Monday, March 26, 2012
Home For Sale in El Cajon - Price Reduced!
Home for sale and just reduced in El Cajon! 4 bedrooms, 2 bathrooms, 1650 square feet. Built in 1981. Listed for $275,000 - $280,000. This is not a short sale or bank owned. Submit an offer and close quickly. Call me today for all the details.Monday, March 19, 2012
How Far Have Home Prices Fallen?
We all know that home prices have fallen dramatically over the past few years. Have you ever asked yourself how much? I have pulled some of the current listings in Rancho San Diego and then took a look at what they last sold for as a comparison. Here is what I found...
1 bedroom, 1 bath condo in Rancho Villas is listed for $128,000 today. In 2005 it sold for $316,500.
3 bedroom, 2.5 bathroom, attached twin home off of Hilton Head is listed for $195,000. It sold for $440,000 in 2005.
4 bedroom, 2.5 bathroom home on Sawgrass in Corte Madera development is listed for $369,900. In 2005 is sold for $750,000
When you compare today's prices to prices of the past, it is easy to see why everyone is saying it is a great time to buy. And remember, interest rates are also at an all time low.
1 bedroom, 1 bath condo in Rancho Villas is listed for $128,000 today. In 2005 it sold for $316,500.
3 bedroom, 2.5 bathroom, attached twin home off of Hilton Head is listed for $195,000. It sold for $440,000 in 2005.
4 bedroom, 2.5 bathroom home on Sawgrass in Corte Madera development is listed for $369,900. In 2005 is sold for $750,000
When you compare today's prices to prices of the past, it is easy to see why everyone is saying it is a great time to buy. And remember, interest rates are also at an all time low.
Thursday, March 15, 2012
Mortgage Calculator
How much home can you afford? Try this mortgage calculator to find out. When you are ready to start the home buying process, give me a call.
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Wednesday, March 14, 2012
Buyer Closing Costs Explained
One of the biggest questions I get from people buying their first home is "What are closing costs and how much will we have to pay?" Closing costs are the costs that are associated with buying a home. They are paid at the close of escrow. The most common closing costs are the fees related to obtaining the loan, appraisal fees, title fees, escrow fees, and prepaid items such as taxes and insurance. Many times the exact amount of the closing costs is not know until right before the day of closing because they are prorated through the day escrow closes. You will however have a good idea of what they will be by taking a look at the settlement statement provided by escrow. The settlement statement or HUD1 lists all the financial details of the transaction. It is important to review this document and understand the charges.Closing costs are negotiable between the buyer and the seller at the time you are submitting the offer. You can ask the seller to cover all or part of the closing costs you will need to pay. This is why it is a good idea to have an estimate of what your closing costs will be before you submit an offer so you know how much to ask for. Make sure you are prequalified with a lender in advance and have an idea of how much your closing costs will be. If you are fortunate enough to get the seller to agree to pay some or all of your closing costs you may need to only bring in your down payment and pay for the out of pocket costs such as the home inspections.
The majority of closing costs are associated with the loan. These costs will vary from lender to lender. The loan origination fee is the lender's commission. It is how much the originator receives for getting you qualified for your loan. It is typically about 3%. The appraisal fee is about $450+ and usually needs to be paid prior to closing (out of pocket). Courier fees cover the costs of send paperwork back and forth between escrow, title and the lender. Notary fees are charged for notarizing the loan docs/deeds. Escrow fees pay for the escrow services. Title fees cover the costs to check on and insure a clear title.
Pre-paid items could include insurance and taxes. Buyers usually have to have a valid insurance policy/binder showing they have paid the insurance for the first year, hence the term pre-paid. Property taxes are prorated to the day escrow closes. The seller pays for the amount of time they owned the property so a charge or credit will be applied depending on what has been paid. The lender may require the buyer pay a number of months of taxes and insurance into an "escrow" or "impound" account. Taxes and insurance charges are then added and included in the monthly mortgage payment and a portion is deposited into this account. The mortgage company will then pay the taxes and insurance out of this account.
And finally you should make sure you have the money to do any and all home inspections that you want. These will not show up on the HUD and will need to be paid out of pocket at the time of the inspection. They typically run between $300-$500 for a general inspection depending on size and type of home. If there is septic or well on the property those can run about $400 a piece. These are just a few of the inspections you may want to have done. The costs of doing inspections can add up but knowing what you are buying and having the home checked by a qualified professional is priceless.
Wednesday, March 7, 2012
Rental Scam
There are tons of scams on the web and one in particular that I want you to be aware of. I have a listing for a home that is for sale. This listing has shown up on Craigslist as being for rent. The scammers have poached the listing pictures and written up an ad on Craigslist. When you email them for more information you recieve the following response...
The email is then signed with the property owners name so if you checked the tax records it would appear you are dealing with the real owner. Unfortunately you are not. They have even tried to explain away why there is a for sale sign in the front yard! If you fill out the rental questionaire, you have just given away your identity! If you send them money, it is gone. I have recieved at least 6 calls from interested renters who drove by and were suspicious enough to call the number on my sign and get more information. Lucky for them they did, they avoided falling prey to a scam. I have no way of knowing who else may seen the ad and sent their information and/or money. Please be careful out there and do your research before sending anyone money or your personal information. It is sad that we all have to be on our guard but unfortunately we do.
"Thanks for your interest and inquiries about my house. Yes the house is still available for rent and we are looking for a responsible person/family to occupy and maintain the house now that we are not around. Myself and husband just traveled to West Africa on an evangelical mission involving in several projects like TEACHING AND EDUCATING CHILDREN ABOUT CHRIST, ORPHANAGE HOMES and so on..,Here is the site (http://www.missionfinder.org/educators.html) for more details, the program is taking place in three major countries in Europe, Africa, UK . We will be away for 2 to 3 years or more that is why we have made up my mind to put up my house for rent to whom ever that will take good care of it. However, our initial plan was to sell the house but it was not successful because the Realtor raised the price which made it difficult for me to sell before leaving the States so never mind if you see the for sale sign in front of the house, It has already been taken off the market as for sale so there is no need to contact any Realtor. The house is available for both long term and short term so long as you are ready to maintain the house... How soon do you intend to move in?
Note: I would like you to drive-by the house to view the exterior and neighborhood of the house . Get back to me asap so i can forward you the rent questionnaire i will want you to fill
Regards."
The email is then signed with the property owners name so if you checked the tax records it would appear you are dealing with the real owner. Unfortunately you are not. They have even tried to explain away why there is a for sale sign in the front yard! If you fill out the rental questionaire, you have just given away your identity! If you send them money, it is gone. I have recieved at least 6 calls from interested renters who drove by and were suspicious enough to call the number on my sign and get more information. Lucky for them they did, they avoided falling prey to a scam. I have no way of knowing who else may seen the ad and sent their information and/or money. Please be careful out there and do your research before sending anyone money or your personal information. It is sad that we all have to be on our guard but unfortunately we do.
Thursday, March 1, 2012
El Cajon Real Estate Market Report - February 2012
It is time once again to take a look at the El Cajon Real Estate Market. I have included information about the homes currently on the market, the pending listings and the homes that sold. These numbers are for single family detached homes. The information is broken down by the three El Cajon zip codes.
92019
There are currently 62 Active real estate listings in El Cajon (92019) . They range from $199,900 for 2 bedroom, 1 bathroom, 1011 square feet to $1,799,000 for a 3 bedroom, 4 bathroom, 4702 square feet.
40 properties are pending, (currently in escrow).
15 properties sold (closed escrow) in February. They ranged from $170,000 for a 3 bedroom, 1 bathroom, 1084 square feet to $610,000 for 3 bedrooms, 3 bathrooms, 2802 square feet. The average time on the market was 104 days.
92020
There are currently 65 Active real estate listings in El Cajon (92020) . They range from $139,000 for 2 bedroom, 1 bathroom, 720 square feet to $890,000 for a 4 bedroom, 6 bathroom, 4241 square feet.
37 properties are pending, (currently in escrow).
19 properties sold (closed escrow) in February. They ranged from $160,000 for a 3 bedroom, 2 bathroom, 1218 square feet to $590,000 for 4 bedrooms, 3 bathrooms, 2827 square feet. The average time on the market was 54 days.
92021
There are currently 72 Active real estate listings in El Cajon (92021) . They range from $157,900 for 2 bedroom, 1 bathroom, 664 square feet to $1,550,000 for a 3 bedroom, 3 bathroom, 5500 square feet.
56 properties are pending, (currently in escrow).
34 properties sold (closed escrow) in February. They ranged from $159,000 for a 2 bedroom, 1 bathroom, 748 square feet to $625,000 for 5 bedrooms, 4 bathrooms, 3369 square feet. The average time on the market was 67 days.
92019
There are currently 62 Active real estate listings in El Cajon (92019) . They range from $199,900 for 2 bedroom, 1 bathroom, 1011 square feet to $1,799,000 for a 3 bedroom, 4 bathroom, 4702 square feet.
40 properties are pending, (currently in escrow).
15 properties sold (closed escrow) in February. They ranged from $170,000 for a 3 bedroom, 1 bathroom, 1084 square feet to $610,000 for 3 bedrooms, 3 bathrooms, 2802 square feet. The average time on the market was 104 days.
92020
There are currently 65 Active real estate listings in El Cajon (92020) . They range from $139,000 for 2 bedroom, 1 bathroom, 720 square feet to $890,000 for a 4 bedroom, 6 bathroom, 4241 square feet.
37 properties are pending, (currently in escrow).
19 properties sold (closed escrow) in February. They ranged from $160,000 for a 3 bedroom, 2 bathroom, 1218 square feet to $590,000 for 4 bedrooms, 3 bathrooms, 2827 square feet. The average time on the market was 54 days.
92021
There are currently 72 Active real estate listings in El Cajon (92021) . They range from $157,900 for 2 bedroom, 1 bathroom, 664 square feet to $1,550,000 for a 3 bedroom, 3 bathroom, 5500 square feet.
56 properties are pending, (currently in escrow).
34 properties sold (closed escrow) in February. They ranged from $159,000 for a 2 bedroom, 1 bathroom, 748 square feet to $625,000 for 5 bedrooms, 4 bathrooms, 3369 square feet. The average time on the market was 67 days.
Alpine Real Estate Market Report - February 2012
It is time once again to look at what happened in the Alpine Real Estate Market. I have included information about the homes currently on the market, the pending listings and the homes that sold. These numbers are for single family detached homes.
There are currently 69 Active real estate listings in Alpine . They range from $169,900 for 2 bedroom, 2 bathroom, 740 square feet to $2,595,000 for a 6 bedroom, 7 bathroom, 6444 square feet.
25 properties are pending, (currently in escrow).
17 properties sold (closed escrow) in February. They ranged from $299,900 for a 3 bedroom, 2 bathroom, 1472 square feet to $575,000 for 5 bedrooms, 4 bathrooms, 3600 square feet. The average time on the market was 62 days.
There are currently 69 Active real estate listings in Alpine . They range from $169,900 for 2 bedroom, 2 bathroom, 740 square feet to $2,595,000 for a 6 bedroom, 7 bathroom, 6444 square feet.
25 properties are pending, (currently in escrow).
17 properties sold (closed escrow) in February. They ranged from $299,900 for a 3 bedroom, 2 bathroom, 1472 square feet to $575,000 for 5 bedrooms, 4 bathrooms, 3600 square feet. The average time on the market was 62 days.
Jamul Real Estate Market Report - February 2012
Even though Febrary was 1 day longer than it usually is, it sure did go quickly! It is time once again to look at what happened in the Jamul Real Estate Market. I have included information about the homes currently on the market, the pending listings and the homes that sold. These numbers are for single family detached homes.
There are currently only 31 Active listings in Jamul. They range from $199,000 for 1 bedroom, 1 bathroom, 640 square feet to $1,250,000 for a 2 bedroom, 3 bathroom, 4360 square feet, (yes the number of bedrooms is correct with 2).
14 properties are pending, (currently in escrow).
9 properties sold (closed escrow) in February. They ranged from $165,000 for a 2 bedroom, 2 bathroom, 1440 square feet to $800,000 for 4 bedrooms, 5 bathrooms, 5256 square feet. The average time on the market was 92 days.
There are currently only 31 Active listings in Jamul. They range from $199,000 for 1 bedroom, 1 bathroom, 640 square feet to $1,250,000 for a 2 bedroom, 3 bathroom, 4360 square feet, (yes the number of bedrooms is correct with 2).
14 properties are pending, (currently in escrow).
9 properties sold (closed escrow) in February. They ranged from $165,000 for a 2 bedroom, 2 bathroom, 1440 square feet to $800,000 for 4 bedrooms, 5 bathrooms, 5256 square feet. The average time on the market was 92 days.
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