4034 Epanow Ave… This cozy home is a must see for anyone looking in the Bay Ho

SOLD FOR $523,000 BY WESLEY GUEST! Location, Location, Location… This cozy home is a must see for anyone looking in the Bay Ho

This cozy home is a must see for anyone looking in the Bay Ho area of Clairemont. It has been renovated from top to bottom to include the kitchen, both bathrooms, the master bedroom, a new roof, a new electrical panel, new exterior paint, new stone flooring on the large patio. Other attributes include a huge backyard, fruit trees (orange and avocados), a workshop that can be used as a laundry room, and a fireplace in the family room adjacent to the kitchen.

Click on the picture (4034 Epanow Ave) below for more pictures and all the details.

11221 Gatemoore WayActive
Best Value in Lake Point$1,159,000

Largest floor-plan available in Lakepoint with views.

11221 Gatemoore Way
San Diego, CA 92131

  • 6Beds
  • 4Baths
  • 4,035Square Feet

San Diego Real Estate Market Report and Stats for November 2014

Thinking of buying or selling a home?.  Maybe you already own real estate and are curious what’s happening in the market?  These are the figures for San Diego and several micro San Diego real estate markets including Downtown, Pacific Beach, San Elijo Hills, and Mira Mesa you are looking for.  This is real deal information and statistics for what is happening right now.  Most other public data and “news” stories about the market follow the Case Schiller index and are already 2 months old (There is a two-month lag time in the data reported).  Old news is now news in real estate.

The best argument I have heard for why it’s a good time to buy real estate:  Mortgage interest rates are still a historical lows, home prices have reached a stable and sustainable level, and rental rates continue to climb and outpace home appreciation levels (rents are expected to climb 19% over the next couple years!).   A mortgage payment on a home will be cheaper in most cases than renting a home in San Diego.  Also, don’t forget that unlike stocks, bonds, and other investment entities and options, you get added utility from being able to live in your investment.  You gotta live somewhere right?  I’d like to see you move into your shares of Microsoft or Apple.  Maybe the iHome?  Sorry, a little real estate agent humor.

San Diego real estate market stats for November 2014 below:

San Diego Real Estate Market:

  • Median Price $450,000 0% prices are flat ($450,000 previous month). +8.4% from same month last year.
  • Inventory dropped 7% from 10,092 to 9,394 since last month. -7.2% from same month last year.
  • Sales dropped 5% from 2,928 to 2,769 homes and condos since last month. -12% from same month last year.

Downtown San Diego Real Estate Market:

  • Median Price $525,000 -.001% prices are flat ($526,000 previous month). +13.5% from same month last year.
  • Inventory dropped 12% from 315 to 278 since last month. -14.2% from same month last year.
  • Sales dropped 15.5% from 71 to 60 homes and condos since last month. -22.1% from same month last year.

THINKING OF SELLING REAL ESTATE IN SAN DIEGO?  THINK AGAIN!

San Elijo Hills Detached Home Real Estate Market:

  • Median Price $700,000 -3% price decrease ($680,000 previous month). -1.3% from same month last year.
  • Inventory dropped -7% from 56 to 52 since last month. -13% from same month last year.
  • Sales dropped -12% from 17 to 15 homes and condos since last month. -44% from same month last year.

Pacific Beach Real Estate Market:

  • Median Price $665,000 -17% price decrease ($807,500 previous month). -6% from same month last year (It’s normal to have monthly wild price swings in PB).
  • Inventory dropped -11% from 195 to 174 since last month. -8.4% from same month last year.
  • Sales dropped -10% from 52 to 47 homes and condos since last month. -6% from same month last year.

Mira Mesa Real Estate Market:

  • Median Price $395,000 +16% price increase ($470,000 previous month). +17.5% from same month last year.
  • Inventory dropped -11% from 131 to 117 since last month. -15.8% from same month last year.
  • Sales dropped -8% from 48 to 44 homes and condos since last month. -22.8% from same month last year.

HOW TO BUY A SAN DIEGO HOME OR CONDOMINIUM

 

Short Sale Seasoning Requirements Will Change on August 16th, 2014

Short sale seasoning requirements will change on August 16th, 2014. You might be thinking what does this mean exactly and how long do I have to wait before I can get a new mortgage after a short sale in San Diego?

Current seasoning periods for short sales under most conventional loan programs are:

  • 7 years with less than 10% down payment.
  • 4 years with between 10% – 19.99% down payment.
  • 2 Years with 20% or more down payment.

This will change on August 16th, 2014. The new seasoning guidelines for conventional short sales are:

  • 7 years with less than 10% down.
  • 4 years with 10% down payment or more (A 2 year seasoning requirement is allowed if you can document extenuating circumstances that caused the short sale. A declining market is not considered a hardship).

So what does this mean? This means that if you sold San Diego real estate as a short sale recently, you have to wait 4 years before you can get a new mortgage if you managed to save 10% for a down payment or more. You will have to wait 7 years if you have less than a 10% down payment.

SEARCH SAN DIEGO REAL ESTATE LIKE A PRO!

Why the change from Fannie Mae? It lowers the overall risk to the mortgage portfolio’s Fannie Mae holds although the side effect will be less borrowers and buyers in the real estate market. The magnitude of this effect will soon be demonstrated.

Are there any alternative options to get around the 4 year or 7 year seasoning requirement? There will be many niche lenders and portfolio investors looking to cash in on this new restriction from Fannie Mae. There will be options but with additional risk to any investor comes higher cost and usually rates to the borrower. Whether or not the products will make sense will be decision that must be made on an individual and unique basis.

Agree? Disagree?  Questions?  Please use the my form or comments section below.

Real Estate Video Tour for 840 Turquoise Street #210 in Pacific Beach 92109

 

My latest real estate video tour for 840 Turquoise Street #210 in Pacific Beach 92109.   This incredible condominium is available for sale.  It is one of the largest 1 bedroom, 2 full bathroom condos in the entire neighborhood at over 900 square feet..  It has all the upgrades and amenities including 2 pools and a spa.  Please contact me for more information or to schedule a private tour.

For more information including pricing, please click here

 

Pacific Beach Real Estate Market Report for April 2014

 

Pacific Beach Real Estate Market Report for April 2014:  The real estate market in Pacific Beach is busy and competitive!  Home and condo inventory levels are lower than average for San Diego and creating many bidding wars for the best properties.  The median price in Pacific Beach is at $610,000 which right about were prices were at the real estate peak approximately seven years ago.

View All Pacific Beach Real Estate for Sale

Home sellers in Pacific Beach are selling in just about a month or so.  If you are a home buyer in Pacific Beach, expect to face competition from other would be Pacific Beach home owners.  Summary statistics below:

92109 (low inventory, prices about where they were at the peak).

  • Median Price:  $610,000…
  • Active Market Time:  50 – 60 days
  • March 50 Sales
  • Currently 154 Active Listings, based on close of March we are in a border line sellers market/normal market.  Inventory is very low right now.

Questions?  Comments?  Agree?  Disagree?  Speak your mind using the form below.

My Newest Listing at 1271 Holmgrove Drive in San Elijo Hills

 

Please enjoy my high definition video tour above filmed at my newest listing at 1271 Holmgrove Drive in San Elijo Hills.  Every now and then, a truly special home reaches the market for sale.  1271 Holmgrove Drive sits on the peaks of the mountains overlooking San Elijo Hills and the Pacific Ocean.  This is very special home, one of the best in the neighborhood.

View all San Diego Homes for Sale

No expense was spared in upgrading this luxurious Atherton residence.  This is immediately evident upon entering this cozy residence as the custom dark mahogany plantation shutters and the elegant wrap around wrought iron staircase are instantly visible.  The custom floor treatments are also pleasing, a carefully thought out combination of tumbled travertine stone and custom hickory brick wood floors hand cultured by century farm

The kitchen, connected to the main living area, was designed and constructed with functionality and the entertainer in mind.  Family gatherings, celebrations, and holiday merriment will be a breeze.  Upgrades include rare golden ray granite tops and back splash, detail kitchen sinks made by Ceco including extra vegetable sink, a kitchen appliances and a warming draw all by GE profile.  The main living room is adjoined to the kitchen with a custom word with custom molding entertainment center by Idell, a built in TV outlet, and a surround speaker system audible in 3 separate rooms.

View all San Elijo Hills Homes for Sale

The master suite contains a private balcony not included in other homes in the neighborhood, Emerador marble throughout the master bath area, a separate stand up stone tiled shower, custom paint, and a custom closet built in system fit for the most expansive clothing and shoe collections.

Other upgrades this fine home holds are upgraded overhead cabinets in the laundry room, A full custom wood built and molding in wall cabinets and wine storage built by Idell, full cat5 wiring throughout the home, and a pre-wired for a Home defense alarm-system.

The outdoor area is one of the best in the entire community.  Characteristics include a mix of local and tropical landscape, stylish tile, a built in irrigation system, elaborate lighting and drainage, two diff water fountains, an overhead canopy, seating and food preparation areas to include a BBQ, sink & outdoor refrigerator.

How to Sell your San Diego Home or Condo

The views from this home are expansive and panoramic.  On a clear day, white water surf is visible to the west and the downtown city skyline to the south.  Truly some of the best views in San Diego County.

Please contact me for pricing and to schedule your private showing at 1271 Holmgrove Drive.  Like the video and have a home to sell?  Let’s chat, video sells property faster, with less hassles, and for more money.

 

My San Diego Real Estate Predictions for 2014

My San Diego Real Estate PredictReal estate forecast for 2014 by san diego real estate agent wesley guestions for 2014:  2013 was a firestorm for San Diego real estate.  For the first half of the year, we experienced a strong sellers market with multiple offers from home buyers on just about anything with walls, a door, and a roof.  By the second half of 2013, San Diego real estate inventory levels started to rise along with an uptick in interest rates.  The result was a return to a balanced or normal real estate market.  So what is in store for 2104 in San Diego?

  1. Prices Will Continue to Rise but at a Sustainable Pace.  San Diego will see an increase in home inventory as more homeowners achieve positive equity and sell their homes.  This will include the “move up” home seller and the retirees looking to “down size”.
  2. Interest Rates Will Continue to Rise.  The Federal Reserve announcement that it is reducing their purchase of mortgage backed securities should create an upward trend in interest rates that could slow price escalations.  We will be at a or near 5.2% by close of 2014 as compared to approximately 4.5% in the present market.
  3. The Number of Investor Purchases Will Decline but Remain Substantial.  Although prices have risen, there are still plenty of decent deals to be had.  The renovation / flip market will continue to dwindle but investors looking to purchase San Diego real estate and hold for the extended term will remain prevalent in the market.
  4. Population and San Diego Job Increases Will Continue to Push Real Estate Prices Higher.  Favorable job reports and paradise type weather will continue to keep demand high for San Diego real estate.  There are more people and families than housing currently available.
  5. New Construction Will Rise from the Ashes.  Home prices continue to rise and justify new construction, particularly given land, labor, and materials costs. In addition, lenders will make loans and credit easier to obtain for smaller builders and developers.

Questions?  Comments?  Please send them my way anytime!

Downtown San Diego Real Estate Market for December 2013:

Downtown San Diego Real Estate Market Report for December 2013:

The average price and median price for December 2013 are both still up in the double digits.  We are primarily interested in the median price as it eliminates any major outliers but it is interesting to compare it versus the average price which came in very strong as well.  Also, the 12 month median price trend depicted in the graph below is very promising.

  • Median Sales Price: $447,500 +15.1%
  • Average Sales Price:  $520,299 +13.6%

The median amount of days on market is relatively low at 36 days.  The average is 65 days but this figure is severely skewed by several short sales that have been hanging around for years. The median is much more applicable and realistic for this report.  Sellers can expect to be on market for around 36 days when selling their Downtown San Diego Real Estate / Condos (Even less time if you price your condo right and use a real estate video tour to market the property).

  • Median Days on Market: 36 Days +5.5%
  • Average Days on Market: 56 Days +13.6%

The market is a Normal Market.  There are currently 257 actively listed properties in the 92101 zip code.  If we divide that total by the number of total sales last month at 47 sales, we get 5.47 (5.47 month’s worth of real estate inventory).  This means it would take 5.5 months to sell the current inventory available for sale.  Anything between 3-6 months is generally accepted as a balanced or normal real estate market.

  • 257 Active Listings for Sale as of 12/2/2013.
  • 57 Total Sales last month.
  • 4.5 Month’s Inventory (257 Active Listings / 57 Sales) Normal Market

Breakdown by Neighborhood for December 2013:

Summary:  The holiday season is here and it is showing in the market data.  The 47 sales for the month is the lowest number of sales we have seen in the Downtown San Diego real estate market since 2008.  I wouldn’t read too much into it.  January 2014 could bring another real estate run, maybe similar to what we saw for 2013.  Real estate prices continue to climb as more inventory becomes available for sale.

See All Downtown San Diego Real Estate for Sale

Questions? Comments? Please send them my way!

How Does an FHA Loan Work?

complete list of all fha approved condominiums in downtown san diego 92101

HUD

So how does an FHA Loan Work?  There is so much bad information out there.  There have been increasing and drastic changes to the FHA program and how it works over the last couple years.  I constantly field the same recurring questions so I wanted to provide a quick information piece below to answer the most common questions and misconceptions I hear.

Does a condominium or building have to be approved to use an FHA loan?  Yes, it must be full approved by the HUD (Department of Housing and Urban Development.  It is very simple to check FHA approval status.  Simply log onto the HUD website at https://entp.hud.gov/idapp/html/condlook.cfm and search.  If your target condo or building is on list and is “approved”, you are good to go.  If it is not listed, it says rejected, it says withdrawn, then it is not FHA approved.  There is “secret” source for FHA approval.  It’s listed here or it is not FHA approved.

Can I get an FHA spot approval?  No.  These no longer exist as of 2 years ago.

Do FHA approvals expire?  Yes.  They used to last forever but that didn’t work out so well (just check out the FHA housing market stats from 2006 to 2007).  As of two years ago, all FHA approvals were scrapped and all parties interested in being FHA approved again had to re-apply for approval.  Now, FHA approvals only last 2 years.

Does it matter if my condominium, town home, or building is not FHA approved?  Yes.  Lets put it this way:  Simple economics says if the demand increases, so does the price.  Do you think having the ability to sell your property to a larger pool or buyers will increase or decrease demand for you condo or town home.

Does a house have to be FHA approved?  No .  Although any significant issues or problems with the home such as a compromised roof, foundation issues, missing floor treatments, or other major conditions will derail an FHA loan.  FHA financing is possible but you

approved fha condos and buildings

FHA Approved

would most likely need to explore FHA rehab loan options.  More information on those later or contact me to find out exactly how they work.

Does HUD or FHA provide a loan to me ?  No, the Federal Housing Administration is simply insuring private loans issued for new and existing housing, and for approved programs for home repairs.

Do you need good credit for an FHA loan?  The idea behind FHA loans is to provide an opportunity for would be homeowners to buy a home or condo that they otherwise would be unable to under current lending standards and rules.  Therefore, credit standards are far more forgiving, interest rates can be lower than conventional interest rates, and down payment requirements are as low as 3.5 % in most cases.  This makes FHA financing very attractive to many whom could otherwise not over-climb the barriers to entry in to becoming a home owner.

Downtown San Diego FHA Approved Condos and Buildings

Can I buy a second home or investment property with FHA financing?  FHA financing is a way to allow home buyers the opportunity to own and live in a home as a primary residence they may not otherwise be able to afford.  Do you think the Federal government will look kindly upon using the FHA program to increase an investment portfolio or finance a second home for a home owner whom already owns a primary residence?  Most likely no.

Are FHA loans assumable?  Yes.  This can be very attractive to any FHA buyer in the future.  Especially if interest rates have risen significantly.

Are FHA loans just for first time home buyers?  No.  FHA loans can be a great way for move up buyers to find the extra money to “move up” to a bigger home to accommodate additional family members moving in, family members being born, better neighborhoods, or any other reason the need should arise for extra space or enhanced location.

Can I have a c0-signer or co-borrower on my FHA loan?  Yes

There as so many misconceptions out there regarding FHA loans and lending.  Interested in viewing your FHA purchase options in San Diego?  Search all San Diego Real Estate

 

Questions?  Comments?  Sen them my way anytime!

 

Should You Buy Real Estate During The Holidays?

Should You Buy Real Estate During The Holidays?

for sale sign on san diego home during the holidays

Buying can be Sweet!

So should you?  Well, only if you like less headaches and a bargain!  Many would be home buyers put the skids on their real estate search during the holiday season.  Too much time and stress for most.  No need to explain, I get it.  But for those who do decide to partake in the real estate market, many great deals can be had in addition to a much smoother process than in the peak real estate home shopping times.  Here are several reasons I believe the holiday season can be a great season to be house hunting:

You are in a Far Better Position to Negotiate a Great Deal

There are far less buyers searching for real estate and bidding on homes.  This accomplishes two very desirable results:  Less buyer demand usually means lower prices and less buyers making offers means a reduced chance of getting into any type of bidding war.  Bidding wars can be won but who needs the stress if you can avoid it.

Motivated Sellers

Sellers on market usually fall into the category of every buyers favorite catch phrase “motivated seller”.  They are usually on market because quite frankly they need to sell for whatever their reasons might be.  This means they may be more willing to negotiate, drop the price, include other favorable buyer incentives, and just be generally more agreeable on the entire process.  This is a very different attitude to take than what most sellers might be like during the peak home buying season.  Sellers are also motivated to sell in order to claim their tax incentive before the year is up in January.

Tax Deductions

sold home in san diego during the holidays

Sold!

Making your first mortgage payment before the new year means you will be able to take advantage of the tax incentives, especially the mortgage rate interest deduction.  Just like Jimmy Fallen says “Who doesn’t like to save money”?

Faster Closings

There are less transactions so expect a much more smooth and efficient process.  More lines at Best Buy and Walmart mean shorter lines for you at the underwriter, appraiser, and other entities associated with closing your transaction.  This can pay huge dividends in making your contingency period far less stressful.

San Diego Real Estate for Sale

So Should You Buy Real Estate During The Holidays?  I would venture to say Yes!

Questions?  Comments?  Please send them my way anytime.