San Diego Real Estate

The emergence of the Energy Retrofit market

December 14, 2010

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2011 will be a hallmark year for the Energy Retrofit industry, adding new policies, rebates, and tax incentives that will create value & benefits for San Diego homeowners and services for the construction & real estate industries. The emergence of the Energy Retrofit market offers San Diego homeowners a great opportunity to improve the efficiency of their property. There are pending rebate programs at every governmental level and utility companies. In addition, these programs will stimulate services for San Diego realtors, lenders, energy auditors and the construction industry.

Programs like Homestar is working its way through the Senate. Many of these programs have funding and time limitations so they are on a first come first serve basis. 

Energy Upgrade California in San Diego County is part of a new California program that helps property owners improve the energy and water efficiency of their San Diego homes and puts local construction workers back to work. Most of San Diego County is served by San Diego Gas & Electric®. SDG&E offers rebates up to $4000 for the purchase and installation of qualifying energy-efficient measures. Rebates are available on a first-come, first-served basis until funds are spent.

The Home Upgrade, Carbon Downgrade (HU/CD) Energy Retrofit Incentive Program offers financial incentives for San Diego property-owners to complete comprehensive energy-efficient retrofits. The City of Chula Vista will use up to $300,000 of its Energy Efficiency & Conservation Block Grants to provide incentives for the completion of whole building, energy-efficient retrofits as part of its broader Home Upgrade, Carbon Downgrade program. The building must be located in Chula Vista and retrofits must result in long-term energy consumption reductions. Chula Vista property-owners must also be participating in SDG&E’s Energy Upgrade California (residential) or Energy Efficiency Business Incentive programs. This local incentive, which ranges between $1,000 (prescriptive approach) to $4,000 (performance approach), can be combined with other SDG&E and California incentives.

The Energy Retrofit market is a great new opportunity for San Diego contractors. Energy Retrofits will create immediate work and add incremental work for any San Diego home remodels. It will also launch contractor in a new specialization as a Home Performance Contractor.

: Carlsbad Real Estate, Green Living, San Diego Real Estate
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Mortgage Rates Rise to 4.21% from Decades Low

November 10, 2010

Rates on 30-year fixed mortgages rose slightly from their lowest level in decades, inching up to a national average of 4.21 percent.

Mortgage buyer Freddie Mac says the average rate for 30-year fixed loans was up from 4.19 percent the previous week. That was the lowest level on records dating back to 1971.

The average rate on 15-year fixed loans rose to 3.64 percent. That was up from 3.62 percent a weak earlier, the lowest weekly average on records dating back to 1991.

Rates have been falling since April. The latest declines are largely because investors have been buying up Treasury bonds in anticipation of the Federal Reserve’s likely move to buy Treasury’s to stimulate the economy. That demand lowers Treasury yields, which mortgage rates tend to track.

Low rates haven’t helped the struggling housing market, which recorded its worst summer in more than a decade. But they have led to a modest surge in refinancing.

To calculate average mortgage rates, Freddie Mac collects rates from lenders around the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a given day.

Rates on five-year adjustable-rate mortgages averaged 3.45 percent, up from 3.47 percent a week earlier. Rates on one-year adjustable-rate mortgages fell to an average of 3.3 percent from 3.43 percent.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount. The nationwide fee for loans in Freddie Mac’s survey averaged 0.8 a point for 30-year. It averaged 0.7 of a point for 15-year and 1-year mortgages and 0.6 of a point for 5-year mortgages.

: Home Buying Tips, Real Estate News, San Diego Real Estate
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Tips for buying a San Diego home in a tight market

November 4, 2010

Increase your chances of getting your San Diego dream house in a competitive housing market, and lower your chances of losing out to another buyer.

1. Get preapproved and not just prequalified for a mortgage. You’ll be able to make a firm commitment to buy and your offer will be more desirable to the seller.

2. Stay in close contact with your San Diego real estate agent to find out about the newest listings. Be ready to see a house as soon as it goes on the market – if it’s a great home, it will go fast.

3. Scout out new San Diego listings yourself. Look at Web sites such as REALTOR.com, browse your local newspaper’s real estate section, and drive through the neighborhood to spot For Sale signs. If you see a home you like, write down the address and the name of the San Diego listing agent. I will schedule a showing.

4. Be ready to make a decision. Spend a lot of time in advance deciding what you must have in a home so you won’t be unsure when you have the chance to make an offer.

5. Bid competitively. You may not want to start out offering the absolute highest price you can afford, but don’t go too low to get a deal. In a tight market, you’ll lose out.

6. Keep contingencies to a minimum. Restrictions such as needing to sell your San Diego home before you move or wanting to delay the closing until a certain date can make your offer unappealing.

7. Don’t get caught in a buying frenzy. Just because there’s competition doesn’t mean you should just buy it. And even though you want to make your offer attractive, don’t neglect inspections that help ensure that your San diego house is sound.

: Carlsbad Real Estate, Home Buying Tips, San Diego Real Estate
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Up to 85K in savings on a new home!

November 1, 2010

From now through November 15 2010, Brookfield Homes is offering up to 85K in saving on a new home purchase in one of their San Diego new home communities. Brookfield Homes San Diego has 5 new home communities to choose from with prices starting in the $300′s. Rockrose Carlsbad and Mahogany San Marcos are Brookfield Homes new home communites located in north county San Diego.

Rockrose Carlsbad is offering a 40K price reduction on site 134 with an additional 10K in incentives towards closing costs. Rockrose Carlsbad is located in the newest Carlsbad CA  masterplanned community called The Foothills. The Foothills Carlsbad boasts 3 new home communities priced from the $400′s and is located just north of El Camino Real off of Cannon Rd. The Foothills Carlsbad features a community pool and clubhouse, a tot lot, BBQ areas and walking trails. Rockrose Carlsbad is located within award winning Carlsbad school district and is adjacent to the site of the new Carlsbad High School.

Located within Old Creek Ranch San Marcos is the Brookfield Homes community of Mahogany. Mahogany San Marcos is offering a 49K price reduction and 25K in incentives on site 3019.  Mahogany San Marcos has new home models ranging from 2412sf to 3875sf with 3-5 br floorplans available. Mahogany is Old Creek Ranch San Marcos is priced from the $500′s.

Savings on additional homesites are also available, while supplies last. You must go in to contract on your new home by November 15th 2010 and close escrow by December 28th 2010. What better gift for Christmas than a new home! Purchase your new home through me and receive extra incentive!

: Carlsbad Real Estate, San Diego Real Estate
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Tips to Avoid Loan Modification Scams

October 13, 2010

Loan modification can work in the right circumstances, but unfortunately, numerous scams have taken hold to trap unwary and desperate San Diego homeowners. Examples of scams include lease back or purchase arrangement where the homeowner is asked to sign over their deed to a third party “investor” to fake government modification programs.

Here are some tips from a Foreclosure Prevention Task Force:

1. Contact your lender or mortgage servicer first.

2. Make all payments directly to your lender or servicer. Do not trust anyone to make the payment for you.

3. If you need help, contract a reputable non-profit housing or financial counselor, such as HUD or the Homeowner Preservation Foundation.

4. Know what you are signing and get legal advice before signing documents you don’t understand.

5. Get everything in writing.

6. Report suspicious activity.

Looking for news on the latest scams and frauds? http://www.californiarealestatefraudreport.com/

: Loan Modification, San Diego Real Estate

Why it’s still beneficial to own your own home

September 20, 2010

For decades, homeownership has been a key part of the American dream. Recently, however, some media outlets, academics and others have questioned this notion. However, here are some reasons why homeownership is still valuable:

Homeownership strengthens communities. Homeowners generally stay in their homes longer than renters. This helps prevent crime, fosters a better school system and generally makes for more secure, established and attractive neighborhoods.

Financially, owning a home is one of the best ways to build long-term wealth, by building equity in your San Diego home and allowing you to deduct mortgage interest on your federal income taxes. Some homeowners even consider their home a forced savings account.

Renting can cost less in the short term. But like the cost of most things, rental rates generally increase over time, with typical increases of about 7 percent per year. For homeowners with a fixed-rate mortgage, their monthly payment will be fixed for the life of the loan.

All real estate is local. With local San Diego home prices and mortgage interest rates at historically low levels today, even those who advocate renting acknowledge that Southern California is one of the places where you now have a strong financial incentive to buy a home – even without a tax credit.

That being said, owning a home is a responsibility. It’s not for everyone.

If you’re thinking about buying a home in the San Diego region, contact Travis Breton with Summit Realty Group at 760-470-2752 to help you evaluate your options.

: Real Estate News, San Diego Real Estate
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Sellers: 5 Questions to Ask When Reviewing an Offer

September 13, 2010

You made the decision to list your home with a San Diego REALTOR®. You worked hard to get the house in tip-top shape, the curb appeal shines, and you’ve priced it well.

Some might say that’s the easy part. When an offer comes in, your San Diego real estate agent will review it with you. It’s important that you read and understand all of its terms – not just the purchase price. Here are five things to keep in mind when reviewing offers to help you choose the one that’s best for you.

1. What contingencies are involved? A contingency is something that has to happen before the contract is fully enforceable against the buyer and seller. If a contingency is not met, the party benefited by that contingency can walk away. Common examples include the buyer seeking a mortgage loan to purchase the home; selling the buyer’s current home; conducting inspections; and in a short sale, approval of the seller’s lender.

2. What’s the bottom line? Can you afford to cover everything the buyer is asking for? Your San Diego real estate agent can provide you with a “net sheet” that takes all of the financial terms – such as requests for closing costs and repairs – and calculates what the net proceeds will be, based on the offer price. This is especially important for owners who are short selling their homes.

3. What timeframes are involved? Be available for your San Diego real estate agent to present offers. Every offer has an expiration date, and it’s important to meet that expiration date or get an extension if you need more time to review the offer. When is the buyer proposing to close escrow? How long is the buyer asking for due diligence? The purchase agreement will have a “time is of the essence” clause, so it’s important to pay attention to all contractual deadlines.

4. What is most important? This is a question that only you as the seller can answer. If maximizing proceeds is most important, you’re more likely to stand firm on your financial terms, whereas if a quick closing date is most important, then you may be willing to compromise in other areas.

5. What are my options? The seller always has the right to accept, reject or counter every offer that’s made on the property. Selling a home can be a very emotional time for a homeowner. It’s important to stay flexible, look at it as the business transaction it is, and for each provision in the offer decide whether it’s a deal breaker or if you’d be willing to compromise. Working through the offer with your San Diego real estate agent, decide what course is best for you.

: Carlsbad Real Estate, Home Selling Tips, Oceanside Real Estate, San Diego Real Estate
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Sellers in Distress: Know Your Options

August 21, 2010

San Diego homeowners facing financial difficulties have numerous options besides short selling your home. Options could include loan modification or a revised repayment plan; refinancing with your current lender or another lender; bankruptcy; or voluntary deed-in-lieu of foreclosure. These options may have adverse consequences and you must decide what is best for your individual situation.

To find out more, explore your options with your lender and other appropriate professionals, such as attorneys, accountants, and qualified San Diego housing and credit counselors. A list of HUD-approved housing counselors is available by Clicking Here. Even more local, state and national resources are compiled on the State of California Foreclosure Help website at http://www.hud.gov/local/ca/homeownership/foreclosure.cfm

: Carlsbad Real Estate, Home Selling Tips, Oceanside Real Estate, Real Estate News, San Diego Real Estate
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Small Projects Have Big Impact When Selling

August 9, 2010

It’s a buyer’s market, and even small things can set your San Diego home apart from the competition. The problem is, over time, homeowners no longer see small projects like fixing a hinge on a seldom-used cabinet door or cleaning scuff marks off the back door.

But in a home buyers eyes, those little projects put questions in their minds, not only, “how much will these repairs cost?” but also, “if the little things aren’t done, are there big things that haven’t been done as well?”

A clean and clutter-free San Diego home is a great start. But it’s important to take a more critical eye to your home before listing it for sale. If you can afford it, have a pre-listing home inspection to identify problems ahead of time. Fix the problems that you are able to, and be prepared to disclose and/or negotiate the ones you can’t fix up front. Here are five areas where a small fix can make a big impact on how a buyer sees your San Diego home.

Heating and cooling is a critical component to San Diego homes and one of the most costly repairs to make on a home. a heating and cooling system that appears to poorly maintained can raise concerns with potential San Diego home buyers. Be sure to replace the furnace filters to ensure optimal air flow to the HVAC system. Clean all the air vents and ceiling fan blades.

Electrical. Replace any burned out light bulbs in all fixtures inside and outside. Replace cracked or missing outlet covers and switch plate covers. These are simple, inexpensive items that improve the overall appearance of any home for sale in San Diego.

Walls and windows. Repair and touch up dings, scratches and holes in the walls, even small holes from picture hangers. Clean scuff marks off base boards, walls and doors. Clean the windows and vacuum the window tracks inside and outside to get rid of debris.

Flooring is an item that every San Diego home buyer immediately notices. Shampoo the carpet if it is still in good condition. Where possible, replace broken floor tiles or boards. If the carpet is looking worn or stained, get estimates to replace it so you will be armed with information if the buyer tries to negotiate a concession.

With all the recent news and health concerns about mold, it is important to have the plumbing in tip top condition. Fix any leaky faucets or pipes. Besides being clean, bathroom fixtures should function properly. Check the faucets for water flow and temperature. Make sure the toilets flush properly and don’t “run.”

Finally, if you started home improvement projects that you haven’t quite finished, finish it! Not only will it be one less thing on your to-do list, it could improve your chances of standing out to potential San Diego home buyers.

: Carlsbad Real Estate, Home Selling Tips, Oceanside Real Estate, San Diego Real Estate
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How to get an offer on your home

August 6, 2010

Selling your San Diego home can be much easier if you follow a few basic guidelines. Even in a slow San diego real estate market you can get a good offer in a minimal amount of market time if you are a realistic seller.

The most important factor in getting a good offer on your San Diego home (in my opinion) is to price it right from the get go. Set a price at the lower end of your property’s realistic price range. Pricing your San Diego real estate at the upper end of the property’s price range “hoping to leave room for negotiating” can deter potential buyers from viewing your property if there are similar lesser priced property’s in your neighborhood.

Prepare for visitors. Get your San Diego house market ready PRIOR to listing it in the MLS and showing it. You want your home to be ready to show the day it hits the market. Listing your San Diego home in the MLS and stating it cannot be shown for a week due to clean up will only frustrate potential buyers and lead them to believe the home  is in poor condition.

Be flexible about showings. It’s often disruptive to have a house ready to show at the spur of the moment but the more amenable you can be about letting people see your home, the sooner you’ll find a buyer. Having a lockbox on the property, even if you want to be present during every showing is also a big plus. A San Diego Realtor who is preparing a list of properties to show their client may choose to skip your property if they think it will be difficult to show due to not having a lockbox present. 

Anticipate the offers. Decide in advance what price and terms you’ll find acceptable. A quick response back to the potential buyer will keep them interested in the property.

Don’t refuse to drop the price. If your San Diego home has been on the market for more than 30 days without an offer, you should be prepared to at least consider lowering your asking price. Despite declining prices, there are still a lot of San Diego home buyers out there. If you have little to no showings and no offers with-in the first 30 days, your list price is most likely too high.

: Carlsbad Real Estate, Home Selling Tips, Oceanside Real Estate, San Diego Real Estate
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