Here is the form to enter my September Appreciation Drawing. As a real estate agent I really value the referrals you send me. Complete this form and return to me ASAP so you will be entered to win!!
Monday, August 27, 2012
Wednesday, August 15, 2012
"Underwater" Officially Becomes Word
'Underwater' Officially Becomes Word
The term “underwater” has commonly been used in the housing industry to describe troubled mortgages. Now, Merriam-Webster announced it’s recognizing the word by adding it to the dictionary.
So what’s the official meaning of the mortgage-related term?
According to the 2012 update of the Merriam-Webster’s Collegiate Dictionary, “underwater” in the real estate sense is defined as “having, relating to, or being a mortgage loan for which more is owed than the property securing the loan is worth.”
Other commonly used real estate-related words added to the 2012 dictionary include: “man cave” (“a room or space -- as in a basement -- designed according to the taste of the man of the house to be used as his personal area for hobbies and leisure activities”) and technology words like “cloud computing” ("the practice of storing regularly used computer data on multiple servers that can be accessed through the Internet") and “mash-up” ("something created by combining elements from two or more sources").
Source: Merriam-Webster
So what’s the official meaning of the mortgage-related term?
According to the 2012 update of the Merriam-Webster’s Collegiate Dictionary, “underwater” in the real estate sense is defined as “having, relating to, or being a mortgage loan for which more is owed than the property securing the loan is worth.”
Other commonly used real estate-related words added to the 2012 dictionary include: “man cave” (“a room or space -- as in a basement -- designed according to the taste of the man of the house to be used as his personal area for hobbies and leisure activities”) and technology words like “cloud computing” ("the practice of storing regularly used computer data on multiple servers that can be accessed through the Internet") and “mash-up” ("something created by combining elements from two or more sources").
Source: Merriam-Webster
Tuesday, August 14, 2012
Great Investment
I came across a new listing in the condo complex that I live in and thought, WOW! The unit has 2 bedrooms, 2 full bathrooms and has 1371 square feet. It is located on the third floor, providing lots of privacy and views of the golf course and mountains. The best part is that it is listed for $175,000. Let's take a look at the numbers and see why I said WOW.
$175,000 list price
- $6150 (3.5 down payment. Yes the complex is FHA approved.)
__________
168,850 Loan amount
$808.00 (monthly payment and interest based on 3.9% interest rate)
$182.00 (estimated monthly property tax)
$ 51.00 (estimated monthly insurance)
$250.00 (current monthly HOA fee)
$127.00 (monthly mortgage insurance required with less than 20% down payment)
$1418.00 (total monthly payment)
Units like this one are currently renting for $1450-$1600. WOW! Own a home for less than rent or buy an investment property for instant cash flow! (FHA loans are for owner occupied purchases. Loans for investors would require higher down payment and change the numbers.) Please pass this one along to anyone you know who is looking for an investment opportunity or anyone who is tired of paying their landlord's mortgage. There are other great deals out there. Give me a call!
$175,000 list price
- $6150 (3.5 down payment. Yes the complex is FHA approved.)
__________
168,850 Loan amount
$808.00 (monthly payment and interest based on 3.9% interest rate)
$182.00 (estimated monthly property tax)
$ 51.00 (estimated monthly insurance)
$250.00 (current monthly HOA fee)
$127.00 (monthly mortgage insurance required with less than 20% down payment)
$1418.00 (total monthly payment)
Units like this one are currently renting for $1450-$1600. WOW! Own a home for less than rent or buy an investment property for instant cash flow! (FHA loans are for owner occupied purchases. Loans for investors would require higher down payment and change the numbers.) Please pass this one along to anyone you know who is looking for an investment opportunity or anyone who is tired of paying their landlord's mortgage. There are other great deals out there. Give me a call!
Wednesday, August 8, 2012
El Cajon Real Estate Market July 2012
Here are the July real estate statistics for the 3 zip codes in El Cajon. I have included the numbers for active, pending, and sold single family detached homes.
92019
There are currently 62 active listings in El Cajon (92019). Ranging from $188,000 for 2 bedrooms, 1 bathrooms, 837 square feet to $1,899,000 for 4 bedrooms, 5 bathrooms, 4498 square feet.
56 properties are pending (currently in escrow).
24 properties sold (closed escrow) in July. Ranging from $200,000 for 3 bedrooms, 2 bathrooms, 1400 square feet to $625,000 for 5 bedrooms, 5 bathrooms, 3835 square feet. The average time on the market for the properties that sold was 70 days.
92020
There are currently 48 active listings in El Cajon (92020). Ranging from $159,000 for 2 bedrooms, 1 bathrooms, 754 square feet to $1,000,000 for 6 bedrooms, 3 bathrooms, 4038 square feet.
52 properties are pending (currently in escrow).
34 properties sold (closed escrow) in July. Ranging from $165,000 for 2 bedrooms, 1 bathrooms, 840 square feet to $620,000 for 3 bedrooms, 3 bathrooms, 2508 square feet. The average time on the market for the properties that sold was 46 days.
92021
There are currently 59 active listings in El Cajon (92021). Ranging from $214,500 for 3 bedrooms, 2 bathrooms, 1384 square feet to $3,900,000 for 4 bedrooms, 6 bathrooms, 7745 square feet.
71 properties are pending (currently in escrow).
43 properties sold (closed escrow) in July. Ranging from $119,900 for 1 bedrooms, 1 bathrooms, 546 square feet to $530,000 for 4 bedrooms, 3 bathrooms, 3274 square feet. The average time on the market for the properties that sold was 73 days.
92019
There are currently 62 active listings in El Cajon (92019). Ranging from $188,000 for 2 bedrooms, 1 bathrooms, 837 square feet to $1,899,000 for 4 bedrooms, 5 bathrooms, 4498 square feet.
56 properties are pending (currently in escrow).
24 properties sold (closed escrow) in July. Ranging from $200,000 for 3 bedrooms, 2 bathrooms, 1400 square feet to $625,000 for 5 bedrooms, 5 bathrooms, 3835 square feet. The average time on the market for the properties that sold was 70 days.
92020
There are currently 48 active listings in El Cajon (92020). Ranging from $159,000 for 2 bedrooms, 1 bathrooms, 754 square feet to $1,000,000 for 6 bedrooms, 3 bathrooms, 4038 square feet.
52 properties are pending (currently in escrow).
34 properties sold (closed escrow) in July. Ranging from $165,000 for 2 bedrooms, 1 bathrooms, 840 square feet to $620,000 for 3 bedrooms, 3 bathrooms, 2508 square feet. The average time on the market for the properties that sold was 46 days.
92021
There are currently 59 active listings in El Cajon (92021). Ranging from $214,500 for 3 bedrooms, 2 bathrooms, 1384 square feet to $3,900,000 for 4 bedrooms, 6 bathrooms, 7745 square feet.
71 properties are pending (currently in escrow).
43 properties sold (closed escrow) in July. Ranging from $119,900 for 1 bedrooms, 1 bathrooms, 546 square feet to $530,000 for 4 bedrooms, 3 bathrooms, 3274 square feet. The average time on the market for the properties that sold was 73 days.
Alpine Real Estate Market Report July 2012
Here are the July real estate statistics for Alpine. I have included the numbers for active, pending, and sold single family detached homes.
There are currently 55 active listings in Alpine. Ranging from $294,900 for 4 bedrooms, 2 bathrooms, 2300 square feet to $2,595,000 for 6 bedrooms, 7 bathrooms, 6444 square feet.
38 properties are pending (currently in escrow).
14 properties sold (closed escrow) in July. Ranging from $230,000 for 3 bedrooms, 2 bathrooms, 1450 square feet to $695,000 for 4 bedrooms, 4 bathrooms, 3818 square feet. The average tme on the market for the properties that sold was 68 days.
There are currently 55 active listings in Alpine. Ranging from $294,900 for 4 bedrooms, 2 bathrooms, 2300 square feet to $2,595,000 for 6 bedrooms, 7 bathrooms, 6444 square feet.
38 properties are pending (currently in escrow).
14 properties sold (closed escrow) in July. Ranging from $230,000 for 3 bedrooms, 2 bathrooms, 1450 square feet to $695,000 for 4 bedrooms, 4 bathrooms, 3818 square feet. The average tme on the market for the properties that sold was 68 days.
Jamul Real Estate Report July 2012
Here are the July real estate statistics for Jamul. I have included the numbers for active, pending, and sold single family detached homes.
There are currently 33 active listings in Jamul. Ranging from $175,000 for 2 bedrooms, 2 bathrooms, 1144 square feet to $1,250,000 for 6 bedrooms, 5 bathrooms, 6264 square feet.
18 properties are pending (currently in escrow).
7 properties sold (closed escrow) in July. Ranging from $152,000 for 3 bedrooms, 2 bathrooms, 1975 square feet to $655,000 for 4 bedrooms, 4 bathrooms, 4193 square feet. The average tme on the market for the properties that sold was 58 days.
There are currently 33 active listings in Jamul. Ranging from $175,000 for 2 bedrooms, 2 bathrooms, 1144 square feet to $1,250,000 for 6 bedrooms, 5 bathrooms, 6264 square feet.
18 properties are pending (currently in escrow).
7 properties sold (closed escrow) in July. Ranging from $152,000 for 3 bedrooms, 2 bathrooms, 1975 square feet to $655,000 for 4 bedrooms, 4 bathrooms, 4193 square feet. The average tme on the market for the properties that sold was 58 days.
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