6 Upgrades to Secure a Speedy Sale This Summer

Selling This Summer? 6 Upgrades to Secure a Speedy Sale

(BPT) - When the weather warms up, so does the real estate market. Spring and summer are traditionally the seasons when both homebuyers and sellers are most active across the country. If you'll be putting your home on the market this year, simple, cost-effective upgrades can help ensure a speedy sale at a good price.



"In the world of real estate, it's often necessary for sellers to spend a little on upgrades in order to achieve a satisfying home sale," says Bethany Richmond, communications director for the Carpet & Rug Institute. "Fortunately, some of the most impressive upgrades, such as new carpeting, are also affordable. Such upgrades ensure that you don't have to spend a lot to achieve a better selling price."



Here are six easy-to-do upgrades that are both cost-effective and high-impact:



1. Replace carpet

It's easy to see the impact of worn or dated carpeting. "If you don't like looking at it, buyers won't either," Richmond says. "Replacing old or damaged carpet delivers impressive appeal for a modest investment."



New carpet is one upgrade that has a high ratio of value to cost. It substantially increases perceived value for homebuyers without requiring home sellers to spend a bundle. "Even less expensive carpet styles will freshen the look of a room and prepare it for sale," Richmond notes. "You can get a lot more quality for just a little more money, she says, "and if you take advantage of spring carpet sales, installing new carpeting can cost even less."



2. Clean flooring

If your carpet is still in great shape, then simply having it professionally cleaned can make it look even better. A deep professional cleaning helps lift tough soils and provides a cleaner, fresher look to rooms. You can find an expert in your area by visiting www.carpet-rug.org. CRI experts can even provide insight into how to remove difficult stains.



Not only is carpet a good value, it's healthy, too. People with allergies or other sensitivities are installing carpet to improve indoor air quality. Recent studies support previous findings that carpet, when effectively cleaned, traps allergens and other particles, resulting in less dust, dander and airborne contaminants escaping into the air. Don't forget to clean all other flooring, including hardwood, laminates and tile. Buyers will appreciate a sparkling clean appearance throughout the house.



3. Repaint in neutral shades

Fresh paint is another smart and cost-effective upgrade for sellers. Buyers expect it, yet many sellers hesitate to repaint. Perhaps they like the existing colors or balk at the cost of professional painting services. Yet repainting in neutral colors makes a room look fresher and brighter, and gives buyers a visual "blank slate" against which to imagine their own decor. Do the work yourself and you can reduce the cost of repainting even further.



4. Update or upgrade lighting

You may find that disco-ball style globe light charming in your kitchen, but the average buyer doesn't want dated or unusual lighting. Replacing dated or worn fixtures, especially in bathrooms and kitchens, is a cost-effective way to give a room a more up-to-date, contemporary look. If you already have newer fixtures, consider replacing incandescent bulbs with high-efficiency options such as CFLs or LEDs. Although they're a bit more expensive to purchase, these bulbs last years longer - a selling point for buyers who will reap the value of not having to replace bulbs any time in the near future.



5. Install new faucets

A high-end faucet can completely change the look and usability of a kitchen or bathroom. In terms of cost versus value, an upgraded faucet, such as pull-out or even touch-free styles, can dramatically increase perceived value for a relatively modest investment. An upgraded faucet is a thoughtful touch that will set your home apart in buyers' minds.



6. Replace hardware throughout the home

You may have already thought of upgrading kitchen cabinet knobs and drawer pulls, but have you also upgraded hardware in your bathroom or on the front door? These seemingly small items have a major impact on the overall visual effect of a home. In desirable rooms such as kitchens and baths, designer hardware can elevate the entire look of the room. And upgraded door hardware will ensure buyers have a positive first impression from the moment they enter your home.

Reprinted with permission from RISMedia. ©2014. All rights reserved.

Jamul Real Estate Report -January 2014

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.

How Does the Real Estate Market Look for 2014

Two of the biggest questions I am asked as a real estate professional lately is "How is the market?"  and "What will 2014 be like for real estate?"  Well, here are the answers.

How is the market?
Currently in San Diego county home prices are rising, inventory is low and mortgage interest rates are still very low.

What to expect.
The real estate market will continue to recover as the economy improves and more sellers regain equity in their homes.  Inventory will then improve but it will be more expensive to buy a home in 2014 than it currently is due to rising prices and mortgage interest rates.

Should I buy now or wait?
You should buy now if you can.  Inventory may be low but that doesn't mean you can't find the home of your dreams.  It benefits you to buy now and take advantage of the low interest rates.  Why wait for home prices and interest rates to go up?

Should I sell now?
That depends on your situation.  If you are buying replacement home then yes!  Take advantage of the interest rates and lower home prices.  Not to mention there is less competition from other sellers.

But won't I be able to sell my current home for more in a year or two?
Yes the price of your current home should rise but so will the price of the new house you are buying and with all likelihood interest rates will rise as well.  These are items you will be paying for years to come.  Waiting could cost you thousands of dollars.

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)

Jamul Real Estate Market Report - Dec. 2012

Happy New Year everyone.  I hope you all had a safe and joyous New Year.  Here are the real estate statistics for Jamul.  I have included the number of current listings, pending listings and the homes that sold in December 2012.

There are currently 21 active listings in Jamul.  These are homes that are currently on the market and available to purchase.  They range from $125,000 for 1 bedroom, 1 bathroom, 750 square feet to $2,600,000 for 3 bedrooms, 3 bathrooms, 2430 square feet.

11 properties are pending (currently in escrow).

11 properties sold in December.  Ranging from $242,500 for 3 bedrooms, 1 bathroom, 1184 square feet to $1,347,500 for 6 bedrooms, 5 bathrooms, 6264 square feet.  The average time on the market was 72 days.

If you are considering selling your home, please give me a call.  I am here to assist you.

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.

Foreclosure Protection Extended for Active Duty Service Members

President Obama recently signed into law the "Honoring America's Veterans and Caring for Camp Lejeune Families Act of 2012".  This act extends foreclosure protection for active duty service members. 

Under the current "Service Members Civil Relief Act" a service member is protected from foreclosure while on active duty and for 9 months after discharge or retirement.  This act was scheduled to expire at the end of 2012.

With the signing of the new act, active duty members are protected from foreclosure while on active duty and for 9 months after the end of active duty.  On February 2, 2013 the protection will be extended to 1 full year after active duty ends.

On January 1, 2015 the foreclosure protection for active duty members will revert back to 2008 levels which is protection for 90 days after active duty ends.

El Cajon Real Estate Market Report - August 2012

Here are the real estate statistics for all 3 zip codes in El Cajon for the month of August. I have included the numbers for the active, pending and sold single family homes.

92019
There are currently 62 active listings in zip code 92019. Ranging from $169,200 for 2 bedrooms, 1 bathroom, 837 square feet to $1,899,000 for 4 bedrooms, 5 bathrooms, 4498 square feet.

51 properties are pending (currently in escrow).

38 properties sold (closed escrow) in August. Ranging from $230,000 for 3 bedrooms, 2 bathrooms, 1283 square feet to $790,000 for 5 bedrooms, 4 bathrooms, 3400 square feet. The average time on the market was 53 days.


92020
There are currently 49 active listings in zip code 92020. Ranging from $192,000 for 2 bedrooms, 1 bathroom, 816 square feet to $999,900 for 6 bedrooms, 3 bathrooms, 4038 square feet.

50 properties are pending (currently in escrow).

33 properties sold (closed escrow) in August. Ranging from $182,000 for 2 bedrooms, 1 bathroom, 1020 square feet to $699,000 for 5 bedrooms, 3 bathrooms, 3579 square feet. The average time on the market was 36 days.


92021
There are currently 58 active listings in zip code 92021. Ranging from $204,900 for 2 bedrooms, 1 bathroom, 804 square feet to $3,900,000 for 4 bedrooms, 6 bathrooms, 7745 square feet.

75 properties are pending (currently in escrow).

40 properties sold (closed escrow) in August. Ranging from $50,000 for 3 bedrooms, 2 bathrooms, 1509 square feet (on land lease) to $660,000 for 5 bedrooms, 3 bathrooms, 3727 square feet. The average time on the market was 77 days.

'Underwater' Officially Becomes Word

Daily Real Estate News | Wednesday, August 15, 2012

  

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

Alpine Real Estate Market Report - June 2012

It is time for the monthly real estate market report for Alpine. Here you will find the number of active, pending and homes that sold in June 2012. As you can see, inventory remains low!

There are currently 60 Active real estate listings in Alpine. Ranging from $175,000 for 3 bedroom, 1 bathroom, 1236 square feet to $2,595,000 for 6 bedrooms, 7 bathrooms, 6444 square feet.

33 properties are pending, (in escrow).

13 properties sold (closed escrow) in June, ranging from $235,000 for 2 bedrooms, 2 bathrooms, 1114 square feet to $830,000 for 4 bedrooms, 5 bathrooms, 5475 square feet. The average time on the market was 64 days.

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.

Where Are All the For Sale Houses?

The real estate recovery has been in the news a lot lately.  Many of you may be aware that the San Diego real estate market is drastically different than it was just a year ago.  Previously the issue was that there were so many houses on the market and the prices were still declining.  This caused many would be home buyers to sit on the fence and wait for the market to stabilize before making their purchase.  Well what a difference a year makes.

Last month there were aproximately 7700 houses and condos on the market in all of San Diego county.  Today there is just 6740.  The combination of historically low interest rates, pent up buyer demand and investors making their move have all contributed to the decline in inventory.  Right now there is actually a shortage of available properties.  At the peak of the recession there was a 13 month supply of inventory, today just over a 1 month.

So what does that mean to you?  Well, if you are buyer you need to be prepared for this and understand that you are going to need to be patient.  New listings are not flooding the market.  You are not going to have 20-30 houses to look at that meet your needs, in fact if you are in the under $250,000 range you are going to be lucky to have 5 (depending on area, size, etc).  You are going to need to act quickly and not wait for the weekend to view a property and submit an offer.  When a quality listing hits the market you need to be ready, meaning be prequalified for your loan and ready to make a decision.  You may also have to compromise on what you are looking for or raise your price point.  The days of "low balling" an offer are over.  You need to understand what homes are selling for in the area and submit a competitive, clean offer at market value.

If you are a seller you should be taking advantage of the low inventory.  If you are considering selling you need to get your home on the market.  Why wait until the banks release more REO's or the buyers purchase a different home?  You will need to be smart and understand that you still have to price the home to sell.  An overpriced home will not sell no matter what the inventory or market is like.  A home that is priced above market value is not going to sell.  It will not appraise so the buyer will not be able to get the loan and an investor will be a savvy buyer that thinks only of the bottom line.  You will also need to understand that while most areas of the county have seen a stabilization of prices, this does not mean that prices are significantly rising.  The market will bounce around down here at the bottom and slowly improve.  There is not going to be a sharp increase in prices which will bring you back up to where it was at the height within the next year.

If are considering buying or selling, give me a call.  I will assist you in understanding what the market value of a home is and help you through the entire process.

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.

Termites, Termites, Everywhere

I was recently visiting a friend when I glanced over at the sliding glass window.  As I looked at the floor it appeared to be discolored and moving.  I got up to inspect and realized that the floor in front of the door was covered with bugs.  There were thousands (my friend says over a million) of them. They covered an area of approximately 3 foot by 10 foot.  As we were vacuuming them up we realized that most of the bugs appeared to be dead.  There were small black bodies and larger white wings.  Many of the wings were detached from the bodies.  I suspected they were termites but I had never seen so many dead ones at one time. 

My friend did not know what to think.  She had swept the kitchen floor earlier that day.  What the heck?!?  How could so many bugs congregate and die in such a short amount of time?  First we went on the internet and confirmed that they were termites.  We determined where they were coming from.  We noticed that we kept seeing a few stranglers by the refrigerator.  When we pulled out the frig we discovered where they were coming from. 

Subterranean Termites

Oh no.  Would they need to tent and would she have to deal with finding a place to stay for a couple of days and don't even mention the hassle of bagging up food and dishes.  We called Scott from Truly Nolan, a pest inspector I often recommend for my real estate transactions.  He came out and did the inspection and confirmed they were subterraean termites.  He did a thorough inspection and much to our relief there was no evidence of the wood eating termites in the home.  He also told us tenting is not used to treat the subterranean termites because they are in the ground.  They come out to breed and take off to establish new colonies.  This is what happened in my friend's kitchen.  They came up and tried to leave but only got as far as the closed sliding door and that is where they met their fate.

The work is scheduled for next week and should be completed in one day.  My friend does not have to leave the home and her cat will be fine inside the house.  They will squirt chemical into holes and trenches around the exterior of her home to create a barrier.  They will do the same under her frig.  While it is never pleasant to have to deal with unexpected home expenses, in this case it could have been much worse!

California Foreclosure Rates by County

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...

"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.

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?

What Does "Contingent Status" Mean?

One of the most commonly asked questions I get from people just starting the home buying process is "What does contingent in the status of a listing mean?"  What buyers need to understand is that there is a difference between the active and contingent statuses.  When a listing is active the seller is actively looking for offers.  There are no accepted offers on the property and the property is still available. 

The contingent status is a relatively new status that was created in response to the increase in the number of short sales.  Short sales have an additional step in the negotiation process.  They require the short sale lender to approve the sale and the offer in order to move forward.  There is a period of time when the buyer and seller have agreed to terms and the file is sent to the short sale lender for their approval.  During this time the property moves into contingent status.  When you see contingent it means the seller has accepted an offer on the property and they are waiting for the bank to approve, counter or reject the offer.

The contingent status is meant to alert agents and buyers that there are offers on the property and one offer has been has been accepted by the seller and submitted to the short sale lender for review.  Before there was a contingent status, buyers and their agents were viewing and submitting offers on these short sales not knowing that there was already an accepted offer.  This was very frustrating. The property will stay in the contingent status until the short sale lender makes a decision.  If the lender accepts the offer, the property will then move into a pending status (in escrow).  If the short sale lender does not accept the offer or through negotiations an agreement can not be reached, the property will move back into the active status. 

I hope this helps.  Do you have any other questions?  Feel free to let me know if you do.  I am here to help.

Real Estate 2011 Shape Up

Happy New Year everyone!  I am sure many of you heard that houses did not sell in 2011 but the reality is they did.  Maybe not as many as in previous years but homes were definately bought and sold.  Here are the numbers for some east county neighborhoods.  This is only for single family homes that sold through the MLS.  I did not include condos, land or commercial properties.

Alpine 91901, 180 properties sold, $149,900-$1,100,000

Jamul 91935, 89 properties sold, $105,000-$1,200,000

El Cajon 92019, 334 properties sold, $151,000-41,317,740
               92020, 316 properties sold, $125,000-$905,000
               92021, 344 properties sold, $80,000-$840,000

La Mesa 91941, 287 properties sold, $140,000-1,300,00
               91942, 257 properties sold, $160,000-$610,000

Spring Valley 91977, 540 properties sold, $115,000-$635,000
                       91978, 68 properties sold, $137,000-$529,000

Santee 92071, 422 proerties sold, $130,000-$820,000

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?