Make sure you look at the comparable properties that have sold in your neighborhood in the last 30-60 days. That's right 30-60 days. Do not think that since your neighbor sold a year ago you will be able to get that price. Do not think because you have new carpet or paint you will get more. You won't. The only advantage will be you will get showings and offers but not a significantly higher price.

If you are thinking of selling your home, call me. I would be happy to sit down with you and honestly assess what your home will sell for so you can make an informed decision. Do not fall for the unscrupulous agents who tell your home is worth 20% more than the comps. They want your listing and that is all. I want to get your home sold.

Tis the season for Christms lights!  Here is a list of where you can see some festive lights around San Diego.  Get out and enjoy!

Allied Gardens: 7048 Hillsboro St, off Waring and Princess View, Dec 10-24, dusk to 10:00.
Chula Vista:  "Christmas Circle", Whitney St, between 1st and 2nd, off H St., Dec 10-26, 5-10pm.
El Cajon:  "Jingle Bell Hill", Solomon Ave/Pegeen Pl
San Carlos:  7900-8000 block of Hillandale Dr., Dec. 1-31, 5-9pm
Santee:  Tomel Court, off Magnolia, Dec 17-26, 7-10pm
Tierrasanta:  5306 Belardo Dr, tune radio to 89.7 to hear lights dance, through Dec 26, 5:30-10pm

San Diego Bay Boat Parade of Lights: Dec 18th, fireworks at 5:30 then parade until 9:00.  Starts off Shelter Island, through bay and elds at the Ferry Landing, Coronado. www.sdparadeoflights.org

Where is your favorite place to see the lights and get in the holiday mood?

My 12 Days of Christmas Wish List!

Here is the video of us singing it at the office meeting.

On the first day of Christmas my true love gave to me...
A like of my facebook fan page.

On the second day of Christmas my true love gave to me...
2 reviews on Yelp
And a like of my facebook fan page.

On the third day of Christmas my true love gave to me...
3 Twitter Tweets
2 reviews on Yelp
and a like on my facebook fan page

On the fourth day of Christmas my true love gave to me...
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.

On the fifth day of Christmas my true love gave to me...
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.

On the sixth day of Christmas my true love gave to me...
6 bank approvals
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.

On the seventh day of Christmas my true love gave to me...
7 short sale letters
6 bank approvals
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.

On the eighth day of Christmas my true love gave to me...
8 Lenders lending
7 short sale letters
6 bank approvals
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.

On the ninth day of Christmas my true love gave to me...
9 Qualified Buyers
8 Lenders lending
7 short sale letters
6 bank approvals
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.

On the tenth day of Christmas my true love gave to me...
10 Savvy Sellers
9 Qualified Buyers
8 Lenders lending
7 short sale letters
6 bank approvals
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.

On the eleventh day of Christmas my true love gave to me...
11 Good appraisals
10 Savvy Sellers
9 Qualified Buyers
8 Lenders lending
7 short sale letters
6 bank approvals
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.

On the 12th day of Christmas my true love gave to me...
12 Escrows closing
11 Good appraisals
10 Savvy Sellers
9 Qualified Buyers
8 Lenders lending
7 short sale letters
6 bank approvals
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.

Gift Ideas For New Home Owners

With the lower home prices and crazy low interest rates, many of the people buying homes are first time buyers.  They are moving from condos, apartments and even their parents homes.  Once the excitement of getting the keys and moving in has passed, they are sometimes faced with another reality of home ownership...repairs.  This opens up a whole new area when it comes to gift purchasing.  Do you know someone who recently bought their first home?  If so, here are some great gift ideas I wanted to share.

Tool Belt:  to carry all the new tools
Tool Box:  for convenient tool storage
Hammer:  If I had a hammer, I'd hammer in the morning...
Tape Measure:  funiture placement and finding midpoint
Level:  make those pictures straight
Handsaw and miter box:  for baseboards and crown molding
Chalk box and string:  for marking and measuring, great for floor installation
Pliers:  to pull all the pesky nails out of walls
Wrenches:  fix that leaky pipe
Screw Drivers:  all sizes and shapes will do the trick
Utility Knife:  scoring drywall
Drill  and drill bits: 
Voltage tester:  Safety First

These are some of my ideas but I am always looking for more.  Please feel free to add to my list and help others find the perfect gift.

El Cajon Real Estate Market Report - November 2011

Here are the real estate market statistics for the 3 zips codes in El Cajon.

92019
There are currently 74 active homes for sale in El Cajon zip code 92019.  Ranging from $200,000 for 3 bedrooms, 2 bathrooms, 945 sqft to $1,799,000 for 3 bedrooms, 4 bathrooms, 4702 sqft.

45 proerties are pending, currently in escrow.

22 properties sold in El Cajon (92019) in November.  Ranging from $199,500 for 3 bedroom, 2 bathroom, 1331 sqft to $800,000 for 5 bedrooms, 5 bathrooms, 4376 sqft.  The average time on the market was 98 days.

92020
There are currently 75 active homes for sale in El Cajon zip code 92020.  Ranging from $167,500 for 2 bedrooms, 1 bathroom, 720 sqft to $865,876 for 4 bedrooms, 3 bathrooms, 2734 sqft.

47 properties are pending, currently in escrow.

11 properties sold in El Cajon (92020), ranging from $158,000 for 3 bedroom, 1 bathroom, 1403 sqft to $585,000 for 4 bedroom, 4 bathroom, 2887 sqft.  The average time on the market was 69 days.

92021
There are currently 98 active homes for sale in El Cajon zip code 92021.  Ranging from $119,900 for 2 bedroom, 1 bathroom, 604 sqft to $1,550,000 for 3 bedroom, 3 bathroom, 5500 sqft.

57 property are pending, currently in escrow.

22 properties sold in El Cajon (92021), ranging from $215,000 for 3 bedroom, 2 bathroom, 1204 sqft to $840,000 for 4 bedroom, 3 bathroom, 3132 sqft.  The average time on the market was 80 days.

If you would like more information or the real estate market report for anonther area, please let me know of visist my website at www.kqsellshomes.com

Alpine Real Estate Market Report - November 2011

Here are the statistics for Alpine real estate for the month of November.  If you would like to research another real estate market please visit www.KQSellsHomes.com

There are currently 82 active homes for sale in Alpine.  Ranging from $131,000 for 2 bedrooms, 1 bath, 768 sqft to $2,595,000 for 3 bedroom, 3 bathrooms, 3000 sqft.

26 properties are pending, currently in escrow.

16 properties sold in November (closed escrow) ranging from $250,000 for 4 bedroom, 4 bathroom, 2356 sqft to $895,000 for 4 bedroom, 4 bathroom, 5085 sqft.  The average time on the market was 119 days.

Jamul Real Estate Market Report

Want to know how the real estate market for Jamul shaped up in November?  Well, here are all the statistics.

There are currently 44 active homes for sale in Jamul.  Ranging from $199,000 for 1 bedroom, 1 bath, 640 sqft to $1,300,000 for 3 bedroom, 2 bathroom, 1102 sqft.

9 properties are pending, currently in escrow.

3 properties sold in Jamul in November, ranging from $369,000 for 4 bedrooms, 4 bathrooms, 2680 sqft to $415,000 for 3 bedrooms, 3 bathrooms, 2208 sqft.  The average time on the market was 51 days.

To research more mrket reports please visist my website at www.kqsellshomes.com

Jamul Home For Sale

Brand new listing in Jamul.  Check out this 3 bedroom, 2 bathroom home.  You have to see this updated kitchen.  Horses are allowed and you can ride off the property to miles of trails.  This home is located just minutes from Rancho San Diego.  Call me for more information and to schedule and appointment to view.

2893 Echo Valley, Jamul

More Bank Insanity

Banks just need to get out of their own way.  Within the last two weeks I have run into 2 separate examples of how banks jeopardize real estate transactions with their lack of common sense.  The first involves a short sale.  The short sale lender has decided in all their wisdom to require an affidavit be signed and notarized verifying that there is not a property flipping scam involved in the transaction. 

Here is an exert from the affidavit that the short sale lender (GMAC) requires to be notarized before they will consider the buyer's offer.

"BUYER represents, along with BUYER real estate agent, that I/WE are not involved in a for profit scheme to flip the property and there are no current agreements, written or otherwise, to immediately re-sell the Property at a higher price, and that no transactions of this nature will take lace within ninety (90) day of the date of closing on the short sale transaction.

I/WE represent that there are no relationships between any parties involved in the transaction, including BUYER, SELLER, FINANCING COMPANY OR INSTITUTION, or REAL ESTATE AGENT "

GMAC requires this form be notarized by the buyers, the buyer's real estate agent and the buyer's lender.  They are requiring the buyer to spend money on this before they know if their offer will be accepted and if GMAC will even do the short sale.  I understand the need to protect themselves from scams and this form should be addressed but it should be notarized by the buyer once the offer is accepted and escrow is opened.

The second issue I have is that the second paragraph essentially means I, as a real estate agent, can not represent anyone I have a relationship with.  I can not represent my mother, sister or daughter since I do have a relationship with them.  Wow, really?  I can't represent them even if they are first time, owner occupied buyers?

The final issue that stands to be the deal breaker is the most ironic.  The short sale lender (GMAC) requires this form be notarized not only by the buyer and the buyer's agent but also the buyer's lender.  The buyer is using Navy Federal Credit Union for their loan.  It is probably not surprising to you to learn that the buyer's lender will not sign and notarize such a form.  NFCU will not sign it.

So now the buyer's offer is stuck in limbo between two banks.  The first demanding a form to be signed by the second institution and the second bank refusing.  The buyer's offer will not be submitted so they will not be able to continue.  It is so sad that the ready, willing and able buyers are trapped in a pissing match between lenders and unable to purchase a property.

The second example of lenders being ridiculous and shooting themselves in the foot involves a REO (bank owned) property.  In this example the buyer's submitted an offer with a 17 day contingency period.  This is a standard time frame to do their inspections, review title, HOA reports and get the appraisal done.  The bank that owns the property reduced the time for the contingencies to a point where it would be difficult, if not impossible for an appraisal to be done. This is not because of the buyers but rather the buyer's lender can't get it done that quickly.  Once again a buyer is caught between two banks the first bank reducing the appraisal period to a point that even their own institution could not get an appraisal done in their own time frame.  To make matters worse the listing bank takes forever to return the signed contract and the buyer's lender refuses to order the appraisal until they get a copy. 

The banks need to stop the insanity.  They need to ask themselves if they would be able to do what they are requesting of other lenders.  If they would not be able to comply with their own demands, chances are other lenders will not be able to perform the tasks either.  By making unreasonable demands, they are not helping themselves but rather they are making things worse.  And unfortunately they are forcing the buyer into the middle and stopping them from buying homes.

Fireplace Safety Reminders

With the cooler weather moving into San Diego, many of us will be lighting the fireplace or wood stove for the first time of the season.  Please take a moment to make sure your family is safe.

Keep Fireplaces and Wood Stoves Clean

• Have your chimney or wood stove inspected and cleaned annually by a certified chimney specialist.
• Clear the area around the hearth of debris, decorations and flammable materials.
• Leave glass doors open while burning a fire. Leaving the doors open ensures that the fire receives enough air to ensure complete combustion and keeps creosote from building up in the chimney.
• Close glass doors when the fire is out to keep air from the chimney opening from getting into the room. Most glass fireplace doors have a metal mesh screen which should be closed when the glass doors are open. This mesh screen helps keep embers from getting out of the fireplace area.
• Always use a metal mesh screen with fireplaces that do not have a glass fireplace door.
• Install stovepipe thermometers to help monitor flue temperatures.
• Keep air inlets on wood stoves open, and never restrict air supply to fireplaces. Otherwise you may cause creosote buildup that could lead to a chimney fire.
• Use fire-resistant materials on walls around wood stoves.

Safely Burn Fuels

• Never use flammable liquids to start a fire.
• Use only seasoned hardwood. Soft, moist wood accelerates creosote buildup.
• Build small fires that burn completely and produce less smoke.
• Never burn cardboard boxes, trash or debris in your fireplace or wood stove.
• When building a fire, place logs at the rear of the fireplace on an adequate supporting grate.
• Never leave a fire in the fireplace unattended. Extinguish the fire before going to bed or leaving the house.
• Soak hot ashes in water and place them in a metal container outside your home.

Protect the Outside of Your Home

• Stack firewood outdoors at least 30 feet away from your home.
• Keep the roof clear of leaves, pine needles and other debris.
• Cover the chimney with a mesh screen spark arrester.
• Remove branches hanging above the chimney, flues or vents.

Protect the Inside of Your Home

• Install smoke alarms on every level of your home and inside and outside of sleeping areas. Test them monthly and change the batteries at least once a year. Consider installing the new long life smoke alarms.
• Provide proper venting systems for all heating equipment.
• Extend all vent pipes at least three feet above the roof.

These safety reminders were taken from The United States Fire Administration Website.  Be Safe this winter.

El Cajon Real Estate Market Report - October 2011

Here is the real estate market report for El Cajon, It is broken down by zip code.  I have included the active, pending and sold numbers for single family detached homes for the month of October.

92019
There are currently 85 active real estate listing in El Cajon, 92019. Ranging from $144,900 for 2 bedrooms, 1 bathroom, 1081 square feet to $1,850,000 for 3 bedrooms, 3 bathrooms, 4445 square feet.

38 properties are pending, (currently in escrow).

26 properties sold (closed escrow).  Ranging from $234,000 for 3 bedrooms, 2 bathrooms, 991 square feet to $1,200,000 for 4 bedrooms, 4 bathrooms, 4600 square feet.

The average time on the market for the properties that sold was 78 days.

92020
There are currently 88 active real estate listings in El Cajon, 92020.  Ranging from $165,000 for 2 bedroom, 1 bathroom, 792 square feet to $1,015,000 for 4 bedrooms, 3 bathrooms, 3175 square feet.

31 properties are pending, (currently in escrow.)

29 properties sold (closed escrow) in October.  Ranging from $210,000 for 3 bedrooms, 2 bathrooms, 1000 square feet to $687,000 for 4 bedrooms, 5 bathrooms, 3519 square feet.

The average time on the market for the listings that sold was 68 days.

92021
There are currently 114 active real estate listings in El Cajon, 92021.  Ranging from $139,000 for 2 bedrooms, 1 bathrooms, 728 square feet to $1,550,000 for 3 bedrooms, 3 bathrooms, 5500 square feet.

51 properties are pending, (currently in escrow).

22 properties sold (closed escrow) in October.  Ranging from $135,000 for 2 bedrooms, 1 bathroom, 995 square feet to $835,000 for 5 bedrooms, 5 bathrooms, 4985 square feet.

The average time on the market for the homes that sold was 68 days.

Alpine Real Estate Market Report - October 2011

Want to know how the Alpine real estate market looked for October 2011?  Well, here you go.  Below are the statistics for single family homes in Alpine.

There are currently 93 active real estate listings in Alpine.  They range from $136,250 for a 2 bedroom, 1 bathroom, 768 square feet to $2,595,000 for 3 bedroom, 3 bathrooms, 3000 square feet.

27 properties are pending, (currently in escrow).

16 properties sold in October (closed escrow), ranging from $215,000 for 2 bedroom, 2 bathroom, 1000 sqft to $644,000 for 4 bedrooms, 4 bathrooms, 3994 square feet.

The average time on the market was 111 days.

Jamul Real Estate Market Report - October2011

I have no idea where October went, but it is now Novemeber and time for the monthly real estate market report for Jamul.  Below are the active, pending and sold numbers for single family detached homes for the month of October.

There are currently 39 active real estate listings..  Rangining from $169,000 for 4 bedrooms, 3 bathroom, 1975 square feet to $1,300,000 for 3 bedrooms, 2 bathrooms, 1102 square feet.

12 properties are pending (currently in escrow).

2 properties sold in October (closed escrow), a 3 bedroom, 3 bathroom, 2111 square foot home for $303,000 and 3 bedroom, 3 bathroom, 2714 square feet for $410,000.

The average time of the market for the 2 properties that sold was 84 days.

Haunted House For Sale

Home For Sale:  6 bedroom, 6 bathroom, 6666 square feet.  Located on dead end street.  Features include: dungeon complete with torture chamber, (stretching rack is negotiable).  Spacious kitchen with fireplace large enough to hold your cauldron.  Plenty of storage under the stairs.  Master bedroom has walk in closet (skeletons do not convey).  Hidden staricases and rooms for when you need to get away from it all.  Lighted tunnels lead to fully equipped labratory.  Beautiful views of your own private cemetary.  This is the deal of a lifetime. 


Agents:  Please contact owner for confirmed appointment to show, werewolf on property not known to bite.  Showings only between 11:00PM and 1:00AM.

2011 Home Affordability Refinance Program (HARP)

I am trying to get the word out regarding the recent revamped HARP program.  This program started in 2009 and is also known as the government Home Affordability Refinance Program.  They have made some significant changes in the 2011 program.  Please share with anyone who owes more on their home than the current value and who could benefit from reducing their interest rate.

Here are the details.

1.  Your loan must be backed by Fannie Mae or Freddie Mac in order to be eligible.  Many times homeowners are not even aware their mortgage is Fannie Mae or Freddie Mac.  If you are unsure please visit Fannie Mae at Fannie Mae Lookup and Freddie Mac at Freddie Mac.  You will need to type in your address in both sights to see if you have a Fannie or Freddie loan.

2.  Your current mortgage must have originated before June 1, 2009.

3.  Your home loan must be paid on time for the last 6 months and at least 11 of the most recent 12 months.

4.  You must NOT have used the HARP program previously

5.  The new HARP program specifically has no loan-to-value restriction so that homeowners in California can take advantage of it.  You can be seriously upside down, your home worth far less than what you owe on it and you will still be able to refinance under this program.

6.  You will be able to use any participating HARP lender, you do not have to stay with your current lender.

7.  You can refinance investment/rental properties, second/vacation homes, condos and of course single family homes.

8.  Income verification is required and you must qualify for a loan.  Income and credit will be verified.

Finally there is some relief for some homeowners who owe more on their home than their home is worth.  While this program will not reduce the principle amount it does give you the opportunity to refinance at today's low interest rates.  If you need any assistance or have any questions, feel free to give me a call.  If you know of anyone who might benefit from this revised program, please pass it along.

Home Inspections when Buying a Home

With the number of bank owned properties on the market today, getting a home inspection is even more important. Banks are exempt from providing buyers with the typical disclosures a seller would provide. They will not provide the Transfer Disclosure Statement which a seller fills outs and answers questions about the property, among others. The banks must disclose anything they know about the property but in many instances they do not know any of the homes history. Even in a transaction where there is a "regular" seller who has lived in the home, you need to consider the source of the disclosures. You need to keep in mind that the seller is trying to put the property in the best possible light to a potential buyer. It is imperative that you have the property inspected by a qualified inspector so you are aware of any defects before they purchase the home.

There are steps to this process, the first being the offer to purchase itself. Your offer should include an inspection contingency that allows you to inspect whatever you would like. Some inspections you may want to consider are a pest inspection, general home inspection, well inspection, septic inspection. It really depends on what is important to you. If boundaries are important, get the property surveyed. Does there appear to be drainage issue?  Get it checked out. If you are considered about permits go to the county and pull the permits. If the general inspector says the roof is questionable get a roofer out there to check it out and give you a bid. I have a list of well over 20 inspections that you may or may not want to have performed. Do whatever it take so that you feel comfortable moving forward with the purchase.

This being said you also need to understand that the inspections must not harm the property or you must pay to put the property back into the original condition. For example, if there is evidence of water damage on the ceiling of a room below a bathroom, it may be necessary to remove drywall to see if there is an active leak. You would need the homeowner’s permission before you go tearing into walls and you would need to put it back into the same condition or work something out with the seller in advance. So when you write your offer make sure there is a broad inspection contingency.

You will also need to establish in the offer the amount of time you will need to get the inspections done. The standard time allowed is 17 days. This may seem quick but for the most part the inspectors are aware of the time constraints and will get things done very quickly. It is important that you understand that once your offer is accepted and escrow is opened things will move quickly. You will be very busy the first couple weeks of escrow. Your lender will be asking for items to complete the loan. You will be scheduling and attending inspections. I will be going over disclosures and escrow paperwork with you. You must remember that there are deadlines built into the contract that you must adhere to. Make getting all the necessary inspections done a priority.

One of the biggest objections I hear to doing an inspection is that it will cost the buyer money. This is very true. The buyer is responsible for paying for their inspections. However some inspections may be negotiable. You can request in the offer that the seller pay for some inspections for example the termite, septic or well inspections. But you need to remember you might be competing against other offers and the more you ask for the less likely the seller is to accept. I also like to remind my buyers that spending $400 or so for a home inspection is money well spent, especially if a fatal defect is discovered. This is probably the biggest investment you will make and a home inspection could save you a lot of money. It is best to know what you are buying.

The purpose of the home inspection is for the buyer to know the condition of the property so you can make an informed decision as to whether or not you want to continue with the purchase. The home inspection is not meant to create a shopping list of repairs you expect the seller to perform. While you can submit a request for repairs to the seller before doing so you need to limit your requests to "deal breakers". These are items that must be done in order to feel comfortable with moving forward. I have seen buyers use the inspection report to come up with a laundry list of repairs and upgrades they wanted. The seller's response was "tell them to go buy a brand new house or raise their price by $100,000". The seller is under no obligation to even respond to your request for repairs. The inspection is meant to help you decide if you want to purchase the property or walk away.

You may have been searching for a year and this is your dream home. You may have written numerous offers and been outbid or waited around for short sale approval that never came but no matter what, do not let your emotions cause you to cut corners. Yes it is nerve wracking and I understand you really want the home to check out. I have seen buyers devastated after doing a home inspection and discovering the well was bad and they could not purchase the property. It took a little bit for the sting to go away but in the end they were very happy they found out before they moved in and yes, they found another home and are perfectly happy. Do the home inspections so you know what you are buying and you can have some peace of mind.

Release the Shadow Inventory

As many of you know I was on vacation last week.  When I returned to work yesterday I was struck by the lack of new real estate inventory in El Cajon.  There are currently 282 single family detached homes for sale in all of El Cajon.  If I search for a property under $300,000 there are only 89 properties.  I am currently working with 14 buyers in this price range.  When I start narrowing the search by specific area of El Cajon, number of bedrooms needed, and the required condition needed to satisfy an FHA loan, there is really not much to choose from.  Yesterday more listings went into contingent or pending status than came on the market.  Which shows the inventory is continuing to shrink.

We have all heard the media discuss the "shadow inventory".  Much of the shadow inventory is comprised of homes that the banks have foreclosed on and now own.  Recently there has been discussion on the banks renting these properties rather than flooding the market.  Renting these properties is not the way to go.  This will just put off the selling process and slow the recovery.  The banks need to start releasing the properties they have so the buyers can take advantage of the low interest rates and have a better selection of properties.  I am not saying they should flood the market and drive prices down but they should increase the number of properties they currently have on the market to come in line with the demand.  What are they waiting for?  Are they dripping the properties onto the market to try and drive up the price and make themselves more money?  This is not going to work.  Buyer's right now are willing to wait for the right property.  They are aware the banks are sitting on a ton of properties that at some time will have to be sold.  By not releasing more of the inventory they hold, the banks are simply forcing the real estate market to become stagnent.  They need to remember they are in the business of lending money not property management.

The banks are also selling properties in bulk as opposed to listing the properties on the MLS where most families and individuals purchase homes.  This practice excludes regular folks from being able to have access to the properties the banks own.  Investors can purchase these bulk holdings but not people looking to buy their first home.  This makes it even more difficult for a buyer to find a home. Many times when an investor buys the properties they become rentals rather than owner occupied homes.  This can negitively effect the community.  Some investors are starting to flip these properties, meaning rehabing the properties and then reselling.  They are sold at a higher price once they are updated and many times the property is then priced out of reach for a first time buyer.

Most agree that now is a great time to buy.  Prices have come down to a reasonable level, interest rates are at an all time low.  The home affordability is at it's highest level in years.  But yet there are so many who want to buy but can't because there is not much inventory on the market.  The banks need to release some of the shadow inventory.  Let's allow the market to recover and get these properties sold to individual owners.

El Cajon Monthly Real Estate Report - September 2011

October is here, so that means it must be time for the El Cajon real estate market report for September 2011. Below you will see the number of active, pending and homes that sold in Septmeber 2011. I have included single family detached homes only for the 3 zip codes in El Cajon

92019
There are currently 81 active real estate listings in El Cajon zip code 92019 ranging from $200,000 for 3 bedrooms, 2 bathroom, 945 square feet to $1,875,000 for 4 bedroom, 6 bathroom, 5890 square feet.

55 properties are pending, currently in escrow.

26 properties sold in September (closed escrow). Ranging from $203,935 for 3 bedroom, 2 bathroom, 1008 square feet to $750,000 for  4 bedroom, 3 bathroom, 3430 square feet. The average time on the market was 35 days.

92020
There are currently 83 active real etate listings in El Cajon zip code 92020 ranging from $166,500 for 3 bedrooms, 2 bathroom, 948 square feet to $1,015,000 for 4 bedroom, 3 bathroom, 3175 square feet.

43 properties are pending, currently in escrow.

26 properties sold in September (closed escrow). Ranging from $176,000 for 3 bedroom, 2 bathroom, 1152 square feet to $668,000 for  5 bedroom, 4 bathroom, 3049 square feet. The average time on the market was 56 days.

92021
There are currently 106 active real estate listings in El Cajon zip code 92021 ranging from $140,000 for 2 bedrooms, 1 bathroom, 681 square feet to $1,550,000 for 3 bedroom, 3 bathroom, 5500 square feet.

50 properties are pending, currently in escrow.

32 properties sold in September (closed escrow). Ranging from $184,000 for 3 bedroom, 2 bathroom, 1040 square feet to $677,990 for  3 bedroom, 3 bathroom, 3176 square feet. The average time on the market was 60 days.

Here is the El Cajon real estate trending report.

Jamul Real Estate Market Report - September 2011

We have started a new month so that means it must be time for the Jamul real estate market report for September 2011. Below you will see the number of active, pending and homes that sold in Septmeber 2011. I have included single family detached homes only. 

There are currently 31 active real estate listings in Jamul ranging from $169,000 for 4 bedrooms, 3 bathroom, 1795 square feet to $1,300,000 for 3 bedroom, 2 bathroom, 1102 square feet.

11 properties are pending, currently in escrow.

7 properties sold in September (closed escrow). Ranging from $175,000 for 2 bedroom, 2 bathroom, 1499 square feet to $856,000 for 6 bedroom, 6 bathroom, 5523 square feet. The average time on the market was 139 days.

Here is the Jamul real estate trending report.

Alpine Real Estate Report - September 2011

Here are the real estate market statistics for Alpine.  Below you will see the number of active, pending and homes that sold in Septmeber 2011.  I have included single family detached homes only.  Condos are not included. 

There are currently 87 active real estate listings in Alpine ranging from $136,250 for 2 bedrooms, 1 bathroom, 768 square feet to $2,595,000 for 3 bedroom, 3 bathroom, 3000 square feet.

30 properties are pending, currently in escrow.

16 properties sold in September (closed escrow).  Ranging from $149,900 for 2 bedroom, 1 bathroom, 1092 square feet to $875,000 for  bedroom, 5 bathroom, 4534 square feet.  The average time on the market was 92 day.

Here is the Alpine real estate trending report..

Buyer's Agent

I was talking recently to a young couple who are considering buying a home.  They seemed a little nervous but that is to be expected.  I love working with first time buyers, while some agents shy away from them because they can be demanding and indecisive, I love it.  First time buyers are fun to work with and I guess the Mom in me comes out.   I shared with this couple some of the great opportunities out there including the low interest rates and showed them some great property deals.  I knew they were first time buyers so I explained to them the importance of getting preapproved for a loan and gave them some contact numbers.  I also told them the escrow and home buying process. 

I was very careful to keep things simple but after we had talked for awhile I got the feeling that they were uncomfortable about something.  I asked some questions to see if I could determine what was going on.  I could not figure out what was bothering them so I finally just asked.  Come to find out they were eager to start the process of buying a home but they did not think they could afford to pay me and have the needed money for a downpayment.  They knew they needed and wanted me to assist them but they were embarrassed because they did not thing they could pay me!

You should have seen the relief on their faces when I explained to them how agent commissions are charged.  I told them that when a home go on the market the seller agrees to pay the commission  to the agents, both the buyer's agent and the sellers agent.  They were so happy when they realized they did not have to pay me upfront for my services.  They are now working on getting their preapproval and starting the process of buying a home in El Cajon.  I am so excited to be working with them. I can't wait to help them find their new home, help them through the process and the best part...hand over the keys!

Granite Hills Real Estate

As you know I am holding an open house this Saturday from 12:00 - 3:00pm at 1536 Robbiejean Place, in Granite Hills.  I wanted to share with you the local real estate market report for the Granite Hills area of El Cajon so you would understand what the market is doing.  I will have a list of properties that have recently sold in the area at the open house for you to review along with a list of other properties that are currently on the market.  When you are buying a home in El Cajon or any other area, it is important to understand the local market so you will be able to submit an offer with confidence.  If you are currently considering buying a home, please give me a call.  I would be happy to provide this information for any area.  I look forward to seeing you Saturday.  Come on by so I can answer all your real estate questions.

El Cajon Open House this Weekend

Come see this great foreclosure in the Granite Hills area of El Cajon.  I will be holding an open house on Saturday from 12:00 - 3:00pm.  The address is 1536 Robbiejean Pl.  I hope to see you there.

Looking For Home For Sale in El Cajon

I am looking for a home for sale in El Cajon, east Spring Valley, or parts of La Mesa.  The buyer is looking for at least 2 bedrooms and 2 full bathrooms.  They would like a minimum of 1000 square feet.  The maximum price range depends on the area and the condition, but under $250,000 would be ideal.  They do not mind an attached home.  If you or any of your friends are thinking of selling such a place, please contact me first.  No worries if it is going to be a short sale, the buyer is willing to wait.  Please share this post with anyone who might be able to help.  Thank you.

How to Fix The Housing Market

Many people are asking how to fix the housing market.  The issue is debated and argued but nothing seems to get done.  Big surprise right?  What all the bigwigs are missing is the old saying that the definition of insanity is doing the same thing over and over and expecting a different result.  What needs to be done is simple.  They need to stop the insanity.  They need to stop focusing on the banks and focus on the people.  Common sense needs to be injected into the situation.  The banks should not be bailed out or given incentives.  They need to stop rewarding the banks for making ridiculous decisions.  The finger pointing when things don’t work needs to stop.  The focus needs to be put back on the people.  It is the people that will fix the housing market, not the banks.

The banks and housing market reflect the fear of the shadow inventory.  The houses that have been foreclosed on but have not yet hit the market and the homes that are soon to be foreclosed on.  This shadow inventory has everyone running scared and fuels the doom and gloom attitude that does nothing to instill confidence in the market that home buyers need to confidently get off the fence.  The solution is really quite simple.  Quit worrying about it and do something.

The REO properties need to be handled in an intelligent manner.  Right now the banks use REO agents to sell their properties.  Many of these agents have so many REO listings they cannot possibly market the property in a way that would solicit the highest offer.  Many times it is nothing more than putting up a sign and putting it in the MLS at a drastically low price.  The  property is sold to the highest bidder within 7 days.  What does this do to the local market?  It is drives the prices even lower.  This hurts local homeowners and the banks as well.  The next time the bank lists a property for sale in the same neighborhood they will need to sell it for even less.   The banks are shooting themselves in the foot  simply because once it hits the market they want it sold and sold quickly.

The other part of the shadow inventory are the homes that are in foreclosure but have not been taken back by the bank as of yet.  This is where common sense definitely needs to be injected.  Time and time again I have seen banks make decisions that actually increase their REO holdings.  Here are some examples.  The home seller puts their home on the market and it is going to be a short sale.  An offer comes in and is submitted to the lender for approval.  The first mistake the bank makes is that it will take months for the bank to make a decision on whether or not to accept the short sale.  All the while the market is declining, prices are dropping.  By the time the lender makes a decision to accept the short sale, the buyer has changed their minds since the property is no longer worth what it was when they submitted the offer.  At this point rather than keeping the file open so the property can be remarketed the banks will close the file so when another offer comes in the whole long process starts over again leading to a vicious circle. 

Sometimes, the buyer stays strong and wants to proceed with the purchase once the bank has accepted, so what does the bank do?  They create yet another hurdle for the buyer.  They shorten the time the buyer has to close escrow.  They make it very clear that if the property doesn’t close in say 20 days the deal is off.  I have seen deals where Bank of America was the lien holder and demanded escrow close in 25 days from acceptance.  The buyer was getting a loan and because of all the underwriting requirements it did not get done.  The bank refused to extend the escrow and the deal was lost. The bank took the home back through foreclosure.  Oh and the ironic part was that the buyer was getting his loan with, you guessed it, Bank of America. 

The third example is probably the most insane.  The short sale has been approved.  Escrow is proceeding and the buyer’s loan is on track.  While this is all going on the bank continues with the foreclosure process and is now to the point where the trust sale date has been set.  The obvious course of action would be for the bank to postpone the foreclosure date.  But again with the lack of common sense they are known for, they refuse to postpone or cancel the foreclosure date.  They are less than 5 days away from closing in escrow and the property going to the new buyer but they foreclose and take the property back.  Congratulations, they just got themselves another REO holding.  Why?

We have been focusing on the insane, greedy banks.  Bailing them out and offering incentives to do what they were already suppose to be doing.  This is not the answer.  The banks are not going to fix the housing market, the people are.  It will be the regular home buyers and sellers who have always been the foundation of the real estate market who turn this market around.  We need to focus on the people and offer them the bailouts and incentives.  And I do not mean just the people on the verge of losing their home.  In order to stimulate the market you need to empower the masses.

Right now many homeowners are trying to do what is right and short sale their property rather than simply walking away and letting it go to foreclosure.  As described above the banks are doing nothing to simplify the process.  There needs to be new rules put into effect to protect both the seller and the potential buyers.  Once a short sale is initiated by the seller, it should be like it is with a bankruptcy.  The foreclosure process stops.  Period.  No trustee sales date can be set.  The banks should also be forced to accept the short sale at the appraised value within a 30 day timeframe.  If they do not there should be serious financial consequences to the bank.  Priority of purchase should be given to owner occupied buyers.  Rather than how it is now where the banks would rather go with an investor/cash buyer.  It is kind of funny that the banks would prefer not to go into escrow with a buyer who is getting a loan.  I guess they understand how difficult lenders are to work with.  Even they do not want to do business with themselves.

Right now one of the biggest problems in the real estate market is that people do not have equity in their homes.  They cannot sell their current home.  I talk to people all the time that would love to buy a new home but they can’t.  They are prisoners of their house.  They are upside down.  This needs to be fixed if we are going to see any significant increase in market activity.  The best way to accomplish this would be to offer these people an incentive, a bailout of sorts.  Allow them to sell their current home at current market value and buy a new home.  Force the banks accept the proceeds from this sale as payment in full for their current mortgage. But the sellers must agree to get the new mortgage with their current lender.  It is kind of like trading a mortgage.  The one thing that would also have to be considered is that the new mortgage would have to be at the going interest rate.  I can see it already, if the lender knew they were going to get the loan they would jack up the rate.  We have to watch those darn greedy banks.  This would definitely stimulate the housing market by allowing people to buy new homes and sell their current one.  With this incentive to sellers, the number of short sales would decline but more importantly the REO inventory would not continue to grow at the current rate.  The market would become stimulated with buyers and sellers.  People who are simply looking for lower mortgage rates would now be potential buyers.  Can you imagine the number of people who would hit the housing market running to take advantage of something like this?  This would help the millions of people who are trapped in their mortgage. It would help the people that want to refinance but can’t because they have no equity.  It would help the people who want to do a short sale but can’t because they are current on their payments or they do not want their credit hurt.  It would help the people who are current on their mortgage but want to make a move.  Finally it would help the masses, the people.

Spring Valley Real Estate

As you know I am doing an open house this weekend for a home for sale in Spring Valley.  For those of you who are planning on attending I thought it would be good to share with you a real estate market report for Spring Valley.  A big part of buying a home is understanding the local market.  That way you can make an informed decision regarding how much to offer on a property and it will give you the ability to know a good deal when you see it.  This report shows you if the area prices are increasing or declining.  Before you submit an offer to purchase any property you should know what compartable properties are listed for but more importantly you should know what comparable properties SOLD for.  Especially in this market since bank owned properties are often listed for considerablly less than what they actually sell for.

It is imperative that you know what the house will sell for.  This will inable you to submit an offer that is neither too low, where you risk being outbid or too high.  If you are considering buying and selling a home, talk to me first.  I can prepare a market report for any area and show you what similar homes have sold for.  I am here to assist you in making informed decisions.  This goes for sellers too.  It is even more important that you understand the market so you list the property to maximize your profit but at the same time at level that will get it SOLD.  Call me with any questions. 

 Click here for Spring ValleyMarket report

Spring Valley Open House

Come to my Open House this weekend. The address is 2520 Doubletree, Spring Valley 91978. Saturday, September 17th, 12:00- 4:00pm.  Bring your friends and family.  I look forward to seeing you and answering all your real estate questions.  Spring Valley Open House Flyer

Tips for Real Estate Investors

With home prices at such low levels and interest rates historically low, I am working with more and more investors. Some investors are interested in “flipping” the property, which means buying a property that needs repairs and remodeling with the intent to sell. Other investors want to purchase a property to be used as a rental. Both options are viable options in this market but they are not necessarily searching for the same types of properties and there are different concerns and things to watch out for depending on what you goal is.


If you are considering flipping a property you need to understand the local real estate market. You will need this information in order to help you determine if the purchase, repairs and subsequent resale will be profitable.

1. Time is of the essence when flipping a property. The longer you own the property, the more it will eat into your profit (mortgage payments, taxes, insurance).

2. When determining the budget and plan make sure you take into consideration the closing costs for both the purchase and the resale. There will be costs on both sides of the transaction.

3. You must be able to accurately determine what the cost of repairs will be and have the means to get the work done quickly. Many flippers are themselves contractors who can assess the work that will need to be done and can do the work themselves.

4. You need to understand what buyer’s are looking for. You must tailor your remodel to suit both your budget and the taste of potential buyers. You may find great purple carpet on sale, but will that help you sell a home?

5. The work must be done in a professional manner. The buyer’s will have a home inspection done and the inspector will tell them everything they find wrong with the property. If you have cut corners or tried to cover up defects, the buyer will find out. As a result, you will scare the buyer away from the deal or if it closes you will open yourself up to lawsuits.

6. You must be realistic when it comes time to sell. You need to know what the average time on the market is and what similar homes are selling for. Do not fall into the trap of listing the property too high, this will cost you in the end. Get it SOLD.

Now may be the perfect time to buy an investment property that will be used as a rental. There are things for you to consider before you make the purchase.

1. You must understand not only the real estate market but also the rental market for the area you are considering. Cheapest is not always the best. You need to know what similar properties have sold for. You do not want to over pay for a home. At the same time you need to know what similar properties are renting for and if the area you are considering is a popular area for renters.

2. You need to determine the cost of bringing the property up to rental condition. As with flipping a property, the longer the repairs take the more money you lose.

3. Be reasonable with your profit projections. Make sure you have a plan to cover the mortgage should the tenant suddenly lose their job and stop paying rent or if the tenant moves out and you need to find a new renter. You will also need to budget for repairs that may be needed.

4. You will also need to determine if you are going to management the property yourself and be responsible for collecting rents and doing repairs or if you are going to hire a property management company to take care of this. Add these costs to your budget as well.



There are many great opportunities in the real estate market right now. But as with anything, there is no such thing a sure thing. You must do your homework and be informed. Do not be unrealistic with your goals. Surround yourself with knowledgeable professionals who can assist you and guide you through the process.

How Keep Ants Out of Pet Food Bowls

San Diego is being hit with high temperatures and high humidity.  While this is making us very uncomfortable, it may be causing another problem... ANTS.  I was talking to a friend of mine last night who had returned home to ants invading her Alpine home.  She was waging war on a steady stream of ants marching straight for her pantry.  She was using all the typical defenses we use (windex, raid, boric acid).  At the end of the battle I asked her if they were getting in the dog and cat food bowls as well.  She said no, that she had a solution for that.  It was such a great idea I thought I would share.  She takes the bowls of pet food and floats it in another bowl that contains water.  The ants will march over the rim of the first bowl and drown in the water leaving the bowl of pet food untouched!  What a great idea!  Maybe she should put her pantry food on floaties in the pool! :)

What are your best tips for dealing with ants?

El Cajon Real Estate Market Report - August 2011

Here is my real estate market report for El Cajon, California for August 2011. I have included the number Active, Pending and Sold real estate listings. These numbers are for single family detached homes only. I have not included condos, vacant land or multi unit buildings.  They are broken down into the 3 El Cajon zip codes.

92019
There are currently 88 active listings (92019 including Rancho San Diego), ranging from $200,000 for 3 bedrooms, 2 bathrooms, 945 square feet to $1,875,000 for 4 bedrooms, 6 bathrooms, 5890 square feet.

57 properties are pending (in escrow).

32 properties sold (closed escrow) in August, ranging from $155,000 for 3 bedrooms, 1 bathroom, 1011 square feet to $662,000 for 3 bedrooms, 3 bathrooms, 2802 square feet.

The average time on the market for the properties that sold was 92 days.


92020
There are currently 91 active listings (homes for sale in El Cajon, 92020), ranging from $183,900 for 3 bedrooms, 2 bathrooms, 948 square feet to $1,015,000 for 4 bedrooms, 3 bathrooms, 3175 square feet.

44 properties are pending (in escrow).

22 properties sold (closed escrow) in August, ranging from $185,000 for 2 bedrooms, 1 bathroom, 816 square feet to $785,000 for 4 bedrooms, 3 bathrooms, 3494 square feet.

The average time on the market for the properties that sold was 85 days.


92021
There are currently 110 active listings (homes for sale in El Cajon, 92021), ranging from $140,000 for 2 bedrooms, 1 bathroom, 681 square feet to $1,550,000 for 3 bedrooms, 3 bathrooms, 5500 square feet.

57 properties are pending (in escrow).

23 properties sold, closed escrow in August, ranging from $80,000 for 3 bedroom, 2 bathroom, 1176 square feet to $640,000 for 5 bedrooms, 4 bathrooms, 3578 square feet.

The average time on the market for the properties that sold was 65 days.

There you have it.  If you would like me to run the numbers on another area, please feel free to give me a call.  Take care and have  great month.

Jamul Real Estate Market Report - August 2011

Here is my real estate market report for Jamul, California for August 2011. I have included the number Active, Pending and Sold real estate listings for the 91935 zip code. These numbers are for single family detached homes only. I have not included condos, vacant land or multi unit buildings.

There are currently 92 active listings (Jamul homes for sale), ranging from $220,000 for 1 bedroom, 1 bathroom, 640 square feet to $1,300,000 for 3 bedrooms, 2 bathrooms, 1100 square feet.

14 properties are pending (in escrow).

8 properties sold (closed escrow) in August, ranging from $258,000 for 3 bedrooms, 2 bathrooms, 1580 square feet to $1,200,000 for 4 bedrooms, 4 bathrooms, 4000 square feet.

The average time on the market for the properties that sold was 162 days.

Alpine Real Estate Market Report August 2011

Here is my real estate market report for Alpine, California for August 2011.  I have included the number Active, Pending and Sold real estate listings for the 91901 zip code.  These numbers are for single family detached homes only.  I have not included condos, vacant land or multi unit buildings.

There are currently 92 active listings (Alpine properties for sale), ranging from $210,000 for 3 bedrooms, 2 bathrooms, 1360 square feet to $2,595,000 for 3 bedrooms, 3 bathrooms, 3000 square feet.

28 properties are pending (in escrow).

13 properties sold (closed escrow) in August, ranging from $170,000 for 2 bedrooms, 2 bathrooms, 1237 square feet to $575,000 for 4 bedrooms, 5 bathrooms, 4207 square feet.

The average time on the market for the properties that sold was 52 days.

Are Bigger Homes Better?

I recently read a article about America's most expensive homes that are for sale. I marveled and was amazed at the pictures of huge rooms, high ceilings, beautiful landscaping, and huge numbers of rooms. But then I started to think about it and realized that I would not want to own one of those huge houses. The cost of owning such a home would be astronomical! I am sure it is easy to see this on such a grand scale but what about on a smaller scale?

As a Realtor in Rancho San Diego I work with people buying homes everyday and we are always striving to find homes for sale that best meets their needs, wants, desires and budget. As you know, the price of homes has declined drastically over the last few years. Homes are more affordable than ever. As result you can now afford a larger home and larger lot than previously. Combine the price reduction along with historically low interest rates and you now have more buying power than ever. Whereas before you may have been only able to purchase a 2000square foot home, you may now be able to buy a 3000+ square foot home. Or maybe rather than a 10,000 square foot lot you can afford an acre.

The question becomes, how big is too big? Of course, much will depend on the size of your family and your own individual needs and tastes. But I do not want you to fall into the trap of believing that bigger is always better. The costs of owning a home is going to go up with the size, whether it is the size of the house or the size of the lot. Do not stretch your budget to the limit to gain additional square feet or acreage unless you factor in the additional costs.

The larger home is going to cost you more to heat and cool. There will be more windows to replace, more rooms to furnish and decorate, more faucets that leak, outlets that go out, a larger roof to replace, more walls to paint, higher flooring costs and so on and so on. The larger lot is going to cost more to landscape and irrigate. Those water bills can go up very quickly. Will you need to hire a landscaper? Will you hire someone to clean? These are all things to consider.

So is a larger home better than a smaller home? Is a large lot better than a smaller lot? I do not think there is a right or wrong answer. It depends on the individual and the circumstances. What are your thoughts?

Broaden your Home Search - Avocado Village

When searching for a home, many buyers will limit their search to a specific zip code. You may have a specific area in mind and use the zip that covers most of that neighborhood. While this may be effective most of the time, sometimes this cannot benefit you. Here is an example. If you are looking for a home in Rancho San Diego you may be searching the 92019 zip code. But have you included the 91978 Spring Valley zip? This zip code covers the area by Steele Canyon high school and “Old Rancho”, up on the hill. Another zip code to search would be 91941. I know this is a La Mesa zip code but the area by Dixieline, the 24 hour gym and Vons, up on the hill is in the 91941 Zip code. If you are considering buying a condo in Rancho San Diego you should include these zip codes as well.


Avocado Village condo complex in La Mesa, is located just east of the Dixieline and Von’s shopping center at the end of the 94 and Via Mercado. This is a good complex to consider if you want to buy a home in Rancho San Diego. The complex consists of 1 and 2 bedroom units with 678-1068 square feet. Some units have mountain views and either attached or detached garages. The complex was built in 1985 and some units have been updated. When last checked the owner occupancy rate was 61%, which means it is eligible for FHA financing. (Please check current rate when you are ready to buy.) The current HOA fees are approximately $200-$230 per month. This fee covers common area maintenance, building exterior, sewer and trash. There is a pool and a spa.

The complex is stable. In the last 18 months 12 units have sold. There are currently 2 in escrow and there is only one active listing. It has 2 bedrooms, 2 bathrooms, and is 1068 square feet. It is listed for $170,000. Call me if you would like more information about this condo or if you would like me to help you purchase a new home.

Things to do this Weekend in El Cajon

For those of you who live in La Mesa, Santee, El Cajon, Lemon Grove, Spring Valley or other areas of San Diego East County, here are some great events that are going on this weekend.  For those of you who are considering buying a home in Rancho San Diego or other nearby areas, take a look at some of the great events and get out there and enjoy!

Santee Family fest: Saturday Aug. 27, 11-3:00 at Town Center Community Park East, 550 Park Center Drive, Santee. This event offers crafts for kids, carnival games, booths, inflatable jumping toys, laser tag, fitness challenges, swimming, a WNBA basketball clinic at 1 p.m. for children 7 to 13 (requires a waiver), and food. This event is Free. Information: (619) 254-4100 ext. 201 or Santee City page.


Sycuan Resort Anniversary party: Thursday Aug 25th, 5:30 to 8 p.m. on the lawn at Sycuan Resort, 3007 Dehesa Road, El Cajon. This event will benefit the nonprofit, Stoneys Kids and feature hors d’oeuvres, dinner, raffle and live auction of an electric guitar signed by country singer Toby Keith. Cost is $25 per person. Information: (619) 204-8245.

Summer Movies in the Park: Friday August 26, 7:30 p.m. at the Lemon Grove Recreation Center, 3131 School Lane. Watch “Rio.” Free. Information: (619) 825-3810 or Lemon Grove City page.
Concerts on the Green: 6 to 8 p.m. Aug. 26 at Prescott Promenade, 201 E. Main St., El Cajon. Aunt Kizzy’s Boys will perform blues music. Free. Information: (619) 401-8858.

Spring Valley Car show: 9 a.m. to 2 p.m. Saturday, Aug. 27 at Faith Chapel, 9400 Campo Road, Spring Valley. Christian Rods & Customs Car Club. This annual event will feature classic cars, trophies, food, live music, raffles, vendors and entertainment. Admission is free. Information: (619) 286-5501 or Christian Rods and Customs.
Spring Valley Library Book sale: Friday, August 26, 1 to 4 p.m. at the Spring Valley Library, 836 Kempton St. The Friends of the Library will host a book sale featuring hardcovers, paperbacks, videos, magazines and other items. Information: (619) 463-3006.

Job fair: 9 a.m. to noon, Friday, Aug. 26 on the second floor of the student center at Cuyamaca College, 900 Rancho San Diego Parkway, El Cajon.  A number of employers, including those in insurance, communications, technology, retail, law enforcement and entertainment will have representatives. Information: (619) 448-5201 http://hunter.house.gov/.

“The Heart of Mt. Helix”: Saturday Aug. 27, 5:30 to 10 p.m., at the amphitheater on Mount Helix, 4901 Mount Helix Drive, La Mesa. This event features work by local performing and visual artists, food and live music. Tickets are $60 general admission. Information: (619) 741-4363 or Mt Helix Park.

Cool zone for seniors: 10 a.m. to 4 p.m. Tuesday to Friday and noon to 4 p.m. Saturday at the Heritage of the Americas Museum, 12110 Cuyamaca College Drive West, El Cajon. Free admission to senior citizens looking to cool off during the warm weather months. Information: (619) 670-5194 or Cuyamaca College.
Military Momma Mondays: 9 a.m. each Monday at La Mesita Park, 8855 Dallas St., La Mesa. This fitness class is for any active duty or dependent military mother. The classes involve walking and intervals of toning. Free. Information: (619) 436-7404 or Stroller Strides.

Cajon Classic Cruise: Every Wednesday through Oct. 26, 5 to 8 p.m. on East Main Street at Prescott Promenade in downtown El Cajon. The weekly car show features hundreds of classic, custom and hot rod cars and motorcycles, vendors, food, DJs, and live entertainment. Free. Information: (619) 401-8858 or Downtown El Cajon.

When you buy a home be prepared for an earthquake.

Yesterday's earthquake on the East Coast should serve as a reminder here in San Diego that you need to be prepared.  When you buy and move into your new home, is the perfect time to review how prepared you are.  You should go through all of your supplies and replenish as needed.  You will also need to find a new place to store your items.  You and your family should also go over an evacuation plan since you are now in a new space.

When you buy a home and move in, you need to make sure everyone knows how to locate...
1.  The fire extinguisher
2.  The gas shut off valve (wrench should be attached)
3.  The prearranged meeting spot

You should have the following supplies and know where they are.
1.  A fire Extinguisher
2.  Water for 2 weeks (1gallon per person, per day)
3.  Medications you and you family are on
4.  First aid kit and instructions
5.  Flashlights (with extra batteries and bulbs)
6.  Portable radio and batteries
7.  Canned and packaged ready to eat food.
8.  Manual can opener
9.  Waterproof plastic bags for waste disposal

What to do during an earthquake
1.  If you are inside, stay there.  Move away from windows, fireplaces, tall heavy furniture and get out of kitchen where things can fall on you.  Duck under a heavy table and hang on.
2.  If you are outside, move away from buildings, power lines, chimneys and snything that can fall on you.

You can find more information on earthquakes here.

VA Loan Changes

I need help getting the word out to military members who are considering buying a home. The VA has made some changes to the loan program that could save a VA buyer some money.


Effective for loans closed on or after October 1, 2011, the VA funding fee will decrease dramatically! The first time user of VA loans will see their upfront funding fee drop from 2.15% down to 1.40%. That is a savings of roughly $2000 on a $275,000 loan.


So please share this information with any military person you know of who is considering buying a home in the near future. Have them call me for more information.  Now is the time to take advantage of the historic low interest rates.  I am ready to help them with their homes for sale search.

Free Defensible Space Clearing for Seniors in Alpine

If you are a senior (62 or older) or disabled and own your home and have an annual income of $31,300 or less, Greater Alpine Fire Safe Council has a free program to create the 100 feet of defensible space required by fire agencies. Call Diane Francis at 619-445-4998 for application and information. You will be required to show proof of gross annual income. Space in this program is limited. Please share this information with others who may be eligible.

CONTACT:

Diane Francis
Greater Alpine Fire Safe Council Volunteer
619-445-4998
diane_francis@hotmail.com

Tax Tips for Home Sellers

As a real estate agent in Rancho San Diego I am often asked about the tax implications of selling a home.  I am not a tax consultant and do not feel comfortable offering advise in an area that I am not an expert. But I do want to help my clients make educated decisions when deciding to sell their home.

The IRS recently published their 10 Tax Tips for Individual Sellers.  This publication provides you with some great information.  If you are considering selling your home, check it out.  Then call me to arrange a time to discuss what I can do to assist you in getting your home sold and share with you what I will do to agressively market you home.

Lake Murray Terrace Condo

I just sold a condo in the Lake Murray Terrace complex.  This is condo complex of approximately 230 units.  These units are spacious and conveniently located near Grossmont College and Lake Murray.  The complex features multiple pools and a spa.  The unit I sold was 2 bedrooms, 1 bathroom and 1041 square feet.  This complex is great for someone thinking of buying an investment property or for a college student, just starting out.  The units are easily rented and the prices are very reasonable. There are currently 3 other units available in the complex.  If you are interested in more information, please feel free to give me a call or visit my website at Lake Murray Real Estate.

Rancho San Diego - La Vida Real - Senior Living Community

I recently sold a home for a wonderful gentleman by the name of George.  George is in his late 80's and possible 90's.  He came to me when it was time for him to sell the 2500 + square foot family home and move himself and his ailing wife into a senior community.  As you can imagine this was a very difficult and emotional experience for George but he did it!

While I was working with George to sell his Mt Helix home, he and his wife moved to La Vida Real.  This is a senior living community  Rancho San Diego that offers independent living, assisted living, and Alzheimer/Dementia Care.  This move allowed George to share the responsibilty of caring for his wife.  The move to La Vida Real Senior Community also gave George the opportunity to let go of the family home slowing.  At first he would go to Mt Helix every day and wanted to be there for every showing.  Eventually he was able to let go and begin to distance himself from the property.  This gradual seperation was good for George.

When I first met him he was very gruff and one might say unreasonable but as time went by he realized he could trust me and that I had only his best interests in mind.  I did not pressure him or push him to do anything he was uncomfortable with.  I was patient, and in the end I think this made it much easier for him to let go of the family home.

It is easy to forget that real estate is a people business.  George had lived in this home for numerous years, raised his family here, and took pride in this home.  He was definately emotionally tied to it.  I am glad I took the time to be patient and not push him.  In the end I was greatly rewarded with a big hug and tender smile from George.  This is something I will cherish for a long time!

El Cajon Job Fair - August 2011

Here is a copy of a letter I recieved from Congressman Duncan Hunter regarding a Job Fair  he will be holding in El Cajon this month.  For some finding a new or better job can be the first step to buying a home.  Take a look.

Dear Kimberlee,

With one in ten San Diegans out of work, getting the economy back on track is one of my top priorities. So is putting San Diegans back to work.


That's why on August 26, 2011, from 9am to 12pm, I will be hosting my second job fair for 2011 at the Cuyamaca College Student Center in El Cajon. Whether you, or someone you know, are looking for work or interested in a career change, I hope you will stop by and speak with some of the participating businesses. In fact, companies from across the county are expected to attend this fair and have opportunities available in a variety of jobs sectors.

Attached is a copy of the flier, which contains additional details, including parking instructions. Should you have any questions, feel free to contact Andrea Jones in my El Cajon office at Andrea.Jones@mail.house.gov, or 619-448-5201.

I look forward to seeing you at this event. The event information is also available on my website, http://www.hunter.house.gov/, where you can also sign up to receive periodic updates on my efforts in Congress.

Sincerely,
Duncan Hunter
Member of Congress

Please visit my website at hunter.house.gov to sign up for my e-newsletter and receive electronic updates.

Here is the link to the Job Fair Flyer.