Great Things Are Happening in
San Diego Area Real Estate
Inside This Issue…
* What is going on with Dennis & Sunshine…
* Major Government Change to Cause Two Week Delay in Most Closings…
* Real Estate Report – Prices up again…See the 10 Year Graph…
* Shopping Deal O’ The Week from Clark Howard…
* Lost a key – There is an app for that!…
* ID SPAM Calls in a Flash…
* See my Blog Posts at http://sandiegohomes4u.com/blog/
___ Interesting articles and Infographics.
* 5 Ways Pinterest Can Make Your Life Easier
* Home Buyer Characteristics: Most likely vs Least Likely to Buy.
* Boom to Bust – Strongest & Weakest Cities.
* 6 Credit Score Myths.
* Year round Property Maintenance Tips.
___ July & Aug Calendar of San Diego events
Sunshine and I have been pretty busy with the strong Real Estate Market, so we have not taken much personal time. We really enjoyed spending a day at the San Diego County Fair.
They always have some amazing exhibits. We love the photography, wood carving and gemology areas. And at least one deep fried something. This year it was a deep fried Reeses Cup…Yummm!
We missed going to the Encinitas Swing Dance this month. They had a scheduling snafu and it was cancelled. OK, see you there next month on the 2nd Sat. of each month. http://pureenergyswing.com/2nd-saturday-dance/
Major Government Change to Cause Two+ Week Delay in Most Closings…
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…
Inventory is down, Prices are rising, Multiple Offers up…Again.
One interesting effect of a weaker-than-expected economy is that the Federal Reserve does not seem ready to raise short-term interest rates during summer, as some had suggested might happen. New projections indicate that rates will remain the same until October at the earliest.
In N San Diego County, Month to Month increase for detached houses was +.49% to $615,000 (+8.8 last month). Month to Month increase for attached houses was 3.15% to $389,900.
Median days on the market for SD County homes was 17 days. Two major factors in that are the continued low interest rates and the shortage of inventory.
Countywide, the Median Sales Price was up 5.3 percent to $547,500 for Detached homes
and up 5.8 percent to $354,000 for Attached homes. Days on Market decreased 12.5 percent for Detached homes and 22.0 percent for Attached homes. Supply decreased 25.0 percent for Detached homes and 26.7 percent for Attached homes. A balanced buyer/seller market is 5 to 6 months supply. Our current supply for some markets is less than one month. There are only 60 active Bank Owned/REO listings and 162 Short Sale Listings out of only 7263 total available houses & condos in San Diego County.
Buying a home is still a challenge with the low inventory. Fortunately, rates are still great.
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.
How long is this sellers market going to last? 2 years? 4 years? I wish I had my crystal ball and so do you.
California pending home sales continue annual increase for seventh straight month.
California pending home sales continued to gain steam in June, registering seven months of continued annual increases and the fifth consecutive month of double-digit increases, according to the CALIFORNIA ASSOCIATION OF REALTORS®.
U.S. home sales approach eight-and-a-half-year high, prices surge,
Existing home sales increased 3.2 percent to an annual rate of 5.49 million units, the highest level since February 2007, according to the National Association of REALTORS®. Overall, U.S. home resales rose in June to their highest level in nearly 8.5 years, a sign of pent-up demand that should buoy the housing market recovery. However, a tight supply of properties for sale remains a constraint. The string of strong housing reports indicate the economy continues to be on firmer footing despite a drop in retail sales and a slowdown in job growth last month.
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.
Lost a key – There is an app for that!…
A free app to Retrieve Your Lost Key From The Web. It’s easy to use this new and unique service – just scan an image of the keys you wish to store or copy, give the file a name (Front door, for example) and upload it to your web locker. They send you the key when you need it. KeyMe says it is a safe, smart and convenient way to copy and share keys and solve lockouts.
Shopping Deal O’ The Week from Clark Howard…
www.Jet.com is the anti-Amazon. Clark Howard says that Jet is what Amazon USED to be, with really low prices on the things you use everyday. Clothing, TVs, computers, household goods, etc. Clark says with Jet, you’ll end up paying 5%-15% less than any other place for any item you want to buy. Clark says it’s easy. Just go to Jet.com and register. It’s normally a $49.99 annual membership, but when you register, you get 3 months FREE. Free shipping on orders of $35 or more. Learn more moneysaving tips at www.ClarkHoward.com
ID SPAM Calls in a Flash!
Wouldn’t it be nice to know if the incoming call from 321-234-5678 is a sneaky spam, scam or con artist?
This place will give you the full scoop on what the rascals are up to and often who they are. Just type in the calling number and tap “search”.
Find out who is calling and why: Debt collectors, telemarketers, charities, and survey companies often call without leaving a message. Lookup the number to read the previous reports of other users.
Report telemarketing calls.
Report phone fraud: Did someone try to scam you? Reporting the number is the fastest way to make the public aware, and prevent others from falling victim to the scam. It is not easy, but worth it.
Check out a business: Read other users’ feedback about the phone number owner. If the caller is a rascal you will immediately see comments from other innocents who were cranky enough to describe the nature of the recalcitrant call.
Wishing you a great week, month & year!
We are never too busy for your referrals.
Sunshine Smith, SFR, Realtor &
Dennis Smith, SRES, ABR, e-PRO, CDPE, Realtor
RE/MAX BY THE SEA
View area homes for sale at http://www.sandiegohomes4u.com/MLS_Search.htm
Serving all your San Diego County Real Estate Needs
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