Great Things are Happening in San Diego Real Estate!
Inside This Issue…
* What is going on with Dennis & Sunshine…
* Real Estate Report – Inventory is down, Prices are rising, Sales are up…
* Brown Lawns no longer a sign of Foreclosure…
* Bacon Scented Lottery Tickets??? YES!…
* Museum Day Live! — free ticket for 2 — on Saturday, September 2…
___ Interesting articles and Infographics.
* Credit Score and Confidence
* Uptick in California House Prices Continue.
* Boom to Bust – Strongest & Weakest Cities.
* 6 Credit Score Myths.
* Year round Property Maintenance Tips.
___ Aug & Sept(soon) Calendar of San Diego events
& Real Estate Seminar. He heard from Darren Hardy, Publisher of SUCCESS magazine and the author of The Compound Effect, Diana Nyad, the first person to swim from Cuba to Florida…at age 64, Joe Niego, a Chicago Realtor who sells over 200 homes per year, Brian Buffini, an Irish immigrant who came to the US with $94, became a top San Diego Realtor then built the largest coaching company in North America. He trains Realtors to “Work by Referral”, which is what we do. 78% of our business last year was by repeat or referral.
We will tell you more about these incredible people in future newsletters.
We are from the Government and we are here to help.
But our help will cause almost all transactions with loans to be delayed from the usual 30 day close to 45 day closings. It is called Know Before You Owe. Good concept but a problematic and costly implementation. Starting with loans applied for after Oct. 2, 2015, the rule requires easier-to-use mortgage disclosure forms that clearly lay out the terms of a mortgage for a home buyer. That is the good part. The bad part is this ruling will hurt some non-cash buyers. A seller may opt to take the easy route with a cash offer, despite having higher price offers that include buyer financing. The difference may be slight and a seller may take less for an all cash offer with a quicker close. Buyers & sellers will both have to review their timing in light of these delays.The most impactful piece of the rule is the closing disclosure waiting period.
This states that once a loan is clear to close, the borrower must receive a disclosure with the final cost 3 business days prior to signing. This waiting period CAN NOT be waived. Additionally there is an assumed delivery period making the actual waiting period 6 days unless the lender can prove that the disclosures were received by ALL BORROWERS prior to the 3 day assumed delivery period. Lenders that do not have their ducks in a row will see delays in loan closings, especially on purchase loans. This process could be really messy through the end of the year as lenders, escrow agents, title companies & Realtors try to figure it out to avoid closing delays.
San Diego Area Real Estate Report…
San Diego Area Real Estate Report…
Inventory is down, Prices are rising, Sales are up…
Ever since the Great Recession ended in about June 2009, the market has strengthened to once again become a cornerstone of the national economy.
Better lending standards, lower oil prices and higher wages are a few of the catalysts for positive change. Many trends continue to reveal a stable housing market. Federal Reserve Chair, Janet Yellen, has predicted a fine-tuning of monetary policy by the end of the year. It is widely believed that interest rates will go up before the year is over, an indicator that the housing market is ready for such a move.
Interest rates took a dip with the weakening of the stock market. Now would be a great time for many people to buy, sell or refinance. However, do not wait because interest rates, like gas prices, go down slowly and rise quickly.
San Diego County Market Report:
Closed Sales increased 12.2 percent for Detached homes
and 14.3 percent for Attached homes.
Pending Sales increased 18.8 percent for Detached homes
and 29.9 percent for Attached homes.
Inventory decreased 18.1 percent for Detached homes
and 25.8 percent for Attached homes.
The Median Sales Price was up 8.8 percent to $555,000 for Detached homes
and 4.9 percent to $341,000 for Attached homes.
Days on Market decreased by 14.6 percent for Detached homes
and 8.1 percent for Attached homes.
Supply decreased 24.3 percent for Detached homes
and 33.3 percent for Attached homes.
Only 7299 available houses & condos for sale in San Diego County.
However, 3678 sold last month which gives us about a 2 month inventory. Still a sellers market.
Buying a home is still a challenge with the low inventory.
Fortunately, rates are still great. Contact me to get started.
This is great for sellers but provides challenges for buyers and move up or down sellers. Buyers have to be totally ready and very committed to buying. See me a month or two before you are ready to start looking so we can be sure you are really ready.
Starting in October, the government is adding another challenge to lending which will cause the process to take longer.
How long is this sellers market going to last? 2 years? 4 years?
I wish I had my crystal ball and so do you.
Please feel welcome to call me and see how this information affects you and your unique circumstances. Every situation is different. I am here to help you thru your Real Estate adventure, even if you are not planning to buy or sell for years.
Please contact me for the full report and local details.
Brown Lawns are no longer necessarily a sign of Foreclosure!…
They could actually be a sign of a concerned citizen saving water.
Fortunately, 13 of the nation’s 20 largest metropolitan areas saw drops in Foreclosures.
Areas registering big drops in year over year foreclosure activity according to RealtyTrac were: Houston, down 33 percent; Phoenix, down 23 percent; Los Angeles, down 11 percent; Riverside and San Bernardino counties down 14%; Minneapolis, down 8 percent; San Diego, down 5 percent; and Chicago, down 2 percent.
San Diego county has only 62 Bank owned houses & condos for sale and they are between $184K and $3.7M.
NH Lottery launches $1 bacon-scented scratch ticket. The “I Heart Bacon Scratch Ticket” costs $1 and offers a grand prize of $1,000. The ticket first went on sale Jan. 5. Players get a whiff of bacon after scratching the ticket. “The (NH) Lottery is focused on developing new and fun ways to engage customers. The I Heart Bacon scratch ticket combines two things people love: the chance to win cash and the wonderful, enticing smell of bacon,” said Charlie McIntyre, executive director of the New Hampshire Lottery Commission.
We are never too busy for your referrals.
This Newsletter is much easier to read at this link…
Sunshine Smith, SFR, Realtor &
Dennis Smith, SRES, ABR, e-PRO, CDPE, Realtor
CalBRE Licenses: Dennis: 00476662 Sunshine: 01249837
RE/MAX BY THE SEA
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