So how is the housing market starting out in San Diego? Slowly if you are looking at January compared to December and compared to January 2008. See the DataQuick reports below:
However, we had twice as many go into the pending status in February. In January there were 1,509 that went into escrow (single family attached and detached only), in February 3,039 went into the pending status.
Something interesting….84.8% of home sales in San Diego County are under $500,000. Active listings however, show only 63.5% listed are under $500,000. Year to date (as of 3/2/2009)
San Diego County (per Sandicor MLS) has:
14,248 Active Listings 5,930 Pending Listings 4,140 Sold Listings
Under $500,000 there are:
9,041 Active (63.5% ) 5090 Pending (85.8%) 3,464 Sold (83.7%)
Under $400,000 there are:
7,739 Active (54.3%) 4,529 Pending (76.4%) 3,091 Sold (74.7%)
Under $300,000 there are:
5,712 Active (40.1%) 3,412 Pending (57.5%) 2,295 Sold (55.9%)
In San Diego County 56.5% of sold homes are under $300,000! Wait till that word gets out in the snow belt areas!!!
Who are you going to call for warranty service if the original developer has gone away?
What happens if a new home community has been taken over by a foreclosure action or the builder went out of business?
It’s a real problem that many new home buyers aren’t even aware of yet.
At Solara Lofts the developer, Skandia, is committed to seeing the successful sellout of the community and the satisfaction of the homeowners. From on onsite manager, to full access to the developer…We know who to call!
There may be fire sales going on, but always look to quality and reputation!
Call the sales center for a tour, information about the Tax credits or to meet the developer at (619) 231-2400. The sales center is located at 1551 4th avenue, downtown San Diego 92101.
I have enjoyed being a member of Women’s Council of Realtors….why?
The local chapter of North County San Diego regularly offers business building events…round table discussions, featured speakers and marketing meetings. The speakers are offer current knowledge of the local area in market conditions, new laws and requirements, trends, motivational speakers and updates regarding what the public wants and expects from Realtors. We are not only attend these meetings but we can enjoy a lovely lunch with other professionals. There is still a lot to be said about face to face interaction.
Women’s Council of Realtors has an online presence…check out: www.WCR.org you will be glad you did when you see all the information to assist you in growing your business.
Women’s Council of Realtors has an online Referral Center…one of my past colleagues just recently located me through this site.
These are just a few of the advantages you will realize when you are a member…and the fun events…just to name a couple of them…Day at the Races…Wine and Jazz…and best of all…we help support local charities.
I hope to see you at our next luncheon on the 19th of March. Our lunches are the 3rd Thursday of each month….and oh…”Rockin’ Realtors”…sure do not want to miss out on the happy hours…this month is March 5th 5:30 to 7:30…Bistro West, the hot spot in Carlsbad.
Related Posts: Exclusive Properties Agents
It’s like a state lottery with 10,000 WINNERS. This money could go fast, statewide that’s not a lot of home buyers!
Additional funds for 1st time home buyers exist, so another $8000.00 is also available.
This is finally a way for the average guy to get some of the stimulus money. It could be the once in a lifetime deal. This is great for our downtown community at Solara Lofts because this is a new community .
The sales team will have lenders available to talk with you and get you going to get the home of your dreams and help get the government to pay for part of it.
For those of you who read my post of a few days ago (How the new Homeowner Affordability and Stability Plan Can Help You, February 24), you should know that over the last several days there has been a great deal of information released on the details of this plan, of which I feel the need to share. I would encourage you to read the prior post in conjunction with this one.
As the author of a book written to help people through the foreclosure mess (www.MortgageWalkawayOptions.com), I was particularly optimistic about the new plan, thinking that so many people would have a new option available to them, and would thus get help. Since the plan goes into effect next week, on March 4, there have been many questions, information released on a daily basis, and much argument on late night political and news shows over the plan. Today I spent a lot of time pouring over some of the information, which I will summarize.
1. How is Eligibility Determined Under the Program? It is important to know that ALL of the details will be announced on March 4, however from the information available it is easy enough to figure out some of the key points of the plan, but here are the main requirements:
a) You must make enough income to be able to afford new payments
b) The program is limited to loans held or securitized by Fannie Mae or Freddie Mac. To find out if your loan is held by either of these entities you can call your lender after March 4.
c) Your home must be your primary residence (no second/vacation/rental properties). Multiple unit properties WILL qualify as long as you live in one of the units as your primary residence.
d) Your loan cannot exceed current Fannie Mae or Freddie Mac loan limits (this could eliminate many people).
e) Your lender is NOT REQUIRED to modify your loan–the program is voluntary. As I mentioned in my other blog there are financial incentives to lenders to offer the modifications.
2. Will Principal Balances on the New Loans Be Reduced? NO. While the wording in the plan did not indicate this, it has become clear that the new loan that is created will lower your payments (because you will have a new, lower interest rate), BUT there will be no reduction in your principal balance. As I mentioned in my other post, you will have the opportunity to reduce that principal balance by $5,000 at the end of 5 years if you are current on all your payments at that time, but other than that the balance will be unaffected. Caveat: If you are a borrower paying interest only payments and you refinance to a lower, fixed rate you may not see your payments go down, BUT you will likely save a great deal over the life of the loan.
3. What if You Have Both a First and Second Mortgage? The ball is in the lender’s court on this one. As long as the amount due on your first mortgage is less than 105% of the value of the property, the lender of the second loan can choose whether or not you will be able to refinance; this will basically depend on whether the second lender can remain in second position and on whether you can afford the new payment terms on the first mortgage.
4. Interest Rates on the New Loans: These will be determined by the market rates and will typically be 15 or 30 year term mortgages with fixed rates. Good news: there will be no prepayment penalties or balloon payments.
5. Do you Need to be Behind on Mortgage Payments to Qualify? No. As long as you have sufficient income to make payments on the new loan and are at risk of imminent default you can qualify under the program (assuming you meet the other criteria).
I hope this is a start to clarifying the program for everyone. It certainly has opened my eyes. The best piece of advice I can offer you is to GET EDUCATED and understand other possible options that may be available to you. My book provides this information in a very basic format if you need more information. You can download it at www.MortgageWalkawayOptions.com.
I thought maybe this book might become obsolete in light of the new program, but now more than ever it is important to understand all options. To find out if you qualify under the new legislation please call your lender after March 4 and tell them you would like to be considered under the new Homeowner Affordability and Stability plan. Best of luck to you.