San Diego Real Estate News
San Diego Real Estate – Affordability Caused By Declining Inventory of Single Family Homes Seems to be Decreasing
November 19th, 2009 categories: Buying San Diego Real Estate, San Diego Real Estate, San Diego Real Estate News, Selling San Diego Real Estate
With fewer homes with equity coming to market and the increasing numbers of buyers vying for the more limited inventory, there are few choices left for the family on even a reasonable budget. Federal Tax credits for First Time Buyers and move -up buyers within a specific income threshold has increased the competition for affordable housing. With prices for an average per square foot dwelling now heading into the $300 per foot range, the lack of inventory coupled with the increased demand is reducing affordability.
I have seen availability coupled with affordability drop, seemingly to close out the family even with a fair amount of income if they need to occupy the property in a reasonable time frame ( most short sale purchases can be several months off if lender approved). The numbers of Buyers for more moderate priced homes has mushroomed and this week alone I have viewed many properties through much of the lower half of San Diego County and touching into the upper half up of the county to the $400,000 level for just such a family. Many short sales have no acceptable occupancy time line and the corporate REO’s have limited financing due to the 90 day FHA flipping rule.
The market has heated up very quickly since the extension and expansion of the Federal Tax Credit for first time and for move-up Buyers in the moderately priced home range. The housing supply is dwindling and the current limited inventory in many cases is going into overbid with multiple offers..
Market conditions seem to indicate that the more affordable single family housing is to be found more inland and anything that is priced well and market ready within 20 to 25 minutes of the coast is getting a lot of Buyer showings and multiple offers within days of bringing the property to market.
Affordability as cited by the economic predictions usually deals with statistics based in medians and averages. I am not dealing with statistics but rather real families with real housing needs. Day after day searches bring me to the conclusion that housing affordability has waned and the price of property is increasing as affordability based on lower inventory are declining.
Please Note: This is real life and I didn’t bother to check to see how my empirical evidence aligns with the actual statistics since my clients are suffering through the real life situation and statistical numbers don’t mean much to them in trying to find a property they can call home.
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Federal Home Buyer Tax Credit Extended and Enhanced
November 14th, 2009 categories: Buying San Diego Real Estate, San Diego Real Estate, San Diego Real Estate News, San Diego Relocation, Selling San Diego Real Estate
Federal Home Buyer Tax Credit Extended and Enhanced.
If you are Buying, Selling or Relocating to San Diego and need help from a professional REALTOR®, give me a call or visit my San Diego Real Estate website and sign up for Listing alerts for your favorite San Diego Home and Condominium Property Searches.
I specialize in Single Family Homes and Condominiums throughout the coast and inland areas of San Diego. Some of those communities are La Jolla, University Town Center, Bay Park, Mission Valley, Pacific Beach, Scripts Ranch, Poway, Carmel Mountain Ranch, Rancho Bernardo, Rancho
Penasquitos,Carmel Valley and Solona Beach. If I didn’t mention a city or community that you are interested in, just let me know and i will find you an expert for that community as well.
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REALTORS and Real Estate Technology Professionals Gather in San Diego
November 14th, 2009 categories: San Diego Real Estate News, William's Life in San Diego Musings
REBarCamp San Diego was a Huge Success!
Well over 400 participants converged at the downtown San Diego location of the world famous Stingaree NightClub, hosted by Jim Marks, NAR, Zillow and countless others, the REBarCampSD kicked off yesterday morning at 8:30Am and ended with a party like reception outside on the rooftop under the stars of the Stingareee Nightclub. This Venue I am told may be one of the most outstanding ever to host the BARCamp events.
What an extraordinary experience!
“Attendees don’t just watch a set list of speakers. They give their own talks. Podcasting. Web standards. Microformats. Gum stick computers. Physical security. Robotics. Evolutionary algorithms. It can be anything. One of the best barcamp presentations ever given was about sandwiches. BarCamp is what you make of it.” a quote taken from the REBar Camp site.
Topics today included the “Importance of and increasing SEO for your website” presented by Drew Meyers ( Zillow ) through topics on “Blogging” , by Jay Thompson and Kris Berg ( PhoenixRealEstateGuy.com and SanDiegoCastles.com) “Marketing properties with Photos “,” Syndication of the WordPress platform, Social Networks and guidelines for maximizing your experience,” Introducing Posterous.com”, presented by Eric Stegemann. All the social network gurus were there to help each us learn the many ways to interact and build and establish relationships. Social Networks are about Relationship Building. There were experienced “REO Specialists” conducting discussions on the “future and explosion of REO’s”, “ShortSale Specialist Experiences”, and “How to convert Online Consumer Leads” by Bob Wilson. There are too many topics to name all of them but certainly all of the many remarkable topics had presenters giving of their time to help each of us participating to always have the best online experience.
There were 3 levels of areas at the venue ( 12 specific and named areas ) used throughout the venue creating 12 simultaneous classrooms, that changed topics every 30 minutes. The sessions involved a presenter that guided the full participation of each and every attendee. As they say, “ This is not a spectator sport”. To maximize your shared knowledge and experiences, everyone was encouraged not to just attend but to actively participate.
Some of us knew each other well on line and today many of us from ActiveRain, Facebook,Twitter, Linked In, met in person for the first time. I guess you can just imagine how incredible that was.
What an amazing event and I was overwhelmed with the outpouring for friendship and sharing at this most amazing experience.
I am re-posting this post that I originally published on another blog for Real Estate Professionals.. The reason is simple really, I feel it will help you the consumer to know our passion and dedication to learn all that we can that will ultimately help you the most in your real estate decisions. To know that we care to be the very best we can be in providing you state of the art services for any transaction that will assure you the best result.
If you are Buying, Selling or Relocating to San Diego and need help from a professional REALTOR®, give me a call or visit my San Diego Real Estate website and sign up for Listing alerts for your favorite San Diego Home and Condominium Property Searches.
I specialize in Single Family Homes and Condominiums throughout the coast and inland areas of San Diego. Some of those communities are La Jolla, University Town Center, Bay Park, Mission Valley, Pacific Beach, Scripts Ranch, Poway, Carmel Mountain Ranch, Rancho Bernardo, Rancho
Penasquitos,Carmel Valley and Solona Beach. If I didn’t mention a city or community that you are interested in, just let me know and i will find you an expert for that community as well.
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City of San Diego Now At Level 2 Water Emergency
May 6th, 2009 categories: Legislative, Local San Diego News You Can Use, San Diego Beach Communities, San Diego Condominium Guide, San Diego Real Estate, San Diego Real Estate News
The city of San Diego is now at Level 2 Water Emergency. San Diego city Council yesterday voted eight to zero to impose mandatory outdoor water usage restrictions throughout the city of San Diego, effective June 1, 2009.
The newly enacted measures call for the following:
Watering of lawns and landscapes throughout the city and its jurisdictions can only be done from 6 p.m. to 10 a.m.
Outside watering ( applicable to residential and commercial properties) can only be done three days per week.
Each property owner must follow the assigned days of week according to the property address. Read the rest of this entry »
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Are Reverse Mortgages Your Golden Egg ?
May 2nd, 2009 categories: Local San Diego News You Can Use, Market and Forecast Updates For San Diego, San Diego Mortgage Banks and Loans Info, San Diego Real Estate, San Diego Real Estate News, San Diego Relocation
With our economic system in a tailspin, for the older generation hit the hardest by declining fortunes coupled with the rise of unemployment, property values and retirement investments,there may be yet another way for them to tap into the greater amount of their home equity in these hard times.
For home owners that are age 62 or older and have a good amount of equity, Reverse Mortgages may be their Golden Egg that helps them through the tough times and ensures they can stay in their homes.
While there are scores of Reverse Mortgage offerings out there from private companies and even some state and local government types, the federally insured Home Equity Conversion Mortgage might be a good place to start in the discovery of the costs and requirements to see if the idea of a Reverse Mortgage is your Golden Egg.
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