San Diego Real Estate Blog

CAR Revises San Diego Real Estate Sales Numbers Due to MLS Data Glitch
 
This blog post is in reference to an article in the Wall Street Journal by James R. Hagerty. The WSJ reported that:

“The California Association of Realtors expects to make sharp downward revisions in its recent monthly reports of soaring home sales in the San Diego area, Robert Kleinhenz, deputy chief economist of the trade group, said in an interview. The problem resulted from a glitch in data from a multiple-listing service in San Diego, Mr. Kleinhenz said. He said a change in computer systems used there resulted in incorrect data being sent to the Realtor association over the past year or so. Thomas Lawler, an independent economist in Leesburg, Va., who tracks home sales nationwide, raised questions about the San Diego data in a report last week. Mr. Lawler noted that the numbers reported by the Realtors vastly exceeded those from MDA DataQuick, a research firm in La Jolla, Calif., and other sources. The California Realtors have reported that San Diego sales in April were up about 63% from a year earlier. Mr. Kleinhenz said that is expected to be revised downward to a gain of about 20%. For May, the group reported an 89% increase in sales in San Diego; that will be slashed to about 6.5%, the economist said. As a result, he said, the state-wide sales gain for May — reported last week as 35% — also will be revised down, though it probably will remain above 30%, Mr. Kleinhenz said.”

I use the San Diego MLS as a Realtor in San Diego. There have been some changes to it over the past year and just recently. Fields have been added and things have been changed around. It took Listingbook quite a while to finally come into San Diego as a tool for agents and their buyers and sellers to view real estate for sale in the MLS. It has been frustrating for me as well because the IDX solution for my San Diego real estate web site has been changed several times because of the adjustments in the San Diego MLS. This has also made many of my search links invalid and error codes pop up when clients do searches with prior created links. It has forced me to remove the links. I also understand that the MLS not only in San Diego but other areas of the country change from time to time and will always have to be modified with new fields and updates. It is a part of technology and changing times.

The old adage “GIGO – Garbage In Garbage Out” – doesn’t apply either because it wasn’t “Garbage In” it was just “Garbage Out”. Because of the Changes in the MLS I can see how the sales calculations can be different from what they were in the past because of the added fields that are now in play. I’m glad the mistake was caught and I’m sure more caution will be used in the future when doing these calculations. It can also affect the Median Home Price data as well. If fields change and new categories are created someone with an understanding of all this needs to be overseeing the operation to make sure the reporting is correct. DataQuick got it right ….. Why not hire them.

Wall Street Journal Article http://online.wsj.com/article/SB124638992043975185.html

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With San Diego real estate moving in an upwardly direction over the past couple of months recent interest rates could slow home buying activity. Home buyers in San Diego have been, in some areas of the county, fighting over homes that come up for sale. Many San Diego home buyers have offers in on short sales and jump all over the bank owned REO foreclosures the day they hit the market. Unfortunately the bank owned REO’s already have offers on them the day they come up for sale and sometime even before they show up in the MLS.

This has many home buyers frustrated and wondering what they have to do to get a house or condo in today’s San Diego Real Estate Market. Another issue that has been waiting to rear its ugly head is interest rates. When interest rates rise home buyers see their purchasing power reduced. Keep in mind when interest rates go up the monthly payment for a homebuyer also goes up and sometimes more than what they are comfortable with.  Many times the lender will have to reduce the purchase price of what the homebuyer can qualify for.

This scenario can also have a real negative effect on the real estate market in general. If a home buyer wanting to buy a home has had a certain purchase price and monthly payment in mind for a certain size and quality of home and then they’re told that they can’t buy the same home at the same monthly payment, many of them will decide not to buy. Some will wait for the homes that they were recently able to buy at a certain price range to come down into the loan amount of what the comfortable monthly payment is that they had already had their hearts set on. Some of them won’t be able to afford the same home they thought they could buy and won’t settle for less of a home now. These factors could show a decline in demand and then a decline in home prices. We’ll have to wait and see. Oh, and don’t forget about the foreclosures to keep the median home price in San Diego from gaining too much ground. There are a few years of that left.

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May 2009 - The Mortgage Reform and Anti Predatory Lending Act HR1728 passed on Thursday May 7, 2009. The House of Representatives passed the bill by a vote of 300 to 114 and is said to protect homeowners from questionable and predatory lending practices that were partially responsible for the record home foreclosures and financial crisis.

This Mortgage Reform and Anti Predatory Lending Act sets up rules to ensure that lenders make loans that mortgage borrowers can afford to pay back. The act also bans prepayment penalties on ARMs Adjustable Rate Mortgages that are the real culprit loans in the foreclosure mess. This bill will also hold accountable the secondary mortgage market for following the same rules. One lawmaker said, “The message is simple. Lenders can’t give loans to people who can’t afford them. And borrowers have to tell the truth about their finances when they apply for a loan.” Not to be disagreeing with the administration of hope but isn’t this just common sense?

Nancy Pelosi the Democratic House Speaker said, “The simple fact is that our laws and enforcement efforts did not keep pace with the complexities of a global economy and a financial industry where the greed of some trumped common sense. Insisting on responsible borrowing and lending and ensuring that borrowers enter into mortgages they can repay or refinance will help families protect their most valuable asset — their home — and guard against another financial and housing market meltdown.” I would have to ask Nancy why she didn’t do something about it, she was a lawmaker at the time and there were many economists warning the government about this.

Many San Diego home owners and potential home buyers know the facts about the San Diego housing market and its foreclosure mess. This act, although very important for protecting potential home buyers when getting a mortgage comes in way too late. The damage is already done. I think if anyone dropped the ball it was the U.S. Government and there lack of proper legislation to protect home buyers and the greed that’s within the system itself. Isn’t that what we elect them for? It’s very interesting to see where all of the elected officials got their campaign contributions, the banks and companies now getting all of our future tax dollars in the form of a so called bailout? What a joke.

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NOT A SHORT SALE OR BANK OWNED - Gorgeous home has so much to offer. One full bed and bath downstairs. Family room has beautifully tiled fireplace with built in amber colored entertainment center and surround sound. Custom tile on diagonal lay thru out downstairs, over head lighting and neutral color paint. Huge kitchen has island, all countertops are granite with granite backsplash, amber colored cabinets and black appliances. Huge bonus room upstairs with 2 closets for extra storage. Big backyard. So much more.

If  you need help buying a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.

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This $10,000 tax credit in the state of California only applies to homes that have never been occupied and purchased between the dates of March 1, 2009 and March 1, 2010. The California home buyers must also reside in the home as their primary residence for at least 2 years from close of escrow.

A qualified home buyer is:

A taxpayer who purchases a single-family residence, whether detached or attached, that has never been occupied, that is purchased to be the principal residence of the taxpayer for a minimum of two years, and that is eligible for the homeowner’s exemption under California Revenue and Taxation Code Section 218.

A qualified principal residence – new home is:

-A qualified principal residence means a single-family residence, whether detached or attached, that has never been occupied and is purchased to be the principal residence of the taxpayer for a minimum of two years and is eligible for the property tax homeowner’s exemption.
- Types of residence: Any of the following can qualify if it is your principal residence and is subject to property tax, whether real or personal property: a single family residence, a condominium, a unit in a cooperative project, a houseboat, a manufactured home, or a mobile home.
- Owner-built property: A home constructed by an owner -taxpayer is not eligible for the New Home Credit because the home has not been “purchased.”

The State of California has set aside $100,000,000 in tax credits for new home buyers. This program is on a first come first serve basis and once the allocated new home tax credit money is gone it’s over. Make sure if your California real estate agent is unfamiliar with this tax credit you let them know about it. You should also contact your accountant. Some details include that the tax credit amount is equal to either five percent of the purchase price or $10,000, whichever is less. Taxpayers must apply the total tax credit in equal parts over 3 successive taxable years which is a maximum of $3,333 per year beginning with the taxable year of when the new home is purchased. This can also be used in addition to the $8,000 First Time Home Buyer Tax Credit in the Stimulus Package.

If you are interested in applying you will need to:

- Do the following within 7 days of close of escrow on your New California Home.
- The seller must complete Part I of Form 3528-A which is the Application for New Home Credit and certifying that the home has never been occupied as well as provide a copy to the buyer or escrow person.
- The buyer will complete Parts II & III of Form 3528-A.
- The escrow person on behalf of the seller and buyer will fax the completed Form 3528-A to FTB at 916.845.9754, and provide a copy to the buyer.
- Fax is the only delivery method that will be accepted and considered for credit allocation by FTB, as the date and time stamp on the fax will determine the order in which credits are allocated.
- Fax only one completed application per residence with all qualified buyers listed. Do not include information on nonqualified buyers. An incomplete application may delay or prevent credit allocation.
- Do not fax the application to FTB before escrow closes.
- Do not fax the application to FTB more than once. We will process the applications in the order received as quickly as possible.
- Escrow companies should only send one application per fax transmission.
- The buyer keeps a copy of the completed Form 3528-A for their records.
- The State of California Franchise Tax Board will have a fill able Form 3528-A online soon. In the meantime, if you fill out the form by hand, please print numbers as clearly and neatly as possible using CAPITAL LETTERS and staying between the lines. The faxes can be very hard to read.

For more information please visit the State of California Franchise Tax Board link.

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San Diego - First Time Home Buyers Only – 8000 Dollars !

The $787,000,000,000 stimulus bill signed into law has some benefits for first time home buyers. In the bill signed by Obama there is an $8000 first time home buyer tax credit. This $8000 amount was sized down from $15000 in the original version of the stimulus package. Here in San Diego County California and rich foreclosure environments like Chula Vista in South County San Diego welcomes this first time home buyer $8,000 tax credit incentive.

Some of the details are that the home purchased must be the first time home buyers principal residence. There is a cap of $8,000 if the purchase price is higher than $800,000. A first time home buyer in San Diego or anywhere in the U.S. would be someone who has not owned a principal residence for 3 years. This will only apply to home buyers buying in 2009 so if you’re sitting on the fence of San Diego home buyers this could be the thing that gets you down off the fence and back in the market.

There are also income limits that state single buyers need a modified adjusted gross income of $75,000 or less to qualify for full credit and $150,000 for married couples. If buyers make more income than the amounts stated they could be eligible for reduced credits. Make sure you talk to your accountant about this. The $8000 tax credit is refundable. Buyers will have to own the home for at least 3 years if they want to capitalize fully on the tax incentive. The tax credit will have to be returned to the government if they sell early. There are situations that will be exceptions to this rule.

Make sure you contact professional tax consultants for full factual information on this $8,000 First Time Home Buyer Tax Credit.

If  you need help buying a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.

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I spent some time today researching San Diego median home prices in 2009 compared to what they were in 2008. I found a great link that shows the median price from January 2008 to January 2009 and shows the difference in median prices in percentages. My theory based on real estate trends and experience in San Diego County has held true. I have been stressing the fact that many coastal areas will be hit the hardest despite what many so called experts have been saying. I have also said that areas like newer Chula Vista like EastLake, Rolling Hills Ranch, San Miguel Ranch and Otay Ranch have taken a huge hit early in this San Diego real estate downturn and won’t be hit nearly as bad as some of the areas that have a false sense of security. What I mean by false sense of security is that many coastal areas in San Diego just because they’re close to the beach are said to be by some real estate agents immune to a real estate downturn. Nonsense!

Some of these so called “untouchable to recession proof real estate areas” are North County Coastal and Coastal Central San Diego. Some of these areas are; Carlsbad, Encinitas, Oceanside, Solana Beach, Ocean Beach, Point Loma, and more. These areas have taken some of the biggest hits of all and in my opinion will continue to see slashed prices through 2009. These costal real estate areas should see bigger drops than the areas of Newer Chula Vista which has already taken its biggest drop early on.

The false sense of values in these coastal areas has allowed inventory to build and short sales and foreclosures to start their run up. These areas are and will be a buyer’s delight in 2009. I still think the newer areas of Chula Vista are closer to their bottom than many of the other areas in San Diego County. This means if you’re buying a home in these areas it could very well drop in value less than other areas of San Diego County. From January 2008 to January 2009 this was exactly what happened and is a good trend going into 2009 for home buyers.

Now the reality of some of the statistics in this San Diego Real Estate Median Home Price Chart is that the number of sales in some of the communities is so low that they are not that accurate. What is accurate is the overall median home prices by areas like; North County Coastal, East County, and South Bay San Diego. These are a culmination of the total sales in the areas and have a large enough number of closed sales to be accurate.

The chart tells me there has been a lower reduction in median home prices in South Bay San Diego OVER ALL OTHER AREAS of San Diego County. The bleeding is less in this area and some good signs of recovery and less hemorrhaging than other San Diego communities. Buyers and investors both are seeing the value in many South Bay San Diego Communities.

Checkout the San Diego Median Home Price Chart and make your own conclusions.

http://www.dqnews.com/Charts/Monthly-Charts/SDUT-Charts/ZIPSDUT.aspx

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All Information is believed to be correct but not guaranteed.

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Dawn Lewis - San Diego Realtor® Since 1989

Hi,

I’m Dawn Lewis and I’m a San Diego Realtor. You have just found the best San Diego Real Estate web site for searching for San Diego Real Estate. I hope it helps you with your San Diego home or condo search and answers questions you have about San Diego real estate. Please use the tools and features like the San Diego MLS with its great maps and community information.

My Experience:

Realtor® in San Diego Since 1989
SOLD well over 1,500 Homes
San Diego Top Producer
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Top Real Estate Negotiator
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Short Sale and Foreclosure Expert
Winner of many Real Estate Awards in Sales and Customer Service

As you can see I have been a real estate agent in San Diego for quite some time. Please put my experience to work for you and give me a call today.

I love what I do and I would love to help you.

Dawn Lewis
San Diego Realtor®

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Please use the links below to help you with your San Diego Real Estate Search and Information from your San Diego Realtor.

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