It is time for the monthly look at the local real estate market. Here is how the real estate market looked for Jamul in January.
There are currently 22 active listings in Jamul. Ranging from $219,000 for 3 bedrooms, 1 bathroom, 888 square feet to $1,800,000 for 5 bedrooms, 6 bathrooms, 8841 square feet.
23 properties are pending (currently in escrow).
1 property sold (closed escrow) in January. It was a 3 bedroom, 3 bathroom, 2098 square foot home. It sold for $710,000 and was on the market for 28 days.
Please visit my website to view Jamul Real Estate Market Trends or to explore another neighborhood.
Showing posts with label Home Buyers. Show all posts
Showing posts with label Home Buyers. Show all posts
Monday, February 3, 2014
Thursday, July 18, 2013
3 Real Estate Scams to Watch Out For
Important information! Please share with your friends.
Though the housing recovery is trucking along, that doesn't mean real estate scams have gone away. Home owners have been duped out of an average of $4,000 to $5,000 from scams, but even five-figure losses aren’t uncommon for those who have fallen prey to fake loan modifications and other housing fraud. Forbes recently highlighted three of the most common real estate scams today:
1. Rental scams: Scammers illegally pull online listing information from a home for sale and re-post it as a rental on another site, such as Craigslist. They’ll often ask for money upfront, in the form of a security deposit or broker fee, from prospective tenants. Scammers often advertise the home at a low price and collect application fees from several prospective tenants in order to hold the property for them.
Warning signs: Be cautious of wiring money or paying any upfront fee before you’ve met the agent or signed the contract. Also, be skeptical if they can’t show you the property when you ask.
2. Loan modification scams: Scammers may offer “fake foreclosure counseling, phony forensic loan auditing, nonexistent mass rejoinder lawsuits, bait-and-switch ploys, leaseback programs, and fraudulent ‘government’ modification programs,” Forbes reports.
Warning signs: Be skeptical if anyone asks for money for foreclosure counseling. Foreclosure counseling is free from agencies like the U.S. Department of Housing and Urban Development. Also, always contact your lender directly to work through a modification process. Don’t allow someone to do that on your behalf.
3. Workshop scams: An investment guru will host a get-rich-quick real estate investing seminar and have you sign up for a course that is free or low-cost. The investor may then give you actual properties to invest in if you offer up thousands of dollars in advance. They make bold promises that you’ll become a millionaire, but then nothing ever happens. Also, a form you may have signed initially to take the class may prevent you from taking legal action against the instructor to recoup your money.
Warning signs: While not every workshop instructor is a scammer, be sure to check out the program thoroughly before signing up. Check the company’s rating with the Better Business Bureau. Also, check if it’s linked to a reputable industry association.
Source: “3 Real Estate Scams and How to Avoid Them,” Forbes.com (July 16, 2013)
1. Rental scams: Scammers illegally pull online listing information from a home for sale and re-post it as a rental on another site, such as Craigslist. They’ll often ask for money upfront, in the form of a security deposit or broker fee, from prospective tenants. Scammers often advertise the home at a low price and collect application fees from several prospective tenants in order to hold the property for them.
Warning signs: Be cautious of wiring money or paying any upfront fee before you’ve met the agent or signed the contract. Also, be skeptical if they can’t show you the property when you ask.
2. Loan modification scams: Scammers may offer “fake foreclosure counseling, phony forensic loan auditing, nonexistent mass rejoinder lawsuits, bait-and-switch ploys, leaseback programs, and fraudulent ‘government’ modification programs,” Forbes reports.
Warning signs: Be skeptical if anyone asks for money for foreclosure counseling. Foreclosure counseling is free from agencies like the U.S. Department of Housing and Urban Development. Also, always contact your lender directly to work through a modification process. Don’t allow someone to do that on your behalf.
3. Workshop scams: An investment guru will host a get-rich-quick real estate investing seminar and have you sign up for a course that is free or low-cost. The investor may then give you actual properties to invest in if you offer up thousands of dollars in advance. They make bold promises that you’ll become a millionaire, but then nothing ever happens. Also, a form you may have signed initially to take the class may prevent you from taking legal action against the instructor to recoup your money.
Warning signs: While not every workshop instructor is a scammer, be sure to check out the program thoroughly before signing up. Check the company’s rating with the Better Business Bureau. Also, check if it’s linked to a reputable industry association.
Source: “3 Real Estate Scams and How to Avoid Them,” Forbes.com (July 16, 2013)
Thursday, December 6, 2012
Good News for FHA Buyers
The Federal Housing Administration (FHA) has extended the 90 day anti flipping waiver through 2014. This is good news for buyers who are using an FHA backed loan to purchase a property. FHA loans only required a 3.5% down payment. The extension of this waiver allows buyers to purchase a home that has been sold previously in the last 90 days.
If this waiver had not been extended, FHA buyers would not be able to buy a home that had been sold in the last 90 days. This would have seriously limited the number of properties they could purchase. FHA buyers are already limited by FHA standards as to the properties they can buy. You add the low inventory we have today and a FHA buyer would have had an even harder time finding a suitable property. I am so glad the waiver was extended.
If this waiver had not been extended, FHA buyers would not be able to buy a home that had been sold in the last 90 days. This would have seriously limited the number of properties they could purchase. FHA buyers are already limited by FHA standards as to the properties they can buy. You add the low inventory we have today and a FHA buyer would have had an even harder time finding a suitable property. I am so glad the waiver was extended.
Monday, December 3, 2012
Jamul Real Estate Report November 2012
Merry Christmas everyone! It is time for the monthly real estate market report for Jamul. Here are the numbers for November 2012.
There are currently only 20 active listings in Jamul. They range from $231,110 for a 3 bedroom, 1 bathroom, 888 square feet to $2,600,000 for 3 bedroom, 3 bathroom, 2430 square feet.
15 properties are pending, (currently in escrow).
15 properties sold (closed escrow) in November. Ranging fro $175,500 for 3 bedroom, 2 bathroom, 2000 square feet to $840,000 for 4 bedroom, 5 bathroom, 3610 square feet. The average time on the market was 74 days.
With inventory so low in Jamul, now is the time to sell. Why wait until after the holidays to list your home like everyone else does? By listing now you will have less competition. Call me today to get your home on the market.
I would like to wish you and your family a very Merry Christmas and a safe and Happy New Year. I look forward to hearing from you and assisting you with all your real estate needs in the coming year.
There are currently only 20 active listings in Jamul. They range from $231,110 for a 3 bedroom, 1 bathroom, 888 square feet to $2,600,000 for 3 bedroom, 3 bathroom, 2430 square feet.
15 properties are pending, (currently in escrow).
15 properties sold (closed escrow) in November. Ranging fro $175,500 for 3 bedroom, 2 bathroom, 2000 square feet to $840,000 for 4 bedroom, 5 bathroom, 3610 square feet. The average time on the market was 74 days.
With inventory so low in Jamul, now is the time to sell. Why wait until after the holidays to list your home like everyone else does? By listing now you will have less competition. Call me today to get your home on the market.
I would like to wish you and your family a very Merry Christmas and a safe and Happy New Year. I look forward to hearing from you and assisting you with all your real estate needs in the coming year.
Thursday, June 21, 2012
Is This The Bottom of The Real Estate Market?
The biggest question I am getting from both home buyers and sellers right now is this: "Is this the bottom of the real estate market dip?" Buyers are asking because they do not want to buy a house only to have it depreciate in the short term. Sellers are asking because if this is the "bottom" and house prices are going to go up tomorrow, they want to wait to sell. What both buyers and sellers need to understand is that there are many factors that they should be considering and that the "bottom" is not an event, but rather a process. The timeline of this process will vary from state to state, city to city, and neighborhood to neighborhood. Both buyers and sellers need to consider all of the factors and their personal circumstances to make the decisions that are right for them.
The real estate market recovery is tied to many complex economical factors. It comes down to consumer confidence. If people are confident that the economy is turning around, it spurs the recovery. We all know that the unemployment rate is tied to the real estate market. If people are fearful that they are going to lose their job or have already lost their job they are not going to be thinking about buying a home. However as the unemployment rate drops more buyers will qualify to purchase a home and have the confidence to do so.
Along this same line is that when people start to feel confident in the economy they start to see real estate as a good investment. Buyers tend to look at the short term, rather than the long term. Most buyers do not want to buy a house only to have its value drop in the short term. But they need to look at the long term; what the house will be worth when they are ready to sell. As they gain confidence in the economy they start to see even the short term benefits of buying a home.
So sellers should wait to sell? No, not necessarily it will depend on why you are considering selling. If you are buying another home, why wait for prices and interest rates to go up? The longer you stay in the current house, the more you are investing by paying on the current mortgage, put that money toward the new mortgage and property. Why wait for everyone else to figure out that now is a good time to sell? You might have more competition if you wait.
The recovery is a process not an event. We are not going to wake up one day and have everyone feel confident in the economy. It is a process. We are seeing the unemployment rates drop. Interest rates are unbelievably low. The shadow inventory that had us worried about a double dip recession is shrinking. Builders have started building. We are getting multiple offers on listed properties. These are all sign that the process has begun. More and more people are realizing that the doom and gloom we have been living under for the past few years is lifting. Yes we are in the process of recovering and yes the worst is over.
The real estate market recovery is tied to many complex economical factors. It comes down to consumer confidence. If people are confident that the economy is turning around, it spurs the recovery. We all know that the unemployment rate is tied to the real estate market. If people are fearful that they are going to lose their job or have already lost their job they are not going to be thinking about buying a home. However as the unemployment rate drops more buyers will qualify to purchase a home and have the confidence to do so.
Along this same line is that when people start to feel confident in the economy they start to see real estate as a good investment. Buyers tend to look at the short term, rather than the long term. Most buyers do not want to buy a house only to have its value drop in the short term. But they need to look at the long term; what the house will be worth when they are ready to sell. As they gain confidence in the economy they start to see even the short term benefits of buying a home.
So sellers should wait to sell? No, not necessarily it will depend on why you are considering selling. If you are buying another home, why wait for prices and interest rates to go up? The longer you stay in the current house, the more you are investing by paying on the current mortgage, put that money toward the new mortgage and property. Why wait for everyone else to figure out that now is a good time to sell? You might have more competition if you wait.
The recovery is a process not an event. We are not going to wake up one day and have everyone feel confident in the economy. It is a process. We are seeing the unemployment rates drop. Interest rates are unbelievably low. The shadow inventory that had us worried about a double dip recession is shrinking. Builders have started building. We are getting multiple offers on listed properties. These are all sign that the process has begun. More and more people are realizing that the doom and gloom we have been living under for the past few years is lifting. Yes we are in the process of recovering and yes the worst is over.
Thursday, April 19, 2012
What is a Statement of Information and Why Is It Needed?
According to the California Residential Purchase Agreement released on April 28, 2010, all sellers of a Residential Property shall provide the escrow holder completed Statements of Information within seven days after acceptance of contract.
So what is a Statement of Information and why is it important? Well, the Statement of Information (SI) is a form that you fill out. It will ask you questions regarding other names you have used, where you have lived, the names and ages of your children and jobs you have had. This information is provided to the title company so they can distinguish the buyers and sellers involved in this transaction from other people with similar names. Once Title identifies the true buyers and sellers they can disregard judgments and liens on the public records that are linked to other people who may have similar names.
Whenever Title is insuring a property they search the recorded documents looking for anything that affects the property such as liens, court orders, and bankruptcies. These things affect the title to the property and will be listed as an exception from coverage on the title policy. The completed Statement of Information allows the title company to differentiate between recorded documents for the people involved in this particular transaction from parties with similar names. This protects all parties involved and allows the title company to completely carry out their duties.
So what is a Statement of Information and why is it important? Well, the Statement of Information (SI) is a form that you fill out. It will ask you questions regarding other names you have used, where you have lived, the names and ages of your children and jobs you have had. This information is provided to the title company so they can distinguish the buyers and sellers involved in this transaction from other people with similar names. Once Title identifies the true buyers and sellers they can disregard judgments and liens on the public records that are linked to other people who may have similar names.
Whenever Title is insuring a property they search the recorded documents looking for anything that affects the property such as liens, court orders, and bankruptcies. These things affect the title to the property and will be listed as an exception from coverage on the title policy. The completed Statement of Information allows the title company to differentiate between recorded documents for the people involved in this particular transaction from parties with similar names. This protects all parties involved and allows the title company to completely carry out their duties.
Wednesday, April 4, 2012
El Cajon Real Estate Market Report - March 2012
Here is how the El Cajon real estate market looked for the month of March. I am including the number of active listings, pending homes and homes that sold in March 2012 for all three zip codes in El Cajon. These numbers are for single family detached homes. If you would like statistics for condos or another area, please feel free to give me a call.
92019
There are currently only 61 Active homes for sale in El Cajon (92019); ranging from $169,900 for a 724 square foot, 1 bedroom, 1 bathroom property to $1,799,000 for a 3 bedroom, 4 bathroom, 4,702 square foot home.
47 properties are pending (currently in escrow).
32 properties sold in El Cajon (92019) in March (closed escrow); ranging from $155,000 for a 1,264 square foot, 3 bedroom, 2 bathroom to $750,000 for 4 bedrooms, 3 bathrooms, 3,671 square feet. The average time on the market was 78 days.
92020
There are currently only 52 Active homes for sale in El Cajon (92020); ranging from $165,000 for a 792 square foot, 2 bedroom, 1 bathroom property to $900,000 for a 4 bedroom, 3 bathroom, 2,926 square foot home.
52 properties are pending (currently in escrow).
19 properties sold in El Cajon (92020) in March (closed escrow); ranging from $140,000 for a 720 square foot, 2 bedroom, 1 bathroom to $490,000 for 4 bedrooms, 3 bathrooms, 2,288 square feet. The average time on the market was 58 days.
92021
There are currently only 58 Active homes for sale in El Cajon (92021); ranging from $175,000 for a 582 square foot, 1 bedroom, 1 bathroom property to $3,900,000 for a 4 bedroom, 6 bathroom, 7,745 square foot home.
54 properties are pending (currently in escrow).
39 properties sold in El Cajon (92021) in March (closed escrow); ranging from $134,000 for a 930 square foot, 3 bedroom, 1 bathroom to $860,000 for 4 bedrooms, 4 bathrooms, 4,565 square feet. The average time on the market was 81 days.
92019
There are currently only 61 Active homes for sale in El Cajon (92019); ranging from $169,900 for a 724 square foot, 1 bedroom, 1 bathroom property to $1,799,000 for a 3 bedroom, 4 bathroom, 4,702 square foot home.
47 properties are pending (currently in escrow).
32 properties sold in El Cajon (92019) in March (closed escrow); ranging from $155,000 for a 1,264 square foot, 3 bedroom, 2 bathroom to $750,000 for 4 bedrooms, 3 bathrooms, 3,671 square feet. The average time on the market was 78 days.
92020
There are currently only 52 Active homes for sale in El Cajon (92020); ranging from $165,000 for a 792 square foot, 2 bedroom, 1 bathroom property to $900,000 for a 4 bedroom, 3 bathroom, 2,926 square foot home.
52 properties are pending (currently in escrow).
19 properties sold in El Cajon (92020) in March (closed escrow); ranging from $140,000 for a 720 square foot, 2 bedroom, 1 bathroom to $490,000 for 4 bedrooms, 3 bathrooms, 2,288 square feet. The average time on the market was 58 days.
92021
There are currently only 58 Active homes for sale in El Cajon (92021); ranging from $175,000 for a 582 square foot, 1 bedroom, 1 bathroom property to $3,900,000 for a 4 bedroom, 6 bathroom, 7,745 square foot home.
54 properties are pending (currently in escrow).
39 properties sold in El Cajon (92021) in March (closed escrow); ranging from $134,000 for a 930 square foot, 3 bedroom, 1 bathroom to $860,000 for 4 bedrooms, 4 bathrooms, 4,565 square feet. The average time on the market was 81 days.
Jamul Real Estate Market Report - March 2012
Hard to believe but March is gone and it is time to see how the Jamul real estate market looked. I am including the number of active Jamul listings, pending homes and homes that sold in March 2012. These number are for single family detached homes. If you would like statistics for another area, please feel free to give me a call.
There are currently only 26 Active real estate listing in Jamul; ranging from $159,900 for a 588 square foot studio property to $1,299,000 for a 6 bedroom, 5 bathroom, 5,712 square foot home.
18 properties are pending (currently in escrow).
10 properties sold in Jamul in March (closed escrow); ranging from $165,000 for a 1,008 square foot studio to $666,000 for 3 bedrooms, 3 bathrooms, 3,065 square feet. The average time on the market was 77 days.
There are currently only 26 Active real estate listing in Jamul; ranging from $159,900 for a 588 square foot studio property to $1,299,000 for a 6 bedroom, 5 bathroom, 5,712 square foot home.
18 properties are pending (currently in escrow).
10 properties sold in Jamul in March (closed escrow); ranging from $165,000 for a 1,008 square foot studio to $666,000 for 3 bedrooms, 3 bathrooms, 3,065 square feet. The average time on the market was 77 days.
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.
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.
Thursday, February 23, 2012
4 Bedroom Fletcher Hills Home for Sale
Fletcher Hills Home for sale. Call me for all the details and to arrange a time to view.
Wednesday, February 15, 2012
The Perfect Real Estate Storm
There is a perfect storm brewing in real estate. There have been hints of it's existence in the news and I can definitely feel it's rumbling. Just as you can sense when it is about to rain I can sense this real estate storm churning just beneath the surface. When this storm comes to fruition it will not bring destruction however, it is bringing opportunity. What has started is the opportunity of a life time for those who are willing to seize it.
There are numerous factors contributing to this perfect real estate storm. We are seeing historically low interest rates of under 4%. This is historic! We have never seen rates this low before and it is projected that the rates will stay low through 2013. The second factor in the storm is that prices of homes have dropped by nearly half from the peak. This means that home affordability is at a high. Here in San Diego home affordability is at 62%. These means that 62% of San Diegans can afford to buy a home. In 2007 the home affordability level was a mere 10%. This is a huge increase in the number of people who can afford to buy a home.
The economy appears to to be improving. One of the biggest indicators is the unemployment rate. The unemployment rate here is 8.2%, it has been decreasing for the last 2 years. In 2011 25,000 new jobs were added. This is a great indication that our economy is improving and will only add to the storm.
The next huge factor contributing to the perfect real estate storm is the inventory of homes for sale. For the last few years the "shadow inventory" has been described as a black cloud hanging over real estate, preventing it's recovery and threatening a double dip. It is not looking like all the doom and gloom was warranted. Yes, the banks have a lot of inventory but they are not going to flood the market with new listings. They are considering many options such as bulk sales to investors, principle write downs, shared equity programs, and renting the properties. It is unlikely that all of the bank shadow inventory will hit the real estate market causing a flood. The other factor effecting inventory is the lack of new homes that were recently built. When the economy crashed the builders stopped building. Last year in San Diego there were only 879 new homes built. This does not nearly cover the new housing needed to compensate for the rise in our population. It is estimated that 10,000 new homes are needed each year. The biggest complaint I hear from fellow agents and buyers alike is that there are not enough houses on the market!
Another factor is the pent up demand of buyers. For the last five years or so, buyers have been sitting on the fence. Those that otherwise may have purchased were frozen with fear of the economy and the real estate market. We basically have 5 years of buyers stored up and ready to buy. Rents are going up. In many cases now it is cheaper to own a home than to rent one! The divorce rate goes down in a poor economy since people can not afford to divorce. This is another group of pent up buyers. They are not going to stay married for long once they can afford to get a divorce. All these pent up buyers are beginning to come off the fence realizing now is the time to buy. This trend is going to become stronger.
When we look at all the factors contributing to the perfect real estate storm, it is no wonder that the buyers are beginning to move. I am currently working with investors who are already taking advantage of this. They are buying multiple properties. They are setting themselves up to be in a perfect position once the storm ends. Remember at the height of the market when little track homes were selling at over $400,000 and you thought to yourself "I should have bought early" or maybe I "should have picked up a rental property"? You were kicking yourself because you were thinking of the profit that you could have made or the money you could have saved. Well, the forward thinking people have started buying again. Ask yourself, do you want to be kicking yourself again in the future or do you want to take advantage of the opportunity created by this perfect real estate storm?
There are numerous factors contributing to this perfect real estate storm. We are seeing historically low interest rates of under 4%. This is historic! We have never seen rates this low before and it is projected that the rates will stay low through 2013. The second factor in the storm is that prices of homes have dropped by nearly half from the peak. This means that home affordability is at a high. Here in San Diego home affordability is at 62%. These means that 62% of San Diegans can afford to buy a home. In 2007 the home affordability level was a mere 10%. This is a huge increase in the number of people who can afford to buy a home.
The economy appears to to be improving. One of the biggest indicators is the unemployment rate. The unemployment rate here is 8.2%, it has been decreasing for the last 2 years. In 2011 25,000 new jobs were added. This is a great indication that our economy is improving and will only add to the storm.
The next huge factor contributing to the perfect real estate storm is the inventory of homes for sale. For the last few years the "shadow inventory" has been described as a black cloud hanging over real estate, preventing it's recovery and threatening a double dip. It is not looking like all the doom and gloom was warranted. Yes, the banks have a lot of inventory but they are not going to flood the market with new listings. They are considering many options such as bulk sales to investors, principle write downs, shared equity programs, and renting the properties. It is unlikely that all of the bank shadow inventory will hit the real estate market causing a flood. The other factor effecting inventory is the lack of new homes that were recently built. When the economy crashed the builders stopped building. Last year in San Diego there were only 879 new homes built. This does not nearly cover the new housing needed to compensate for the rise in our population. It is estimated that 10,000 new homes are needed each year. The biggest complaint I hear from fellow agents and buyers alike is that there are not enough houses on the market!
Another factor is the pent up demand of buyers. For the last five years or so, buyers have been sitting on the fence. Those that otherwise may have purchased were frozen with fear of the economy and the real estate market. We basically have 5 years of buyers stored up and ready to buy. Rents are going up. In many cases now it is cheaper to own a home than to rent one! The divorce rate goes down in a poor economy since people can not afford to divorce. This is another group of pent up buyers. They are not going to stay married for long once they can afford to get a divorce. All these pent up buyers are beginning to come off the fence realizing now is the time to buy. This trend is going to become stronger.
When we look at all the factors contributing to the perfect real estate storm, it is no wonder that the buyers are beginning to move. I am currently working with investors who are already taking advantage of this. They are buying multiple properties. They are setting themselves up to be in a perfect position once the storm ends. Remember at the height of the market when little track homes were selling at over $400,000 and you thought to yourself "I should have bought early" or maybe I "should have picked up a rental property"? You were kicking yourself because you were thinking of the profit that you could have made or the money you could have saved. Well, the forward thinking people have started buying again. Ask yourself, do you want to be kicking yourself again in the future or do you want to take advantage of the opportunity created by this perfect real estate storm?
Wednesday, February 1, 2012
Jamul Real Estate Market Report - January 2012
Today is the first of February so you know what that means... it is time for the monthly real estate reoprts. Here are the stats for Jamul. I have included the active, pending and sold numbers. These are good to know if you are considering buying or selling a home in Jamul.
There are currentlyonly 35 active active listings in Jamul ranging from $195,000 for 2 bedrooms, 2 bathrooms, 792 square feet to $1,250,000 for 2 bedrooms, 3 bathrooms, 4360 square feet.
15 properties are pending (currently in escrow).
5 properties sold (closed escrow) in January. Ranging from $300,000 for 5 bedroom, 5 bathroom, 4052 square feet to $710,000 for 4 bedroom, 3 bathroom, 3362 square feet. The average time on the market was 197 days.
Want to see how this compared to last month? Jamul Real Estate Monthly Comparison
There are currentlyonly 35 active active listings in Jamul ranging from $195,000 for 2 bedrooms, 2 bathrooms, 792 square feet to $1,250,000 for 2 bedrooms, 3 bathrooms, 4360 square feet.
15 properties are pending (currently in escrow).
5 properties sold (closed escrow) in January. Ranging from $300,000 for 5 bedroom, 5 bathroom, 4052 square feet to $710,000 for 4 bedroom, 3 bathroom, 3362 square feet. The average time on the market was 197 days.
Want to see how this compared to last month? Jamul Real Estate Monthly Comparison
Monday, January 30, 2012
Home Buying Reality
I recently worked with a buyer and it reminded me of a pattern that I so often see. When people first decide to buy a home they are very excited and sometimes have unrealistic expectations. I start them off by helping them get pre-approved with a lender. This is very important since the lending requirements have changed so much in recent years. It is important that they know how much they can afford and what their payments will be. The buyers in this scenario are prequalified for up to $300,000 and they were comfortable with the associated payment. We are good to go.
I start to send them some active listings that are within their price range and meet their other requirements. Pretty soon, they find a couple of properties they want to take a look at. They are so excited to be on the hunt for their home and they are oozing with anticipation, dreaming of the great properties that await them. They have heard how the rices have dropped so significantly and are ready to snatch up their gem. I try to keep them in reality but at the same time not douse their excitement. I schedule the appointments and off we go.
We are scheduled to see 5 properties and the buyer's know their dream home will be one of them. I have explained to them that the houses in their price range are going to need work. They say they understand and do not mind a fixer but the area and square footage are the most important. When we pull up to the first property the curb appeal is less than ideal but the buyers look past it thinking it would not be difficult to bring it back to all it's glory. We go into the property and are hit with a musty, dirty carpet smell which is quickly written off to being closed up. As we tour through the property their hopes are dashed as they find not only does the carpet need to go but the floors in the kitchen and bathrooms are vinyl not tile, the cabinets are knotty pine not sleek dark wood, the counters are tile with missing grout not granite, and there is a small wall heater not central heat and air. You can see the disappointment on their faces. They try and remain perky and assume the next properties will be better. I remind them that homes in their price range in this area will all need work. But they think I am crazy. They have heard in the news how desperate people are to sell, how much prices have come down.
This story continues as we view the remaining homes. All of the properties are in need of work and updating. The chipper mood of the buyers has faded and they have decided the sellers of these properties are unrealistic and out of their minds. They do not think the houses they saw would sell at the list price. They consider putting in what they would consider a fair offer on one of the homes. Because of the amount of work that they feel needs to be done to put it in the condition they want they want to submit an offer for $120,000 under the list price. What the buyers do not understand is that these homes are priced for their condition and pretty much at market value. Unfortunately market value is not determined by how much they can afford.
The end of the story is that the buyer's did submit a low offer on the property even after seeing the comps and what they were selling for. They did not get the property because multiple offers came in at or above the list price. It took the buyers awhile to get over the sting that their offer was unacceptable but eventually they did. They became more realistic with what they would get for their $300,000 and made some changes to their search requirements. It took awhile but we found it and they just closed on their new home. It may not have been their dream home but it was a home that they could afford and would love. It was their reality.
I start to send them some active listings that are within their price range and meet their other requirements. Pretty soon, they find a couple of properties they want to take a look at. They are so excited to be on the hunt for their home and they are oozing with anticipation, dreaming of the great properties that await them. They have heard how the rices have dropped so significantly and are ready to snatch up their gem. I try to keep them in reality but at the same time not douse their excitement. I schedule the appointments and off we go.
We are scheduled to see 5 properties and the buyer's know their dream home will be one of them. I have explained to them that the houses in their price range are going to need work. They say they understand and do not mind a fixer but the area and square footage are the most important. When we pull up to the first property the curb appeal is less than ideal but the buyers look past it thinking it would not be difficult to bring it back to all it's glory. We go into the property and are hit with a musty, dirty carpet smell which is quickly written off to being closed up. As we tour through the property their hopes are dashed as they find not only does the carpet need to go but the floors in the kitchen and bathrooms are vinyl not tile, the cabinets are knotty pine not sleek dark wood, the counters are tile with missing grout not granite, and there is a small wall heater not central heat and air. You can see the disappointment on their faces. They try and remain perky and assume the next properties will be better. I remind them that homes in their price range in this area will all need work. But they think I am crazy. They have heard in the news how desperate people are to sell, how much prices have come down.
This story continues as we view the remaining homes. All of the properties are in need of work and updating. The chipper mood of the buyers has faded and they have decided the sellers of these properties are unrealistic and out of their minds. They do not think the houses they saw would sell at the list price. They consider putting in what they would consider a fair offer on one of the homes. Because of the amount of work that they feel needs to be done to put it in the condition they want they want to submit an offer for $120,000 under the list price. What the buyers do not understand is that these homes are priced for their condition and pretty much at market value. Unfortunately market value is not determined by how much they can afford.
The end of the story is that the buyer's did submit a low offer on the property even after seeing the comps and what they were selling for. They did not get the property because multiple offers came in at or above the list price. It took the buyers awhile to get over the sting that their offer was unacceptable but eventually they did. They became more realistic with what they would get for their $300,000 and made some changes to their search requirements. It took awhile but we found it and they just closed on their new home. It may not have been their dream home but it was a home that they could afford and would love. It was their reality.
Monday, January 23, 2012
I Want To Buy A Home - Where Do I Start?
So you have been listening to the news and have heard all about the affordability of homes and the incredibly low interest rates. You are thinking that the housing market is beginning to recover and you are beginning to realize there may not be a better time to buy a home than now. If you are like 85 - 90 percent of home buyers, you have even started to search for and look at properties on the Internet. You have used a mortgage calculator and you like the payments you are being shown and see that buying a home is a good financial move. Now you are wondering how to start the process of actually finding and purchasing a home.
This is a scary point for many. The idea of buying a home can be scary in and of itself. The idea of the paperwork and process of buying a home can be downright terrifying. You are not alone. Many feel overwhelmed at this point. Just remember, tons of people buy homes everyday and you can too! Luckily for you there are professionals here to assist you through the entire process.
To start contact a real estate agent, (preferably Me!), to discuss what you are looking for in a home. I will want to know what areas you are considering, how many bedrooms, bathrooms, approximate square footage and lot size, etc that you would like. I also want to find out other specifics that appeal to you. This will assist me in better understanding what you are looking for and help me tailor a search for you. I will set up an automatic search that will email you as soon as new properties that meet your criteria come on the market. Let's face it, the good ones go quickly! This does not cost you anything! You do not pay me out of your pocket. See, when a homeowner decides to sell their home they will contact an agent (preferably me!) and "list" the home for sale. At that time a contract is done and the seller agrees to pay a commission. Typically half of the commission goes to the list agent and the other half goes to the buyer's agent (Me, your agent!) You do not pay me.
The second thing you need to do after calling me is to contact a lender. I have a list of some I have worked with in the past, to help get you started. You need to contact a lender and get prequalified. The lender will take your information and run your credit. They will then show you some different loan possibilities and tell you how much you qualify for. This is imperative. You need to know how much you can comfortably afford before you go out shopping for a home. There is nothing worse than falling in love with a house that you can not afford. Also, home sellers will not consider an offer without a pre-qualification from a lender. They want to know you can afford the home. You need to get this done before you start shopping otherwise you run the risk of finding you dream home and not being able to put an offer in on it and someone else getting the home.
Once we have the search parameters set and you have your pre-qualification letter then the fun begins. You look at the listings I send you. When you see one that interests you, you let me. I will find out more information about the property and I schedule a time for you to see it. We look at properties until we find one that you want to put an offer on. See, not so hard, with my help you can do it. I will answer all your questions and help you through the entire process of writing an offer and going through escrow. You are not alone. So, what are you waiting for? Give me a call to get started!
This is a scary point for many. The idea of buying a home can be scary in and of itself. The idea of the paperwork and process of buying a home can be downright terrifying. You are not alone. Many feel overwhelmed at this point. Just remember, tons of people buy homes everyday and you can too! Luckily for you there are professionals here to assist you through the entire process.
To start contact a real estate agent, (preferably Me!), to discuss what you are looking for in a home. I will want to know what areas you are considering, how many bedrooms, bathrooms, approximate square footage and lot size, etc that you would like. I also want to find out other specifics that appeal to you. This will assist me in better understanding what you are looking for and help me tailor a search for you. I will set up an automatic search that will email you as soon as new properties that meet your criteria come on the market. Let's face it, the good ones go quickly! This does not cost you anything! You do not pay me out of your pocket. See, when a homeowner decides to sell their home they will contact an agent (preferably me!) and "list" the home for sale. At that time a contract is done and the seller agrees to pay a commission. Typically half of the commission goes to the list agent and the other half goes to the buyer's agent (Me, your agent!) You do not pay me.
The second thing you need to do after calling me is to contact a lender. I have a list of some I have worked with in the past, to help get you started. You need to contact a lender and get prequalified. The lender will take your information and run your credit. They will then show you some different loan possibilities and tell you how much you qualify for. This is imperative. You need to know how much you can comfortably afford before you go out shopping for a home. There is nothing worse than falling in love with a house that you can not afford. Also, home sellers will not consider an offer without a pre-qualification from a lender. They want to know you can afford the home. You need to get this done before you start shopping otherwise you run the risk of finding you dream home and not being able to put an offer in on it and someone else getting the home.
Once we have the search parameters set and you have your pre-qualification letter then the fun begins. You look at the listings I send you. When you see one that interests you, you let me. I will find out more information about the property and I schedule a time for you to see it. We look at properties until we find one that you want to put an offer on. See, not so hard, with my help you can do it. I will answer all your questions and help you through the entire process of writing an offer and going through escrow. You are not alone. So, what are you waiting for? Give me a call to get started!
Monday, January 16, 2012
4 Bedroom El Cajon Home For Sale
Are you looking for a 4 bedroom home to purchase in El Cajon? Here is a good opportunity for you to get a jump on the competition. This home is not yet in the MLS, I am giving you the first shot. This is a 4 bedroom, 2 bathroom, 1650 square foot home, listed for an affordable $299,000. It was built in 1981 and is located on quarter acre. This is a regular equity sale, no banks to deal with!! Can close quickly. More pics and information
Call me today for all the details. I will be entering the listing into the MLS later today.
Tuesday, December 20, 2011
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.
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.
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