San Diego Real Estate Blog

The question is how much of a Real Estate Double Dip? San Diego Real Estate along with most of the real estate in the country has dipped according to the data from the Standard and Poor’s Case-Shiller Home Price Indices reported on May 31, 2011. The home price indices which is the leading measure of U.S. home prices shows the U.S. National Home Price Index declined by 4.2% in the first quarter of 2011 compared to the 4th quarter of 2010. The San Diego Home Price Indices declined only 0.8% for the same time period in the 1st quarter of 2011.

The data from the Standard and Poor’s Case-Shiller Home Price Indices also showed that the annual decline was 5.1% compared with the first quarter of 2010. In respect the indices for San Diego Real Estate showed a decline of 4.0% from last year. The First Time Home Buyer Tax Credit program in 2009 and 2010 was also thought to be a large factor in bringing buyers to the market to help with the decline and stabilize home prices. This program is no longer available. I wonder if it’s time for the government to bring back some more incentives for home buyers to stabilize the market again. Maybe a program with more tax write offs in contrast to the proposed elimination of the home mortgage write off that some politicians have been peddling to pay for their huge mismanagement of America’s Tax Dollars and runaway spending.

After watching some of the talking heads on the television news networks it seems they are concerned that the latest unemployment numbers that fell way short of expectations are also fueling the low real estate activity and home price indices. The foreclosures that are still set to hit the market will of course add to the inventory as well as the short sales of upside down home owners. Some have also pointed out the unfriendly business practices of the current administration causing many businesses to hold back on hiring and expansion in the US. If this keeps up many of the new jobs may be expanded to foreign counties instead of the US. This would also hurt real estate.

I have personally seen many buyers in recent months jump into the San Diego Real Estate Market and I think the summer of 2011 looks like busy one for San Diego real estate agents. Time and releasing foreclosures and short selling the upside down homes will get us through to a more stable market. Compared to some of the recent drops in home price indices, a 4% drop although in the wrong direction is not something that should be too unexpected. Let’s face it we’re still in a fragile recovery. People still need homes to buy and many have jobs and good credit. What they need now is to feel confident in where the country is going and how it’s getting there. M. Lewis

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iPad San Diego Real Estate

If you want to look for San Diego Real Estate on your iPad then make sure you use the iPad San Diego Real Estate Search on DawnSellsSanDiego. We not only have the best tools to search for San Diego Real Estate but you can use all of our home searching tools on your iPad. Tools like, maps, communities, schools, restaurants, shops, 24 hour property watch, listing email notification, and many more. The Apple iPad makes it easy to find your new home and is so easy to use with the Apple iPad touch screen. Our Real Estate Website is 100% compatible with the iPad.

The iPad San Diego Home Search on our San Diego Real Estate Web Site makes searching for your new home or condo a snap! You can easily touch what area of real estate search you are interested in looking at. There are thousands of San Diego Homes and Condos to look at and it is updated several times a day with new listings. Because your Apple iPad is so easy and convenient to use we thought you would really enjoy your San Diego Real Estate search while using it.

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

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Real estate values in Central San Diego in February 2011 have dropped in median value 3.87% for homes and no change for condos from the same time last year. The communities that make up the 2011 San Diego Real Estate study are;

Allied Gardens and Del Cerro 92120
City Heights 92105
Clairemont 92117
College     92115
Coronado 92118
Downtown San Diego 92101
Encanto 92114
Golden Hill 92102
Hillcrest and Mission Hills 92103
Kensington and Normal Heights     92116
La Jolla 92037
Logan Heights 92113
Mira Mesa 92126
Mission Beach and Pacific Beach 92109
Mission Valley 92108
Morena 92110
North Park 92104
Ocean Beach 92107
Paradise Hills 92139
Point Loma 92106
San Carlos 92119
Scripps Ranch 92131
Serra Mesa 92123
Sorrento Valley     92121
Tierrasanta 92124
University City 92122

Some of the biggest drops for home values were in Logan Heights 92113, Morena 92110, North Park 92104 and Tierrasanta 92124. Some of the biggest drops for condos were in Allied Gardens and Del Cerro 92120, Mission Valley 92108, Morena 92110, Sorrento Valley 92121, Tierrasanta 92124 and University City 92122.

Some of the biggest gains in this 2011 San Diego Central Real Estate study were, for homes the following communities; Coronado 92118, Kensington and Normal Heights     92116, Logan Heights 92113 and Ocean Beach 92107. For condos the following communities had the highest median price gain; Clairemont 92117, Coronado 92118, Golden Hill 92102 and Serra Mesa 92123.

If you need to know the value of you San Diego Real Estate, Home or Condo please call or email us for a FREE CMA of your Real Estate Value.

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Real Estate Central San Diego

San Diego Real Estate Blog

1934 Kensington Home for Sale – This Spanish Architecture Home has all the charm you would expect in this history rich part of San Diego County. This home has 4 bedrooms and 3 full bathrooms and is over 2,500 Square Feet. There is 1 bedroom and 1 full bathroom downstairs. This 1930’s Kensington home has a large family room that is open to the kitchen. Original wood floors add to the charm of this San Diego gem. If you would like to view this Kensington home make sure you contact us right away. Priced at $749,000.

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

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Twitter San Diego Real Estate

Follow Dawn Sells San Diego on Twitter

You can follow Dawn Sells San Diego on Twitter. Our San Diego Real Estate Twitter has all of our blog posts tweeted as well as all information pertaining to the San Diego Real Estate Market, News and Trends. Twitter is a great way for us to stay in touch with home buyers and home sellers in San Diego County.

We also keep you updated on foreclosure and short sale properties that we are selling and up to date information on the latest foreclosure and short sale news. Twitter is an excellent micro-blog for getting San Diego Real Estate Tweets out fast to our followers. If you want to follow the best San Diego Real Estate on Twitter make sure you follow us.

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

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2010 San Diego Real Estate Market

I know it’s still 2009 November and it might be a little early for 2010 San Diego Real Estate Market predictions but I think I’ll give it a shot. 2010 in the San Diego Real Estate Market should show more foreclosures than we had in 2009. In 2009 many foreclosures were held off of the market due to the moratoriums. Now that many of the foreclosure moratoriums are lifted the banks are gearing up to get the REO’s off of their books. 2010 in San Diego and many parts of the country will be known as the year of the “Last of the Foreclosure Market”. There will be more foreclosures after 2010 into 2011,  2012 and 2013 but 2010 will be the last big year for foreclosures.

There will still be more short sales and some banks are moving faster on them. There’s lots of talk about the short sales being streamlined and moving through the system faster. In 2010 it might just be a lot of false hope in this area. I hope I’m wrong and we see the short sales as a whole (not just select banks) move through the system fast and to a sale but it might just be a lot of hype. Systems like REOTrans are setting up to do short sales but I’ll believe the push towards short sales over foreclosures by the banks when I see it.

For homebuyers in 2010 it should be a delight with more inventory coming into the San Diego Real Estate Market. In some price ranges like the lower end first time home buyer prices under $400,000 there still will be a fight with other buyers to get the homes. There are way too many buyers and investors in the under $400,000 range in many areas of San Diego County that will keep this price range in very short supply in 2010. The upper end in non-coastal areas will still slide a little lower in 2010. We’ll see how this worked out in 2011.

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

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The First-Time Home Buyer $8,000 Tax Credit was just extended until April 30, 2010 by the U.S Congress.

Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies for the Extended Credit?

First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.

Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

If you or you have purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum allowable credit for current homeowners is $6,500.

How is a Buyer’s Credit Amount Determined?

Each home buyer’s tax credit is determined by 2 additional factors:

The price of the home.
The buyer’s income.

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009,  single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

If  you need help buying or selling 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 just got finished watching an excellent report on Channel 10 News and I wanted to share it on my Blog because I think it’s worth watching. The show was a half hour and this is only one of the segments. It was very informative about San Diego real estate, auctions, loan modifications, and investment properties.

This story is called:

Builders Default On Land, Able To Buy It Back Cheaper At Auction

http://www.10news.com/video/21522316/index.html
 
Lauren Reynolds
10News I-Team Reporter
_____________________________________________________

If  you need help buying or selling 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 read a recent article titled: Realtors® Urge Congress to Act Now to Extend Homebuyer Tax Credit. In the article the National Association of Realtors included some facts about how many first time home buyers were helped into their new homes by the tax credit which will end on November 30, 2009. I know it’s helped here in the San Diego Real Estate Market and many of our clients have taken advantage of the incentive. 

Below is an excerpt from the article: 

The National Association of Realtors® is calling upon its 1.2 million members to urge Congress to extend the successful homebuyer tax credit into next year. 

Since its inception earlier this year, the $8,000 first-time homebuyer tax credit has brought 1.2 million new buyers into the market—350,000 of whom would not have purchased a home without the credit, according to NAR. The credit is due to expire November 30. 

“Now is the time for Congress to keep this recovery going by extending the tax credit through 2010 and making it available to more homebuyers. We have all seen how the credit has been a spur to bring homebuyers into the market, and have seen the beginnings of a real recovery in the housing market. Housing has always led this nation out of economic downturns, and can do so again,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. 

Realtors®, the leading advocates for homeownership and housing issues, will be writing to their Senators and Representatives to tell them of the successes with the tax credit thus far and to press them to extend and expand it now. 

For the entire article please visit Realtor.org 

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

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San Diego Real Estate Blog

The San Diego Real Estate Market has seen better days. It’s not that there aren’t buyers seeking that perfect place to call home sweet home it’s the little inventory they have to choose from. Inventory is low especially in some areas of San Diego County in the first time homebuyer price ranges. So low that many VA and FHA buyers are taking their chances on short sales, which may or may not ever close escrow, and waiting it out.

I can’t tell you how many questions I answer on Trulia about buyers and short sales. Buyers are always asking, what takes so long, how come the banks won’t approve my offer, what’s going on, why did they take another offer, why did the bank foreclose on the home when I had an offer on it for 8 months, why is the seller declaring bankruptcy, and on and on. It’s like writing an offer on a home and putting it into a black hole and hoping something good comes out on the other end. It usually doesn’t.

Keep in mind if you’re a buyer who wrote an offer on a short sale you probably are in competition with 5 to 50 other buyers. Only 1 of those offers will get accepted and many times the home will go to foreclosure and no one gets it. It’s frustrating for everyone involved including all agents, the negotiators at the banks, sellers and all the other buyers trying to buy the home. Just think how the seller feels….. they are losing their home, their dreams, their investment, they and their family – kids, dogs, cats now need to find another place to live, most likely a rental or in with family, and their life is being turned upside down. Kind of puts things in a different perspective when you look at it from the side of the one who is losing the home.

San Diego Home Buyers using a VA or FHA Loan to buy a home or condo are often in third and fourth place when writing offers on foreclosed properties. They have that going for them too. The problem is with so many investors in the market buying foreclosures for cash or large sums of money down in conventional loans the VA and FHA loans aren’t usually the best way to go for an asset manager looking at offers on the REO asset they are managing. On cash offers they don’t have to worry about appraisal issues or finding out a buyer really doesn’t qualify for the loan to buy the foreclosure. It’s an unfortunate situation that people who want to buy the home to live in and be part of the community are being put in the back seat to investors looking to make a buck. But it is what it is and for now it’s bad news for some VA and FHA buyers. Hang in there. Times will change.

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

San Diego Foreclosures

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San Diego Real Estate               San Diego MLS 

San Diego Relocation                San Diego Home Search by Map

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San Diego House Values           Local Real Estate Information

San Diego Real Estate Blog      San Diego Short Sales

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All Information is believed to be correct but not guaranteed.