tag:blogger.com,1999:blog-83773834352126045422024-02-07T11:36:19.608-08:00San Diego Real Estate877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.comBlogger26125tag:blogger.com,1999:blog-8377383435212604542.post-17936719286790009222014-08-26T17:25:00.001-07:002014-08-26T17:25:27.926-07:00Why Home Prices Will Spike in 2018!<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Starting
in 2020, California is implementing building code revisions to Title 24. Title
24 is a set of building codes that are updated about every two years with the
goal of making buildings/houses more energy efficient and healthier for the
occupants. This sounds great, but it does add additional costs for new
construction.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">The
legislators’ goal is to have all new residential housing built starting in 2020
to be Zero Net Energy (ZNE). Net Zero Energy means that any energy used is
offset by renewable power produced onsite, which might mean fireplaces will not
be permitted. In theory, all new houses will be designed and built to use less
energy and produce enough energy to cover their use of energy. I say in theory,
since the energy used in a house will greatly depend on the occupants. <o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Some
of the goals will be accomplished by controlling the power at outlets to new
standards for lighting. Since the most common and acceptable way to produce
power for a house is solar panels, the hope is that there will be development
in the technology to cost effectively store power when there is less or no sun.
A neighborhood with houses covered in solar panels puts a lot of stress on the
electric grid when a cloud floats by and at the moment the sun sets. Another
option is small windmills.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Since
the new code will affect all new construction making new homes more expensive,
it will have a residual effect on existing homes. But wait, this effect could be very significant
as California Energy Commission (CEC) is pushing legislation to require homes
for resale, existing homes, to meet the new standards at the close of sale.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Once people realize
the implication of this requirement, I predict there will be a spike in
existing homes closer we get to 2020.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">If
you would like more information below are some links.<o:p></o:p></span></div>
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<a href="http://cleantechnica.com/2014/04/15/californias-net-zero-energy-building-will-reshape-us-construction-industry/"><span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">California's Net Zero
Energy Building Mandate To Reshape US Construction Industry</span></a><span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
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<a href="http://www.energy.ca.gov/title24/"><span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Building Energy
Efficiency Program CA.gov</span></a><span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
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<a href="http://www.cpuc.ca.gov/PUC/energy/"><span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">California's Public
Utilities Commission CA.gov</span></a><span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"><a href="http://www2.buildinggreen.com/article/california-require-net-zero-energy-buildings">California to Require
Net-Zero-Energy Buildings</a></span><span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"><a href="http://www.877homes.com/">www.877homes.com</a><o:p></o:p></span></div>
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877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com1tag:blogger.com,1999:blog-8377383435212604542.post-60985103169703659902013-06-23T11:32:00.001-07:002013-06-23T11:32:21.268-07:00Current Market and 2012 vs. 2013 Prices<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Calibri;">In April, I compared the first three months of 2012 and
2013.<span style="mso-spacerun: yes;"> </span>To recap, the number of homes sold
increased by 7%, prices increased by 16%, and cash/investor purchases increased
by 13%.<span style="mso-spacerun: yes;"> </span>However, first time buyers
decreased by 15%.</span></div>
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<span style="font-family: Calibri;">There are currently large investment firms buying
residential property not only in the open market, but also on the courthouse
steps and directly from banks, which are not in my calculations above. This is
obviously not good for buyers, but is it good for the economy? <span style="mso-spacerun: yes;"> </span>Articles from CNN can't answer this question
either based on the links below.</span></div>
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<a href="http://money.cnn.com/2013/04/18/real_estate/housing-recovery/index.html"><span style="font-size: 12pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold; mso-font-kerning: 18.0pt;"><span style="color: blue; font-family: Calibri;">3 reasons the housing recovery may not last</span></span></a><span style="font-family: Calibri;"><span style="color: black; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold; mso-font-kerning: 18.0pt;"><span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>April 18</span><span style="font-size: 12pt; line-height: 115%;"><o:p></o:p></span></span></div>
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<a href="http://money.cnn.com/2013/04/30/news/economy/home-prices/index.html"><span style="font-size: 12pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold; mso-font-kerning: 18.0pt;"><span style="color: blue; font-family: Calibri;">Home price rise continues to pick up speed</span></span></a><span style="font-family: Calibri;"><span style="color: black; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold; mso-font-kerning: 18.0pt;"><span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>April 30</span><span style="font-size: 12pt; line-height: 115%;"><o:p></o:p></span></span></div>
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<a href="http://money.cnn.com/2013/05/22/news/economy/home-sales/index.html"><span style="font-size: 12pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold; mso-font-kerning: 18.0pt;"><span style="color: blue; font-family: Calibri;">Home sales continue to climb</span></span></a><span style="color: black; font-family: Lato; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold; mso-font-kerning: 18.0pt;"><span style="mso-tab-count: 3;"> </span>May 23</span><span style="font-size: 12pt; line-height: 115%;"><o:p></o:p></span></div>
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<span style="font-family: Calibri;">The market is tough for buyers in the under $500,000 price
range as it is not uncommon for there to be 15 offers on a property and some
offers being 5% over the asking price. To be more competitive buyers are
waiving certain contingencies like the appraisal and inspection contingencies.</span></div>
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<span style="font-family: Calibri;">Since I like looking at numbers to see patterns, I pulled up
some numbers from different zip codes for the month of May. <span style="mso-spacerun: yes;"> </span>I looked at the number of homes actively being
sold, homes in escrow, and the sold price per square foot.<span style="mso-spacerun: yes;"> </span>I found it interesting that some zip codes
have more homes in escrow than are actively being sold, and these tend to be in
areas with lower cost per square foot. <span style="mso-spacerun: yes;"> </span>These
are also the areas that the investors are buying in.</span></div>
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<span style="font-family: Calibri;">The only other thing I can conclude from this data is that real
estate is regional, so if there is a particular area you are interested in, let
me know.</span></div>
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<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">Location<o:p></o:p></span></span></b></div>
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<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">Zip<o:p></o:p></span></span></b></div>
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<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">Active<o:p></o:p></span></span></b></div>
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<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">Pending<o:p></o:p></span></span></b></div>
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<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">May 2012<o:p></o:p></span></span></b></div>
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<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">May 2013</span><a href="http://www.blogger.com/null" name="_GoBack"></a><o:p></o:p></span></b></div>
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<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">Price Increase<o:p></o:p></span></span></b></div>
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<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">La Jolla<o:p></o:p></span></span></div>
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<td nowrap="" style="background-color: transparent; border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">92037<o:p></o:p></span></span></div>
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<td nowrap="" style="background-color: transparent; border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">249<o:p></o:p></span></span></div>
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<td nowrap="" style="background-color: transparent; border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">131<o:p></o:p></span></span></div>
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<td nowrap="" style="background-color: transparent; border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 44.25pt;" valign="bottom" width="59">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">$590<o:p></o:p></span></span></div>
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<td nowrap="" style="background-color: transparent; border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 51.75pt;" valign="bottom" width="69">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">$599<o:p></o:p></span></span></div>
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<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">1.5%<o:p></o:p></span></span></div>
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<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">UTC<o:p></o:p></span></span></div>
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<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">92122<o:p></o:p></span></span></div>
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<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">50<o:p></o:p></span></span></div>
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<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">71<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 44.25pt;" valign="bottom" width="59">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">$289<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 51.75pt;" valign="bottom" width="69">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">$351<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 49.05pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">21.6%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 3;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 78pt;" valign="bottom" width="104">
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">Carmel Valley<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">92130<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">136<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">109<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 44.25pt;" valign="bottom" width="59">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">$316<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 51.75pt;" valign="bottom" width="69">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">$374<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 49.05pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">18.3%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 4;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 78pt;" valign="bottom" width="104">
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">Del Mar<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">92014<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">99<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">44<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 44.25pt;" valign="bottom" width="59">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">$587<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 51.75pt;" valign="bottom" width="69">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">$590<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 49.05pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">0.5%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 5;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 78pt;" valign="bottom" width="104">
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">Encinitas<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">92024<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">125<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">114<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 44.25pt;" valign="bottom" width="59">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">$319<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 51.75pt;" valign="bottom" width="69">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">$382<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 49.05pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">19.6%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 6;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 78pt;" valign="bottom" width="104">
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">Coronado<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">92118<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">163<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">39<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 44.25pt;" valign="bottom" width="59">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">$626<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 51.75pt;" valign="bottom" width="69">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">$707<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 49.05pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">12.9%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 7;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 78pt;" valign="bottom" width="104">
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">Downtown<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">92101<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">186<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">120<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 44.25pt;" valign="bottom" width="59">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">$416<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 51.75pt;" valign="bottom" width="69">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">$474<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 49.05pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">14.0%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 8;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 78pt;" valign="bottom" width="104">
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">Point Loma<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">92106<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">42<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">32<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 44.25pt;" valign="bottom" width="59">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">$386<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 51.75pt;" valign="bottom" width="69">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">$460<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 49.05pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">19.1%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 9;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 78pt;" valign="bottom" width="104">
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">Santee<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">92071<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">46<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">105<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 44.25pt;" valign="bottom" width="59">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">$176<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 51.75pt;" valign="bottom" width="69">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">$195<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 49.05pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">10.4%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 10;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 78pt;" valign="bottom" width="104">
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">Poway<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">92064<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">103<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">101<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 44.25pt;" valign="bottom" width="59">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">$255<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 51.75pt;" valign="bottom" width="69">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">$284<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 49.05pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">11.2%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 11; mso-yfti-lastrow: yes;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 78pt;" valign="bottom" width="104">
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">Mission Valley<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">92108<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">30<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: center;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">41<o:p></o:p></span></span></div>
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<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 44.25pt;" valign="bottom" width="59">
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<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">$206<o:p></o:p></span></span></div>
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<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Calibri;">$253<o:p></o:p></span></span></div>
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<o:p><span style="font-family: Calibri;"> <a href="http://www.877homes.com/">www.877homes.com</a></span></o:p></div>
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877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0tag:blogger.com,1999:blog-8377383435212604542.post-85367044044975642142013-04-22T18:37:00.001-07:002013-04-22T18:40:48.893-07:00San Diego County Real Estate Market 2012 vs. 2013<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Calibri;">There have been several articles released lately regarding
the real estate market specifically how much homes has gone up. These articles
typically use the median, which is the middle value. For example if one year </span><a href="http://www.blogger.com/null" name="OLE_LINK2"></a><span style="mso-bookmark: OLE_LINK2;"><span style="font-family: Calibri;">four
$300,000 homes are sold along with three $600,000 homes </span></span><span style="font-family: Calibri;">the median
value is $300,000. If the following year three $300,000 homes are sold along
with four $600,000 homes the median value is $600,000, which is an increase of
100%. Knowing this I don't believe the median number is good to use for real
estate since every home is unique. The median number from one period of time
compared to another usually show large changes in the market, which is probably
why writers like to use it because is shows volatility. <br /><br /></span><span style="font-family: Calibri;">I find using the average cost per square foot is a much more
accurate number to use to show the direction of the market but it is not
perfect as it does not take into account the size of the land. With this in
mind I decided to look at the real estate market in San Diego County for homes
sold in the first three months in 2012 and compared them to the first three
months of 2013. Another criteria I used was to limit the price of the sold
homes to under $2,000,000 for two reason. First, most people do not buy homes
in the multi dollar range. Second, there was some anomalies in the high range
of $12 and $14 million homes sold. The data comes from the MLS (Multiple
Listing Service) and first time buyers are purchases that used a FHA or VA
loan, which are loans that only first time buyers can use. There are some first
time buyers who probably put down 20% but not many.<br /><br /></span><span style="font-family: Calibri;">In the first three months of 2012 (7433) homes were sold.
The average price per sqft was $220.23. Of those homes 2092 were purchased with
cash while 2100 were first time buyers.<br /><br /></span><span style="font-family: Calibri;">In the first three months of 2013 (7956) homes were sold.
The average price per sqft was $256.27. Of those homes 2368 were purchased with
cash while 1792 were first time buyers.<br /><br /></span><span style="font-family: Calibri;">Using the price per sqft homes in the San Diego County market
increased 16% in one year and purchases by investors also increased.<br /><br /></span><span style="font-family: Calibri;">Encinitas, La Jolla and Downtown San Diego are areas that
tend to have the most transactions so I looked at the numbers for those areas.<br /><br /></span><b style="mso-bidi-font-weight: normal;"><span style="font-family: Calibri;">Encinitas<br /></span></b><span style="font-family: Calibri;">In the first three months of 2012 (126) homes were sold. The
average price per sqft was $343.15. Of those homes 33<span style="mso-spacerun: yes;"> </span>were purchased with cash.<br /><br /></span><span style="font-family: Calibri;">In the first three months of 2013 (142) homes were sold. The
average price per sqft was $383.41. Of those homes 39 were purchased with cash.
An average increase in price of 12%.<br /><br /></span><b style="mso-bidi-font-weight: normal;"><span style="font-family: Calibri;">La Jolla<br /></span></b><span style="font-family: Calibri;">In the first three months of 2012 (127) homes were sold. The
average price per sqft was $508.61. Of those homes 51<span style="mso-spacerun: yes;"> </span>were purchased with cash.<br /><br /></span><span style="font-family: Calibri;">In the first three months of 2013 (153) homes were sold. The
average price per sqft was $540.45. Of those homes 68<span style="mso-spacerun: yes;"> </span>were purchased with cash. An average increase
in price of 6%.<br /><br /></span><b style="mso-bidi-font-weight: normal;"><span style="font-family: Calibri;">Downtown San Diego<br /></span></b><span style="font-family: Calibri;">In the first three months of 2012 (195) homes were sold. The
average price per sqft was $377.11. Of those homes 88<span style="mso-spacerun: yes;"> </span>were purchased with cash.<br /><br /></span><span style="font-family: Calibri;">In the first three months of 2013 (219) homes were sold. The
average price per sqft was $440.07. Of those homes 82<span style="mso-spacerun: yes;"> </span>were purchased with cash. An average increase
in price of 17%.<br /><br /><br /><a href="http://www.877homes.com/">www.877homes.com</a></span></div>
</div>
877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0tag:blogger.com,1999:blog-8377383435212604542.post-4079128140572406322012-03-16T22:34:00.016-07:002012-03-16T22:54:49.935-07:00San Diego Real Estate Market in the Last 38 Months<div>This year so far compared to last has seen more activity in the real estate market for San Diego. The following charts show the seasonal lows for sold homes in January and February, but when compared to 2011 there is a noticeable increase. There is talk of another wave of foreclosures coming on the national level but don't expect much in San Diego as San Diego lead the real estate boom and its eventual crash.<br /><br />The following charts show data of sold homes in San Diego County over the last 38 months with the exception of the first chart, which is the monthly average of the 30 year fixed mortgage interest rate। Even though this information is historical it does provide some indication of the direction the real estate market is going and its potential.<br /><br />To keep it simple I broke down the data into price ranges and tracked the “price per square foot” on a month-to-month basis.<br /><br />Several things to note when looking at the charts: 1) There are insufficient sold homes in the higher price ranges to provide meaningful results without critiquing the information more. 2) The Federal First Time Buyer credit expired November 2009 but was extended to June 2010.<br /><br />Double click on a graph to make it bigger.<br /><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4Pcfu2aRzfc9BB3op1F86OXLUxIZomaqVevzApXx5Idwc2IbTJs7Zdkqnq-Czozkaovbw0cLNO9M6wAw5N8EycF3MaVS_H42E1TTFkldhcAciXl_LAoNC-a4kLhkR9qtgQY8KmIjVBiI/s1600/30yr+fixed+interest+3-12.jpg"><img style="width: 381px; height: 207px; cursor: pointer;" id="BLOGGER_PHOTO_ID_5720736896447580018" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4Pcfu2aRzfc9BB3op1F86OXLUxIZomaqVevzApXx5Idwc2IbTJs7Zdkqnq-Czozkaovbw0cLNO9M6wAw5N8EycF3MaVS_H42E1TTFkldhcAciXl_LAoNC-a4kLhkR9qtgQY8KmIjVBiI/s400/30yr+fixed+interest+3-12.jpg" /></a><div> </div><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgN1kq3TJlC1VPQS2QCH7tEcYqKHHtya8qghS_6NAaIui-AiAZYCifTxbl4yB2sKdZclSn-Ls98QZYaSLlZ-kHh-WGge5cuHlGpbsEvQg3V-3B98kxCKTQyR7K-V9gV4qvK-7Cy_uB19PA/s1600/0-200k+3-12.jpg"><img style="width: 380px; height: 462px; cursor: pointer;" id="BLOGGER_PHOTO_ID_5720736792122084626" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgN1kq3TJlC1VPQS2QCH7tEcYqKHHtya8qghS_6NAaIui-AiAZYCifTxbl4yB2sKdZclSn-Ls98QZYaSLlZ-kHh-WGge5cuHlGpbsEvQg3V-3B98kxCKTQyR7K-V9gV4qvK-7Cy_uB19PA/s400/0-200k+3-12.jpg" /></a><div> </div><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlixO1yoGp_tDWzc59UJcehdYlZ2taQSOGJsD-3uHgyWAdV08UShFFMkdrmFtdPvzhtUJeJuSVQuJnx1YuNoAbNIMcrhRUnDXBNYwcSzxRMSxc0UkJ_j9FBCAHsypvbYugAiFfGIySnmg/s1600/200-400k+3-12.jpg"><img style="width: 381px; height: 445px; cursor: pointer;" id="BLOGGER_PHOTO_ID_5720736710360144802" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlixO1yoGp_tDWzc59UJcehdYlZ2taQSOGJsD-3uHgyWAdV08UShFFMkdrmFtdPvzhtUJeJuSVQuJnx1YuNoAbNIMcrhRUnDXBNYwcSzxRMSxc0UkJ_j9FBCAHsypvbYugAiFfGIySnmg/s400/200-400k+3-12.jpg" /></a><div> </div><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1S12ao2QMamcWP2UutEqq6vJwytebEUBfw_ZjqT4-IJRsEH7naLfrD-SYyQn2nln7o33psEvR5sCszEBZAYJmsmHnlP24RCTfYvgCZCPLEP9NKIWkXiKy4_DiwTW2qDWOM6jUbZQBuPo/s1600/400-700k+3-12.jpg"><img style="width: 379px; height: 447px; cursor: pointer;" id="BLOGGER_PHOTO_ID_5720736597970827234" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1S12ao2QMamcWP2UutEqq6vJwytebEUBfw_ZjqT4-IJRsEH7naLfrD-SYyQn2nln7o33psEvR5sCszEBZAYJmsmHnlP24RCTfYvgCZCPLEP9NKIWkXiKy4_DiwTW2qDWOM6jUbZQBuPo/s400/400-700k+3-12.jpg" /></a></div><div> </div><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihEdqYH7WcDwJywZ0Jxusawg3qsEhhFqkQwRmKniNjPrN4180R_IqVzngPFPypdxWEX1vnze_764b5ie4nU_vPx6uZV6QieU5wguB5bCQtideng5AAGkB6rp4f5ibyD6baXGB6xSJ2Nb4/s1600/700-1000k+3-12.jpg"><img style="width: 379px; height: 423px; cursor: pointer;" id="BLOGGER_PHOTO_ID_5720736480540999762" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihEdqYH7WcDwJywZ0Jxusawg3qsEhhFqkQwRmKniNjPrN4180R_IqVzngPFPypdxWEX1vnze_764b5ie4nU_vPx6uZV6QieU5wguB5bCQtideng5AAGkB6rp4f5ibyD6baXGB6xSJ2Nb4/s400/700-1000k+3-12.jpg" /></a></div><div> </div><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7fVXd7QVuWvW0e9VisGJxei0a_mEz1Vp7EaVL8AWUg3kScr8wVEmxbpjgz5p-YclSmGwNCBS-96nG2zBtCfpjblC9FF_2177DvIPTkhDGsSRJuxOKIggRl8LYV3I2zlJHiON1wbFgMaA/s1600/1000-1500k+3-12.jpg"><img style="width: 381px; height: 419px; cursor: pointer;" id="BLOGGER_PHOTO_ID_5720736305817132338" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7fVXd7QVuWvW0e9VisGJxei0a_mEz1Vp7EaVL8AWUg3kScr8wVEmxbpjgz5p-YclSmGwNCBS-96nG2zBtCfpjblC9FF_2177DvIPTkhDGsSRJuxOKIggRl8LYV3I2zlJHiON1wbFgMaA/s400/1000-1500k+3-12.jpg" /></a></div><div> </div><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjg3VgDDi_tDRvVIGbL0FnUjOn4guiw5ayk39NfiFh7C44YnC6KSpIn8D2uG1YsgS39-8RQrOWHkhuipxE9sxs_YXwnT2H-LYVkRvKbt5xhCRuHmOxnxQkTy62D-g3XIw9XHuKJsuVKEkI/s1600/1500-2000k+3-12.jpg"><img style="width: 379px; height: 432px; cursor: pointer;" id="BLOGGER_PHOTO_ID_5720736103071090962" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjg3VgDDi_tDRvVIGbL0FnUjOn4guiw5ayk39NfiFh7C44YnC6KSpIn8D2uG1YsgS39-8RQrOWHkhuipxE9sxs_YXwnT2H-LYVkRvKbt5xhCRuHmOxnxQkTy62D-g3XIw9XHuKJsuVKEkI/s400/1500-2000k+3-12.jpg" /></a><div> </div><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgb9EVRqoA4HUt3O2i50cYC_QfHRFb5mgZhOsysuHD9eugdbRk6KgJlb7DFpBSaLMelVqD8r1AEVplGoCgDOcaQwoIUn35eR4K6-krLEzueZArITinvcT9BwpirzDm3bXwHkc1z99IhhNQ/s1600/2000-3000k+3-12.jpg"><img style="width: 381px; height: 431px; cursor: pointer;" id="BLOGGER_PHOTO_ID_5720735962362874514" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgb9EVRqoA4HUt3O2i50cYC_QfHRFb5mgZhOsysuHD9eugdbRk6KgJlb7DFpBSaLMelVqD8r1AEVplGoCgDOcaQwoIUn35eR4K6-krLEzueZArITinvcT9BwpirzDm3bXwHkc1z99IhhNQ/s400/2000-3000k+3-12.jpg" /></a><br /><div> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8IpTaO2MW3rdArhydK-7Evzaq-IvY2qWdDaiiWeCgYl1U_-C_KWpGuB8XPBRi1OsyO0OP3YlsyDutCO6libMfsEdn7n_Hg9oFfbsaCo1gbJwhvsD_aDrzV3eaSAMpHy-WO3dpKDN0nHQ/s1600/3000-5000k+3-12.jpg"><img style="width: 388px; height: 345px; cursor: pointer;" id="BLOGGER_PHOTO_ID_5720735719122597730" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8IpTaO2MW3rdArhydK-7Evzaq-IvY2qWdDaiiWeCgYl1U_-C_KWpGuB8XPBRi1OsyO0OP3YlsyDutCO6libMfsEdn7n_Hg9oFfbsaCo1gbJwhvsD_aDrzV3eaSAMpHy-WO3dpKDN0nHQ/s400/3000-5000k+3-12.jpg" /></a></div><div><br /><a href="http://www.877homes.com/">http://www.877homes.com/</a></div></div></div></div></div></div>877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0tag:blogger.com,1999:blog-8377383435212604542.post-9573928840044583972012-01-24T20:21:00.000-08:002012-01-24T20:30:41.849-08:00Buyers’ Market vs. Sellers’ Market – 4th Qtr 2011This is a look at the San Diego market for the last three months of 2011, which helps buyers and seller to know what type of real estate market we are in by using the absorption rate.<br /><br />Absorption rate is used to determine the supply vs. demand of real estate. It is calculated by dividing the amount of inventory by how many properties are selling in a month.<br /><br />1 to 4 months supply of homes is a Sellers’ Market<br />5 to 6 months supply of homes is a Normal Market<br />7 or more months supply of homes is a Buyers’ Market<br /><br />The real estate market we are in today is not an ideal market to calculate the absorption rate because of short sales. When an offer is submitted to a bank on a short sale it typically takes 60 to 90 days to hear back and during this time the listing agent usually puts the property into a status of Contingency, which removes it from the actively supply count. In this state the property is not actively being sold neither is it in escrow. The following data is a look at the San Diego County real estate market as of January 1, 2012. First we look at San Diego County by geographic regions then break down the numbers by price.<br /><br />All of San Diego County<br />Active homes for sale: 8873<br />Contingent homes: 3565<br />Sold homes per month over the last three months: 2663<br />Absorption rate of active homes: 3.3<br />Absorption rate of active and contingent homes: 4.7<br /><br />North San Diego County<br />Active homes for sale: 3729<br />Contingent homes: 1135<br />Sold homes per month over the last three months: 975<br />Absorption rate of active homes: 3.8<br />Absorption rate of active and contingent homes: 5.0<br /><br />Central San Diego County<br />Active homes for sale: 2366<br />Contingent homes: 877<br />Sold homes per month over the last three months: 781<br />Absorption rate of active homes: 3.0<br />Absorption rate of active and contingent homes: 4.2<br /><br />South San Diego County<br />Active homes for sale: 1296<br />Contingent homes: 1005<br />Sold homes per month over the last three months: 521<br />Absorption rate of active homes: 2.5<br />Absorption rate of active and contingent homes: 4.4<br /><br />East San Diego County<br />Active homes for sale: 926<br />Contingent homes: 444<br />Sold homes per month over the last three months: 296<br />Absorption rate of active homes: 3.1<br />Absorption rate of active and contingent homes: 4.6<br /><br /><br />Up to $200,000 Homes<br />Active homes for sale: 1713<br />Contingent homes: 1206<br />Sold homes per month over the last three months: 623<br />Absorption rate of active homes: 2.7<br />Absorption rate of active and contingent homes: 4.7<br /><br />$200,001 to $400,000 Homes<br />Active homes for sale: 3161<br />Contingent homes: 1827<br />Sold homes per month over the last three months: 1273<br />Absorption rate of active homes: 2.5<br />Absorption rate of active and contingent homes: 3.9<br /><br />$400,001 to $600,000 Homes<br />Active homes for sale: 1623<br />Contingent homes: 452<br />Sold homes per month over the last three months: 478<br />Absorption rate of active homes: 3.4<br />Absorption rate of active and contingent homes: 4.3<br /><br />$600,001 to $1,000,000 Homes<br />Active homes for sale: 1349<br />Contingent homes: 171<br />Sold homes per month over the last three months: 251<br />Absorption rate of active homes: 5.4<br />Absorption rate of active and contingent homes: 6.1<br /><br />$1,000,001 to $1,500,000 Homes<br />Active homes for sale: 520<br />Contingent homes: 24<br />Sold homes per month over the last three months: 64<br />Absorption rate of active homes: 8.1<br />Absorption rate of active and contingent homes: 8.5<br /><br />$1,500,001 to $5,000,000 Homes<br />Active homes for sale: 635<br />Contingent homes: 22<br />Sold homes per month over the last three months: 46<br />Absorption rate of active homes: 13.8<br />Absorption rate of active and contingent homes: 14.3<br /><br />$5,000,001 plus Homes<br />Active homes for sale: 121<br />Contingent homes: 1<br />Sold homes per month over the last three months: 3<br />Absorption rate of active homes: 40.3<br />Absorption rate of active and contingent homes: 40.6<br /><br />Note: Small towns and communities far from the major populated areas were not used in<br />the breakdown calculations of the county, which is why their sum does not add up to San Diego County as a whole.<br /><br />The San Diego County for the last nine months has moved in the direction of a sellers market. This happened in the 2nd quarter because more homes were being sold but in the 3rd quarter it is because there are fewer homes on the market and this trend has continued into the 4th quarter. In fact there are 3564 fewer homes being sold today compared to six months ago. A more and more frequent buyer these days is the All Cash buyer. These buyers are going after the less expensive homes making it tough for buyers who need a loan to compete.<br /><br />The following reasons to get into the market are the same as last<br />quarter with one addition.<br /> - Historically low interest still (for every $1000 borrowed the monthly payment<br /> - will be about $6.50)<br /> - Cost of renting is going up<br /> - Depressed prices<br /> - All Cash buyers are investors and they typically invest wisely<br /><br />If you want to know the absorption rate of a particular area<br />contact us at homes877@yahoo.com<br /><br />Visit us at www.877homes.com877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0tag:blogger.com,1999:blog-8377383435212604542.post-60426005450708306582011-10-12T14:51:00.000-07:002011-10-12T15:34:28.592-07:00Buyers’ Market vs. Sellers’ Market – 3rd Qtr 2011In December of 2009 I wrote a blog that took a look at the San Diego market so buyers and sellers would have a better idea on how to handle a purchase or a sell. The data gathered at that time was only useful for a short period of time because the real estate market is continuously changing. Since then I calculate this data once a quarter.<br /><br />To learn how this information can be used visit my December 2009 blog “Buyers’ Market vs. Sellers’ Market”.<br /><br />Absorption rate is used to determine the supply vs. demand of real estate. It is calculated by dividing the amount of inventory by how many properties are selling in a month.<br /><br />1 to 4 months supply of homes is a Sellers’ Market<br />5 to 6 months supply of homes is a Normal Market<br />7 or more months supply of homes is a Buyers’ Market<br /><br />The real estate market we are in today is not an ideal market to calculate the absorption rate because of short sales. When an offer is submitted to a bank on a short sale it typically takes 60 to 90 days to hear back and during this time the listing agent usually puts the property into a status of Contingency, which removes it from the actively supply count. In this state the property is not actively being sold neither is it in escrow. The following data is a look at the San Diego County real estate market as of October 1, 2011. First we look at San Diego County by geographic regions then break down the numbers by price.<br /><br /><strong>All of San Diego County</strong><br />Active homes for sale: 11,141<br />Contingent homes: 3714<br />Sold homes per month over the last three months: 2841<br />Absorption rate of active homes: 3.9<br />Absorption rate of active and contingent homes: 5.2<br /><br /><strong>North San Diego County</strong><br />Active homes for sale: 4784<br />Contingent homes: 1143<br />Sold homes per month over the last three months: 1057<br />Absorption rate of active homes: 4.5<br />Absorption rate of active and contingent homes: 5.6<br /><br /><strong>Central San Diego County</strong><br />Active homes for sale: 3096<br />Contingent homes: 978<br />Sold homes per month over the last three months: 843<br />Absorption rate of active homes: 3.7<br />Absorption rate of active and contingent homes: 4.8<br /><br /><strong>South San Diego County</strong><br />Active homes for sale: 1502<br />Contingent homes: 1040<br />Sold homes per month over the last three months: 537<br />Absorption rate of active homes: 2.8<br />Absorption rate of active and contingent homes: 4.7<br /><br /><strong>East San Diego County</strong><br />Active homes for sale: 1112<br />Contingent homes: 448<br />Sold homes per month over the last three months: 315<br />Absorption rate of active homes: 3.5<br />Absorption rate of active and contingent homes: 5.0<br /><br /><br /><strong>Up to $200,000 Homes</strong><br />Active homes for sale: 1987<br />Contingent homes: 1234<br />Sold homes per month over the last three months: 644<br />Absorption rate of active homes: 3.1<br />Absorption rate of active and contingent homes: 5.0<br /><br /><strong>$200,001 to $400,000 Homes</strong><br />Active homes for sale: 3864<br />Contingent homes: 1885<br />Sold homes per month over the last three months: 1298<br />Absorption rate of active homes: 3.0<br />Absorption rate of active and contingent homes: 4.4<br /><br /><strong>$400,001 to $600,000 Homes</strong><br />Active homes for sale: 2167<br />Contingent homes: 481<br />Sold homes per month over the last three months: 525<br />Absorption rate of active homes: 4.1<br />Absorption rate of active and contingent homes: 5.0<br /><br /><strong>$600,001 to $1,000,000 Homes</strong><br />Active homes for sale: 1806<br />Contingent homes: 174<br />Sold homes per month over the last three months: 318<br />Absorption rate of active homes: 5.7<br />Absorption rate of active and contingent homes: 6.2<br /><br /><strong>$1,000,001 to $1,500,000 Homes</strong><br />Active homes for sale: 687<br />Contingent homes: 28<br />Sold homes per month over the last three months: 83<br />Absorption rate of active homes: 8.1<br />Absorption rate of active and contingent homes: 8.6<br /><br /><strong>$1,500,001 to $5,000,000 Homes</strong><br />Active homes for sale: 819<br />Contingent homes: 27<br />Sold homes per month over the last three months: 62<br />Absorption rate of active homes: 13.2<br />Absorption rate of active and contingent homes: 13.6<br /><br /><strong>$5,000,001 plus Homes</strong><br />Active homes for sale: 147<br />Contingent homes: 3<br />Sold homes per month over the last three months: 2<br />Absorption rate of active homes: 74<br />Absorption rate of active and contingent homes: 75<br /><br />Note: Small towns and communities far from the major populated areas were not used in the breakdown calculations of the county, which is why their sum does not add up to San Diego County as a whole.<br /><br />The San Diego County for the last six months has moved in the direction of a sellers market. This happened in the 2nd quarter because more homes were being sold but in the 3rd quarter it is because there are fewer homes on the market. In fact there are 1296 fewer homes being sold today compared to three months ago. A more and more frequent buyer these days is the All Cash buyer. These buyers are going after the less expensive homes making it tough for buyers who need a loan to compete.<br /><br /><br />The following reasons to get into the market are the same as last quarter with one addition.<br />Historically low interest still (for every $1000 borrowed the monthly payment will be about $6.50)<br />Cost of renting is going up<br />Depressed prices<br />All Cash buyers are investors and they typically invest wisely<br /><br />If you want to know the absorption rate of a particular area contact us at homes877@yahoo.com<br /><br />Visit us at www.877homes.com877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0tag:blogger.com,1999:blog-8377383435212604542.post-70709439053474932352011-08-30T13:29:00.000-07:002011-08-30T13:45:36.462-07:00San Diego Real Estate Market in the Last 36 MonthsWith everything going on in the economy I understand why people are hesitant to take the plunge into real estate but do not forget to keep an eye on interest rates.
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<br />The following charts show data of sold homes in San Diego County over the last 36 months with the exception of the first chart, which is the monthly average of the 30 year fixed mortgage interest rate. Even though this information is historical it does provide some indication of the direction the real estate market is going.
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<br />To keep it simple I broke down the data into price ranges and tracked the “price per square foot” on a month-to-month basis.
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<br />Several things to note when looking at the charts:
<br />1) There are insufficient sold homes in the higher price ranges to provide meaningful results without critiquing the information more.
<br />2) The Federal First Time Buyer credit expired November 2009 but was extended to June 2010.
<br />3) In the last 36 months the US stock market lowest point was in February 2009.
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<br />CLICK on a chart to make it larger.
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<br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpEBNYyfARYgAhzCVb7YhierBvYnEEXRfrlwfiPyz7VMAq_1SUICbFB3qFbtd6SBoHggDGMdxs_vam3v67NcD-2x8aWK5zKWuuaw-CZ6OCwQNtTJHYpGvc0HqGI6zG_bZl5lt7zniqs9U/s1600/30yr+fixed+interest.JPG"><img style="width: 400px; height: 182px; cursor: pointer;" id="BLOGGER_PHOTO_ID_5646751537283614146" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpEBNYyfARYgAhzCVb7YhierBvYnEEXRfrlwfiPyz7VMAq_1SUICbFB3qFbtd6SBoHggDGMdxs_vam3v67NcD-2x8aWK5zKWuuaw-CZ6OCwQNtTJHYpGvc0HqGI6zG_bZl5lt7zniqs9U/s400/30yr+fixed+interest.JPG" /></a>
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<br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDrLykFiw7CMIGDOYUXE-m4nQKOoL5QxOdBkgcNfL4uOneCtieHCZNLEVRxOof5nsCYs1KkzghiSQqmrCGyx0-nTujiEaOSMVlefuMnUdDHWCa5Oq8wBgeU0tZVrnJyL_wilKG3TrEo00/s1600/3000-5000k.JPG"><img style="width: 400px; height: 378px; cursor: pointer;" id="BLOGGER_PHOTO_ID_5646750236801898226" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDrLykFiw7CMIGDOYUXE-m4nQKOoL5QxOdBkgcNfL4uOneCtieHCZNLEVRxOof5nsCYs1KkzghiSQqmrCGyx0-nTujiEaOSMVlefuMnUdDHWCa5Oq8wBgeU0tZVrnJyL_wilKG3TrEo00/s400/3000-5000k.JPG" /></a><div> </div><div> </div><div> </div>
<br />
<br />Ben Altman
<br />Tidal Realty
<br />(610) 890-1063
<br />www.877homes.com
<br />877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0tag:blogger.com,1999:blog-8377383435212604542.post-70139078445850329912011-07-15T09:50:00.000-07:002011-07-15T10:31:22.009-07:00Buyers' Market vs. Sellers' Market – 2nd Qtr 2011<div><p>In December of 2009 I wrote a blog that took a look at the San Diego market so buyers and sellers would have a better idea on how to handle a purchase or a sell. The data gathered at that time was only useful for a short period of time because the real estate market is continuously changing. Since then I calculate this data once a quarter.<br /><br />To learn how this information can be used visit my December 2009 blog “Buyers’ Market vs. Sellers’ Market”.<br /><br />Absorption rate is used to determine the supply vs. demand of real estate. It is calculated by dividing the amount of inventory by how many properties are selling in a month.<br /><br /> 1 to 4 months supply of homes is a Sellers’ Market<br /> 5 to 6 months supply of homes is a Normal Market<br /> 7 or more months supply of homes is a Buyers’ Market<br /><br />The real estate market we are in today is not an ideal market to calculate the absorption rate because of short sales. When an offer is submitted to a bank on a short sale it typically takes 60 to 90 days to hear back and during this time the listing agent usually puts the property into a status of Contingency, which removes it from the actively supply count. In this state the property is not actively being sold neither is it in escrow. The following data is a look at the San Diego County real estate market as of July 1, 2011. First we look at San Diego County by geographic regions then break down the numbers by price.<br /><br /><font style="color: rgb(0, 0, 153);"><strong>All of San Diego County</strong><br /></font>Active homes for sale: 12,437<br />Contingent homes: 3771<br />Sold homes per month over the last three months: 2953<br />Absorption rate of active homes: 4.2<br />Absorption rate of active and contingent homes: 5.2<br /><br /><font style="color: rgb(0, 0, 153);"><strong>North San Diego County</strong><br /></font>Active homes for sale: 5191<br />Contingent homes: 1199<br />Sold homes per month over the last three months: 1117<br />Absorption rate of active homes: 4.6<br />Absorption rate of active and contingent homes: 5.7<br /><br /><font style="color: rgb(0, 0, 153);"><strong>Central San Diego County</strong><br /></font>Active homes for sale: 3610<br />Contingent homes: 992<br />Sold homes per month over the last three months: 858<br />Absorption rate of active homes: 4.2<br />Absorption rate of active and contingent homes: 5.3<br /><br /><font style="color: rgb(0, 0, 153);"><strong>South San Diego County</strong><br /></font>Active homes for sale: 1630<br />Contingent homes: 1040<br />Sold homes per month over the last three months: 547<br />Absorption rate of active homes: 3.0<br />Absorption rate of active and contingent homes: 4.9<br /><br /><font style="color: rgb(0, 0, 153);"><strong>East San Diego County</strong><br /></font>Active homes for sale: 1289<br />Contingent homes: 444<br />Sold homes per month over the last three months: 323<br />Absorption rate of active homes: 4.0<br />Absorption rate of active and contingent homes: 5.4<br /><br /><br /><font style="color: rgb(0, 102, 0);"><strong>Up to $200,000 Homes</strong><br /></font>Active homes for sale: 2084<br />Contingent homes: 1253<br />Sold homes per month over the last three months: 659<br />Absorption rate of active homes: 3.2<br />Absorption rate of active and contingent homes: 5.1<br /><br /><font style="color: rgb(0, 102, 0);"><strong>$200,001 to $400,000 Homes</strong><br /></font>Active homes for sale: 4309<br />Contingent homes: 1917<br />Sold homes per month over the last three months: 1335<br />Absorption rate of active homes: 3.2<br />Absorption rate of active and contingent homes: 4.7<br /><br /><font style="color: rgb(0, 102, 0);"><strong>$400,001 to $600,000 Homes</strong><br /></font>Active homes for sale: 2460<br />Contingent homes: 497<br />Sold homes per month over the last three months: 575<br />Absorption rate of active homes: 4.3<br />Absorption rate of active and contingent homes: 5.1<br /><br /><font style="color: rgb(0, 102, 0);"><strong>$600,001 to $1,000,000 Homes</strong><br /></font>Active homes for sale: 2112<br />Contingent homes: 191<br />Sold homes per month over the last three months: 315<br />Absorption rate of active homes: 6.7<br />Absorption rate of active and contingent homes: 7.3<br /><br /><font style="color: rgb(0, 102, 0);"><strong>$1,000,001 to $1,500,000 Homes</strong><br /></font>Active homes for sale: 818<br />Contingent homes: 32<br />Sold homes per month over the last three months: 98<br />Absorption rate of active homes: 8.3<br />Absorption rate of active and contingent homes: 8.7<br /><br /><font style="color: rgb(0, 102, 0);"><strong>$1,500,001 to $5,000,000 Homes</strong><br /></font>Active homes for sale: 932<br />Contingent homes: 26<br />Sold homes per month over the last three months: 69<br />Absorption rate of active homes: 13.5<br />Absorption rate of active and contingent homes: 13.9<br /><br /><font style="color: rgb(0, 102, 0);"><strong>$5,000,001 plus Homes</strong><br /></font>Active homes for sale: 150<br />Contingent homes: 1<br />Sold homes per month over the last three months: 2<br />Absorption rate of active homes: 75<br />Absorption rate of active and contingent homes: 76<br /><br />Note: Small towns and communities far from the major populated areas were not used in the breakdown calculations of the county, which is why their sum does not add up to San Diego County as a whole.<br /><br />The two previous quarters San Diego County was in a Normal market but the 2nd quarter of 2011 the market has become a sellers’ market. Even though there are about 300 more homes on the market than there was three months ago about 600 more homes are being sold each month. A more and more frequent buyer these days is the All Cash buyer. These buyers are going after the less expensive homes making it tough for buyers who need a loan to compete.<br /><br /><br />The following reasons to get into the market are the same as last quarter with one addition.<br /> <br />Historically low interest still<br /> Large inventory of homes<br /> Cost of renting is going up<br /> Depressed prices<br /> (New) All Cash buyers are investors and they typically invest wisely<br /><br />If you want to know the absorption rate of a particular area contact us at <a href="http://www.877homes.com">www.877homes.com</a></p></div>877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0tag:blogger.com,1999:blog-8377383435212604542.post-71008233598245320652011-05-24T08:38:00.000-07:002011-05-24T08:42:30.432-07:00Rent vs. BuyThe most frequently asked question I receive is "Is it a good time to buy?" The second most common question I hear, which ties into the first one is "Is it better to rent or buy now?"<br /><br />The answer to this question has two parts that should be considered; social and economic. To answer the social part one needs to ask themselves do you plan to move in the next several years because of work or family? If yes then would you sell or rent your home when you move?<br /><br />Taking a look at the economic part of the answer one needs to know is it less expensive to own or to rent. If it is more expensive to own is pride of ownership worth the additional cost?<br /><br />There are many costs and responsibilities with homeownership but there are also some tax deductions. A simple rule of thumb I use is to divide the cost of the home by what the monthly rent would be. If the number is less than 200 then it is better to buy and if the number is over 200 then it makes financial sense to rent. For example, a house sells for $500,000 but one can rent the house for $3000 a month ($500,000 / $3000 = 167) so it makes more sense to buy in this scenario.<br /><br />Trulia.com has created a nice national map that evaluates the Rent vs. Buy question, <strong><a href="http://explore.trulia.com/datavis/rentvsbuy/Q2-2011/?ecampaign=anews&eurl=explore.trulia.com%2Fdatavis%2Frentvsbuy%2FQ2-2011%2F">click here</a>.</strong><br /><br />If you still have questions don't hesitate to contact me.877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0tag:blogger.com,1999:blog-8377383435212604542.post-81649176589817270402011-04-10T21:58:00.001-07:002011-06-26T09:25:12.141-07:00Buyers’ Market vs. Sellers’ Market – 1st Qtr 2011In December of 2009 I wrote a blog that took a look at the San Diego market so buyers and sellers would have a better idea on how to handle a purchase or a sell. The data gathered at that time was only useful for a short period of time because the real estate market is continuously changing. Since then I calculate this data once a quarter. <br /><br />To learn how this information can be used visit my December 2009 blog “Buyers’ Market vs. Sellers’ Market”. <br /><br />Absorption rate is used to determine the supply vs. demand of real estate. It is calculated by dividing the amount of inventory by how many properties are selling in a month.<br /><br />1 to 4 months supply of homes is a Sellers’ Market<br />5 to 6 months supply of homes is a Normal Market<br />7 or more months supply of homes is a Buyers’ Market<br /><br />The real estate market we are in today is not an ideal market to calculate the absorption rate because of short sales. When an offer is submitted to a bank on a short sale it typically takes 60 to 90 days to hear back and during this time the listing agent usually puts the property into a status of Contingency, which removes it from the actively supply count. In this state the property is not actively being sold neither is it in escrow. The following data is a look at the San Diego County real estate market as of April 1, 2011. First we look at San Diego County by geographic regions then break down the numbers by price.<br /><br />All of San Diego County<br />Active homes for sale: 12,151<br />Contingent homes: 3701<br />Sold homes per month over the last three months: 2322<br />Absorption rate of active homes: 5.2<br />Absorption rate of active and contingent homes: 6.8<br /><br />North San Diego County<br />Active homes for sale: 4893<br />Contingent homes: 1142<br />Sold homes per month over the last three months: 831<br />Absorption rate of active homes: 5.9<br />Absorption rate of active and contingent homes: 7.3<br /><br />Central San Diego County<br />Active homes for sale: 3540<br />Contingent homes: 947<br />Sold homes per month over the last three months: 677<br />Absorption rate of active homes: 5.2<br />Absorption rate of active and contingent homes: 6.6<br /><br />South San Diego County<br />Active homes for sale: 1736<br />Contingent homes: 1045<br />Sold homes per month over the last three months: 472<br />Absorption rate of active homes: 3.7<br />Absorption rate of active and contingent homes: 5.9<br /><br />East San Diego County<br />Active homes for sale: 1276<br />Contingent homes: 476<br />Sold homes per month over the last three months: 254<br />Absorption rate of active homes: 5.0<br />Absorption rate of active and contingent homes: 6.9<br /><br /><br />Up to $200,000 Homes<br />Active homes for sale: 2186<br />Contingent homes: 1208<br />Sold homes per month over the last three months: 598<br />Absorption rate of active homes: 3.7<br />Absorption rate of active and contingent homes: 5.7<br /><br />$200,001 to $400,000 Homes<br />Active homes for sale: 4315<br />Contingent homes: 1884<br />Sold homes per month over the last three months: 1039<br />Absorption rate of active homes: 4.2<br />Absorption rate of active and contingent homes: 6.0<br /><br />$400,001 to $600,000 Homes<br />Active homes for sale: 2369<br />Contingent homes: 490<br />Sold homes per month over the last three months: 441<br />Absorption rate of active homes: 5.4<br />Absorption rate of active and contingent homes: 6.5<br /><br />$600,001 to $1,000,000 Homes<br />Active homes for sale: 1950<br />Contingent homes: 192<br />Sold homes per month over the last three months: 238<br />Absorption rate of active homes: 8.2<br />Absorption rate of active and contingent homes: 9.0<br /><br />$1,000,001 to $1,500,000 Homes<br />Active homes for sale: 725<br />Contingent homes: 34<br />Sold homes per month over the last three months: 62<br />Absorption rate of active homes: 11.7<br />Absorption rate of active and contingent homes: 12.2<br /><br />$1,500,001 to $5,000,000 Homes<br />Active homes for sale: 896<br />Contingent homes: 25<br />Sold homes per month over the last three months: 47<br />Absorption rate of active homes: 19.1<br />Absorption rate of active and contingent homes: 19.6<br /><br />$5,000,001 plus Homes<br />Active homes for sale: 126<br />Contingent homes: 0<br />Sold homes per month over the last three months: 2<br />Absorption rate of active homes: 63<br />Absorption rate of active and contingent homes: 63<br /><br />Note: Small towns and communities far from the major populated areas were not used in the breakdown calculations of the county, which is why their sum does not add up to San Diego County as a whole. <br />It is easy to see that San Diego County is in a normal market for the majority of the categories, which has been the trend for about the last nine months. There is a noticeable increase in activity in North County from more homes on the market to more homes being sold. More comes are on the market for the high-end priced homes while more of the low-end priced homes are selling.<br /><br />There are many distressed homes but the banks are not in a position to recognize the losses on their books as they will become insolvent. Expect a constant and continual flow of distressed homes coming onto the market for the next several years.<br /><br />Here are reasons to start getting serious about buying.<br />Historically low interest still<br />Large inventory of homes<br />Cost of renting is going up<br />Depressed prices<br /><br />If you want to know the absorption rate of a particular area do not hesitate to contact me.<br /><br />Visit us at www.877homes.com877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0tag:blogger.com,1999:blog-8377383435212604542.post-63405598601609181072011-03-26T08:54:00.000-07:002011-03-26T08:59:47.868-07:00Average rate on 15-year mortgage dips below 4%What is bad for the global economy (unrest in the Middle East and the earthquake in Japan) is good for interest rates.<br /><br />Fixed mortgage rates tumbled and the 15-year loan dipped below 4% for the first time in three months last week then increased to 4.04% this week. Rates followed the yield on U.S. Treasury bonds, which fell on worries that the crisis in Japan could slow economic growth.<br /><br />Freddie Mac said last Tuesday the average rate on the 15-year fixed mortgage, a popular refinance option, dropped to 3.97% from 4.15%. The last time the rate was below 4% was in mid-December. It reached 3.57% in November, the lowest level on records dating back to 1991.<br /><br />The average rate on the 30-year fixed mortgage fell to 4.76% last week from 4.88% the previous week the rate then increased to 4.81% this week. It hit a 40-year low of 4.17% in November.<br /><br />Mortgage rates tend to track the yield on the 10-year Treasury note. Those yields have tumbled as investors sought safer investments.<br /><br />To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a single day.<br /><br />I know buyers want to buy when the real estate market hits bottom, but you should not be just looking at prices; you need to be looking at interest rates too since these will affect you if you plan to get a loan. A 5% decrease in price is more than offset by a 0.5% increase in the interest rate. For example, if you borrowed $100,000 at 5% interest rate on a 30yr fixed loan, your payments will be about $536. Now if you borrowed $95,000 at 5.5% interest rate on a 30yr fixed loan, your payments will be about $539.<br /><br />What is more likely to happen: a decrease in price of 5% or an increase of interest rates of 0.5%?<br /><br />Visit us at www.877homes.com877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0tag:blogger.com,1999:blog-8377383435212604542.post-59017865780046711832011-02-13T20:13:00.000-08:002011-02-13T20:40:31.755-08:00San Diego Real Estate Market in the Last 30 MonthsThe following charts consist of data of sold homes in San Diego County over the last 30 months with the exception of the first chart, which is the monthly average of the 30 year fixed mortgage interest rate. Even though this information is historical it does provide some indication of the direction the real estate market is going.<br /><br />To keep it simple I broke down the data into price ranges and tracked the “price per square foot” on a month-to-month basis.<br /><br />Several things to note when looking at the charts: 1) There are insufficient sold homes in the higher price ranges to provide meaningful results without critiquing the information more. 2) The Federal First Time Buyer credit expired November 2009 but was extended to June 2010. 3) In the last 30 months the US stock market lowest point was in February 2009.<br /><br />Click on Chart to make it larger.<br /><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjoxsIY2oi0V_hyphenhyphentKKH_5fTa-etszj5m5mnZ8DcKLDArcaVZEZOmXIxP_tW88H6Fgq85_UWXyk6v3aUlELWeouspkMjB3SG_wfVgkmd3u4auFvfpsqaDJS9ngTrmsj23J1CaXCEJypyEu8/s1600/30+year+interest+rate.JPG"><img style="WIDTH: 373px; HEIGHT: 174px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5573395400130294194" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjoxsIY2oi0V_hyphenhyphentKKH_5fTa-etszj5m5mnZ8DcKLDArcaVZEZOmXIxP_tW88H6Fgq85_UWXyk6v3aUlELWeouspkMjB3SG_wfVgkmd3u4auFvfpsqaDJS9ngTrmsj23J1CaXCEJypyEu8/s400/30+year+interest+rate.JPG" /></a><br /><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmwe9pNdCiIN2JqH8y-1HxkHnaEBBfkA6HkPEXJa_LVD2r1_O2uuPZ7CSE3MySWdm4I-VI1Jnu8XALV4b5BN6-ZeUEJao9LTMjlGzQCr8937yztxYtlO2t_A6K8IWoIBcRVI5En04RZ34/s1600/0-200+price.JPG"><img style="WIDTH: 374px; 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HEIGHT: 188px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5573394427917365938" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXLAJWYPodA3gO3mCkBandyL_8vKdrZM4f2kGKyv3RcV5vz5aYCV6Lr3ZnpdOcacED0A-OOwVGvjAU4AUaumXMo8EBIdeKOiy_vqp0MqZSRMUiTXgDNn9DLSql2R257iSn7-480zC31JI/s400/1500-2000+price.JPG" /></a><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbfEebd6mzu-pkeYxxT3gtNaXq-2gkt8mjf1Wr1WJVjSMB6trTNTKdVn-f7VrBZJcoK8frSSabOJc1OkeWGuY1rvUU5X42lm5ifETt46ZJvnsGjpboQI5nVb3z294EtDY-wJOJua787cs/s1600/1500-2000+quantity.JPG"><img style="WIDTH: 379px; HEIGHT: 199px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5573394340480818050" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbfEebd6mzu-pkeYxxT3gtNaXq-2gkt8mjf1Wr1WJVjSMB6trTNTKdVn-f7VrBZJcoK8frSSabOJc1OkeWGuY1rvUU5X42lm5ifETt46ZJvnsGjpboQI5nVb3z294EtDY-wJOJua787cs/s400/1500-2000+quantity.JPG" /></a><br /><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOA32pH1SmqWusMz0xHvbfdBgRtw74fPIO8NCi7hipGYLnJKMrUz0L2LV3DZCxHbIzrwd4abXMVMRF_llUf0XZDAyVvCkGVyniHRSjZ_sU_Exv-8CyIq-3zjrcZYDWKhyphenhyphenwiFSjuaN4F70/s1600/2000-3000+price.JPG"><img style="WIDTH: 379px; HEIGHT: 187px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5573394135685853810" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOA32pH1SmqWusMz0xHvbfdBgRtw74fPIO8NCi7hipGYLnJKMrUz0L2LV3DZCxHbIzrwd4abXMVMRF_llUf0XZDAyVvCkGVyniHRSjZ_sU_Exv-8CyIq-3zjrcZYDWKhyphenhyphenwiFSjuaN4F70/s400/2000-3000+price.JPG" /></a><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiR0JTZBbbgPlhEhiXsOjORim0BqZBr7JVVIZf0OOVVQjY3sSlGH8dzawMihnobAiJL91nyjn8M0TTuazgNoOtScpH4xXKlG4YRGnNOQ7OlnswOKC0f4RcqhOkujwadxUEtchcon8sYysA/s1600/2000-3000+quantity.JPG"><img style="WIDTH: 379px; HEIGHT: 190px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5573394060130250978" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiR0JTZBbbgPlhEhiXsOjORim0BqZBr7JVVIZf0OOVVQjY3sSlGH8dzawMihnobAiJL91nyjn8M0TTuazgNoOtScpH4xXKlG4YRGnNOQ7OlnswOKC0f4RcqhOkujwadxUEtchcon8sYysA/s400/2000-3000+quantity.JPG" /></a><br /><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJuG58Di4cNVjFdy6jC50zn4VgKcLypyKWYG4lZbY-W8hZ5Hsq9oV03q6rrrzgvXlLEyRRS8kYFbIhzuOiJeANS2OGIlK5ryItLTYnuNLetYmUxyipqXmmxO1KPS4H7CEYZoIwqqv4PwQ/s1600/3000-5000+price.JPG"><img style="WIDTH: 379px; HEIGHT: 190px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5573393916544822594" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJuG58Di4cNVjFdy6jC50zn4VgKcLypyKWYG4lZbY-W8hZ5Hsq9oV03q6rrrzgvXlLEyRRS8kYFbIhzuOiJeANS2OGIlK5ryItLTYnuNLetYmUxyipqXmmxO1KPS4H7CEYZoIwqqv4PwQ/s400/3000-5000+price.JPG" /></a><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixusZRd8eLrq6Bk7wA91Bd8IYzndv0m9iLjdYd1BRXMazvpS7PWXVBK7iJ-hY0GeuEGPKUt0ZMBYyJQWQSRI0dtERZfQIwUgm_erul87VXNsjmZ96L7pO-JE01O1cliDp4Cls1DoxfmZA/s1600/3000-5000+quantity.JPG"><img style="WIDTH: 380px; HEIGHT: 175px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5573393625354738594" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixusZRd8eLrq6Bk7wA91Bd8IYzndv0m9iLjdYd1BRXMazvpS7PWXVBK7iJ-hY0GeuEGPKUt0ZMBYyJQWQSRI0dtERZfQIwUgm_erul87VXNsjmZ96L7pO-JE01O1cliDp4Cls1DoxfmZA/s400/3000-5000+quantity.JPG" /></a><br /><br />All the data here was gathered and complied by me, so you can be sure it is accurate.<br /><br />Ben Altman<br />(610) 890-1063<br />www.877homes.com877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0tag:blogger.com,1999:blog-8377383435212604542.post-20525461156109800002011-01-18T22:09:00.000-08:002011-01-18T22:12:43.165-08:00Buyers' Market vs. Sellers' Market – 4th Qtr 2010In December of 2009 I wrote a blog that took a look at the San Diego market so buyers and sellers would have a better idea on how to handle a purchase or a sell. The data gathered at that time was only useful for a short period of time because the real estate market is continuously changing. Since then I calculate this data once a quarter.<br /><br />To learn how this information can be used visit my December 2009 blog “Buyers’ Market vs. Sellers’ Market”.<br /><br />Absorption rate is used to determine the supply vs. demand of real estate. It is calculated by dividing the amount of inventory by how many properties are selling in a month.<br /><br />1 to 4 months supply of homes is a Sellers’ Market<br />5 to 6 months supply of homes is a Normal Market<br />7 or more months supply of homes is a Buyers’ Market<br /><br />The real estate market we are in today is not an ideal market to calculate the absorption rate because of short sales. When an offer is submitted to a bank on a short sale it typically takes 60 to 90 days to hear back and during this time the listing agent usually puts the property into a status of Contingency, which removes it from the actively supply count. In this state the property is not actively being sold neither is it in escrow. The following data is a look at the San Diego County real estate market as of January 1, 2011. First we look at San Diego County by geographic regions then break down the numbers by price.<br /><br /><strong><span style="color:#000099;">All of San Diego County<br /></span></strong>Active homes for sale: 11,692<br />Contingent homes: 3135<br />Sold homes in last 30 days: 2177<br />Absorption rate of active homes: 5.4<br />Absorption rate of active and contingent homes: 6.8<br /><br /><strong><span style="color:#000099;">North San Diego County<br /></span></strong>Active homes for sale: 4412<br />Contingent homes: 910<br />Sold homes in last 30 days: 792<br />Absorption rate of active homes: 5.6<br />Absorption rate of active and contingent homes: 6.7<br /><br /><strong><span style="color:#000099;">Central San Diego County<br /></span></strong>Active homes for sale: 3512<br />Contingent homes: 825<br />Sold homes in last 30 days: 638<br />Absorption rate of active homes: 5.5<br />Absorption rate of active and contingent homes: 6.8<br /><br /><strong><span style="color:#000099;">South San Diego County<br /></span></strong>Active homes for sale: 1770<br />Contingent homes: 932<br />Sold homes in last 30 days: 470<br />Absorption rate of active homes: 3.8<br />Absorption rate of active and contingent homes: 5.7<br /><br /><strong><span style="color:#000099;">East San Diego County<br /></span></strong>Active homes for sale: 1317<br />Contingent homes: 387<br />Sold homes in last 30 days: 215<br />Absorption rate of active homes: 6.1<br />Absorption rate of active and contingent homes: 7.9<br /><br /><br /><strong><span style="color:#006600;">Up to $200,000 Homes<br /></span></strong>Active homes for sale: 2232<br />Contingent homes: 1101<br />Sold homes in last 30 days: 432<br />Absorption rate of active homes: 5.2<br />Absorption rate of active and contingent homes: 7.7<br /><br /><strong><span style="color:#006600;">$200,001 to $400,000 Homes<br /></span></strong>Active homes for sale: 4437<br />Contingent homes: 1533<br />Sold homes in last 30 days: 1010<br />Absorption rate of active homes: 4.4<br />Absorption rate of active and contingent homes: 5.9<br /><br /><span style="color:#006600;"><strong>$400,001 to $600,000 Homes<br /></strong></span>Active homes for sale: 2248<br />Contingent homes: 391<br />Sold homes in last 30 days: 436<br />Absorption rate of active homes: 5.2<br />Absorption rate of active and contingent homes: 6.0<br /><br /><strong><span style="color:#006600;">$600,001 to $1,000,000 Homes<br /></span></strong>Active homes for sale: 1581<br />Contingent homes: 160<br />Sold homes in last 30 days: 232<br />Absorption rate of active homes: 6.8<br />Absorption rate of active and contingent homes: 7.5<br /><br /><span style="color:#006600;"><strong>$1,000,001 to $1,500,000 Homes<br /></strong></span>Active homes for sale: 651<br />Contingent homes: 25<br />Sold homes in last 30 days: 57<br />Absorption rate of active homes: 11.4<br />Absorption rate of active and contingent homes: 11.9<br /><br /><strong><span style="color:#006600;">$1,500,001 to $5,000,000 Homes<br /></span></strong>Active homes for sale: 844<br />Contingent homes: 22<br />Sold homes in last 30 days: 56<br />Absorption rate of active homes: 15.1<br />Absorption rate of active and contingent homes: 15.5<br /><br /><strong><span style="color:#006600;">$5,000,001 plus Homes<br /></span></strong>Active homes for sale: 118<br />Contingent homes: 0<br />Sold homes in last 30 days: 3<br />Absorption rate of active homes: 39.3<br />Absorption rate of active and contingent homes: 39.3<br /><br /><span style="font-size:85%;">Note: Small towns and communities far from the major populated areas were not used in the breakdown calculations of the county, which is why their sum does not add up to San Diego County as a whole.<br /><br /></span>It is easy to see that San Diego County is in a normal market for the majority of the categories, which has been the trend for about the last six months. The 1st and 2nd quarters of 2010 were on the boarder between a seller and normal market. I expect a slow increase in homes priced under $500,000 while homes over $800,000 will continue a slowly decrease in price. There are many distressed homes but the banks are not in a position to recognize the losses on their books as they will become insolvent. Expect a constant and continual flow of distressed homes coming onto the market for the next several years.<br /><br />Here are reasons to start getting serious about buying.<br />Historically low interest<br />Large inventory of homes, but less than during the summer<br />Cost of renting is going up<br />Depressed prices<br /><br />If you want to know the absorption rate of a particular area contact us at <a href="mailto:877homes@gmail.com">877homes@gmail.com</a><br /><br />Visit us at <a href="http://www.877homes.com/">www.877homes.com</a>877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0tag:blogger.com,1999:blog-8377383435212604542.post-17827514208703976292010-09-30T21:57:00.001-07:002010-10-03T17:11:33.589-07:0012 Common Home Seller Mistakes<strong><span style="color:#000099;">1. Getting Emotionally Involved</span></strong><br />Once you decide to sell your home, it can be helpful to start thinking of yourself as a businessperson and a home seller rather than as the home's owner. By looking at the transaction from a purely financial perspective, you'll distance yourself from the emotional aspects of selling the property that you've undoubtedly created many memories in. Also try to remember how you felt when you were shopping for that home. Most buyers will also be in an emotional state.<br /><br /><strong><span style="color:#000099;">2. Setting The Price Too High<br /></span></strong>Setting the price too high is a classic seller mistake and unfortunately very common. This common mistake happens for a number of reasons. Sometimes the cause is pride of ownership, but more often the seller is setting a price based on what he or she needs out of the sale, as opposed to the market value of the home. If the price is set too high it will discourage offers and many times buyers won’t even take the time to look at an over price home. Moreover, in a down market, an inflated price on day one of the listing is even more inflated after a week or two have gone by. Not only is the asking price not tracking the market it's becoming more out of line as each day goes by. In sells your first goal is to get your foot in the door or in this case get the buyer’s foot in the door so a good strategy is to price the house slightly below market value.<br /><br /><strong><span style="color:#000099;">3. Refusing To Lower The Asking Price On A Reasonable And Timely Basis</span></strong><br />Sellers, who have set their asking price above the market value, will also invariably fail to adjust their price appropriately as the market declines if they get an offer. Instead of pricing to sell, these sellers will only grudgingly reduce their asking price and never by an amount large enough to make their home a worthwhile buy. As a result they find themselves chasing the market down - always priced too high and never getting a serious offer. In the end, this seller will loose more money than if they had simply priced their home correctly in the beginning. It may sound trite, but the market really does set the price.<br /><br /><strong><span style="color:#000099;">4. Rejecting The First Offer</span></strong><br />Too many times a seller will be suspicious of the first offer they receive. We've all heard statements like "I must have priced my home too cheaply" or "If I hold out I'll get more money." or "I just listed my property and I don't want to take the first offer." These reactions and others similar in nature, generally cause the first offer to be rejected. In down markets this is a clear mistake. Each day that passes the buyer's alternative choices are increasing and the seller's bargaining position becomes weaker. In times of rising interest rates the buyer's purchasing power is decreasing as times passes.<br /><br />Assuming the home was priced correctly in the first place. The plain fact is the first offer is more often than not the best offer. Think about it this way. A home, which has just been listed, can more easily be perceived as a desirable "discovery" by a serious buyer than a home that's been on the market for weeks. The longer a property sits, the less desirable it appears. In fact, a buyer's first question usually is, "How much?" and the second question is "How long has it been on the market?" If you get a first offer, at or near your asking price, it's probably because you've priced your home correctly. If you feel the need, recheck the comparable sales, but don't reject the offer out of hand.<br /><br /><strong><span style="color:#000099;">5. Becoming Offended By Low Offers - Refusing To Counter<br /></span></strong>It's surprising how many people will become so offended by a low offer they refuse to counter. There are a couple of good reasons why this is a mistake. If a seller has "an offer on the property" they are by definition in a stronger position with other potential buyers. The property is seeing action and there is the potential of getting a "buzz" started. Used properly, even "low ball" offers can instill a sense of urgency. Moreover, a low starting offer may be the buyer's way of testing the market and may not say anything about what the buyer is actually willing to pay. A seller is rarely hurt by responding to an offer.<br /><br /><strong><span style="color:#000099;">6. Carelessly Selecting A Buyer<br /></span></strong>It's important to pay attention to the buyer's ability to make the purchase. The buyer should be pre-qualified by his lender, and should have a reasonable down payment. Between two otherwise equally qualified buyers, the buyer whose offer is contingent upon selling their own property represents more risk than the buyer without contingencies. This is especially true in a down market where the buyer may not be able to sell his home for the price he wants<br /><br /><strong><span style="color:#000099;">7. Not Presenting The Home Effectively<br /></span></strong>A cluttered home or a home, which needs repairs or paint, fails to communicate desirability and in some instances can even signal to the buyer to reduce their offer. Fresh paint (neutral colors), clean windows and clean floors and carpets can work wonders. Cut the grass, and pull the weeds. A few flowers inside and out always seem to help.<br /><br />When it comes to furniture, a little less may be better. Less furniture will cause a room to look and feel larger. That's a good thing. Using a home stager can do wonders so long as the stager has some talent and the cost is not too great.<br /><br /><strong><span style="color:#000099;">8. Skimping on Listing Photos<br /></span></strong>So many buyers look for homes online these days and so many of those homes have photos that you'll be doing yourself a real disservice if you don't offer photos as well. At the same time there are so many poor photos of homes for sale that if you do a good job, it will set your listing apart and help generate extra interest. Good photos should be crisp and clear, should be taken during the day when there is plenty of natural light available, and should showcase your home's best assets. A good agent will take care of this for you and if you have a luxury home a professional photographer is recommended as they have cameras that can capture the different degrees of light.<br /><br /><strong><span style="color:#000099;">9. Trying to Hide Significant Problems<br /></span></strong>Any problem with the property will be uncovered during the buyer's inspection so there's no use hiding it. Either fix the problem ahead of time, price the property below market value to account for the problem or list the property at a normal price but offer the buyer a credit to fix the problem. Realize that if you don't fix the problem in advance you may turn away a fair number of buyers who want a turnkey home. Having your home inspected before listing it is a good idea if you want to avoid costly surprises once the home is under contract. A qualified inspector only costs around $400 depending on the size of your home.<br /><br /><strong><span style="color:#000099;">10. Not knowing your rights and obligations<br /></span></strong>The contract you sign to sell your property is a complex and legally binding document. An improperly written contract can allow the purchaser to void the sale, or cost you thousands of unnecessary dollars. Have an experienced Realtor who knows the "ins and outs" fully explain the contract you are about to sign to you, or have your lawyer review it before accepting it.<br /><br /><strong><span style="color:#000099;">11. Not Hiring an Agent</span></strong><br />Although real estate agents command commission (usually 5-6% of the sale price of your home), trying to sell your home on your own, especially if you haven't done it before, is probably ill advised. A good agent will help you set a fair and competitive selling price for your home that will increase your odds of a quick sale. An agent can also help take some of the high emotion out of the process by interacting directly with potential buyers so you don't have to and eliminating tire kickers who only want to look at your property but have no intention of putting in an offer.<br /><br />An agent will also have more experience negotiating home sales than you do, potentially helping you get more money than you could on your own. And if any problems crop up during the process--and they commonly do--an experienced professional will be there to handle them for you. Finally, agents are familiar with all the paperwork and pitfalls involved in real estate transactions and can help make sure the process goes smoothly.<br /><br /><strong><span style="color:#000099;">12. Letting the Selling Agent also represent the Buyer<br /></span></strong>The seller has little to gain by letting his agent represent the buyer. The selling agent will probably lower the overall commission but at what cost. There have been many instances when the selling agent never showed higher offers because a dual commission at a lower percentage is still higher than just half the commission.<br /><br />Vist us at <a href="http://www.877homes.com/">http://www.877homes.com/</a>877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0tag:blogger.com,1999:blog-8377383435212604542.post-51580678238649733572010-08-22T15:56:00.000-07:002011-06-26T09:32:53.902-07:00Buyers’ Market vs. Sellers’ Market – 2nd Qtr 2010<p>In December of 2009 I wrote a blog taking a look at the San Diego market so buyers and sellers would have a better idea on how to handle a purchase or a sell. The data gathered at that time was only useful for a short period of time because the real estate market is continuously changing. Since then I calculate this data once a quarter.<br /><br />To learn how this information can be used visit my December 2009 blog “Buyers’ Market vs. Sellers’ Market”.<br /><br />Absorption rate is used to determine the supply vs. demand of real estate. It is calculated by dividing the amount of inventory by how many properties are selling in a month.<br /><br />1 to 4 months supply of homes is a Sellers’ Market<br />5 to 6 months supply of homes is a Normal Market<br />7 or more months supply of homes is a Buyers’ Market<br /><br />The real estate market we are in today is not an ideal market to calculate the absorption rate because of short sales. When an offer is submitted to a bank on a short sale it typically takes 60 to 90 days to hear back and during this time the listing agent usually puts the property into a status of Contingency, which removes it from the actively supply count. In this state the property is not actively being sold neither is it in escrow. The following data is a look at the San Diego County real estate market as of July 5, 2010. First we look at San Diego County by geographic regions then break down the numbers by price.<br /><br /><strong><span style="color:#000099;">All of San Diego County</span></strong><br />Active homes for sale: 13,151<br />Contingent homes: 3948<br />Sold homes in last 30 days: 2446<br />Absorption rate of active homes: 5.4<br />Absorption rate of active and contingent homes: 7.0<br /><br /><strong><span style="color:#000099;">North San Diego County</span></strong><br />Active homes for sale: 5311<br />Contingent homes: 1196<br />Sold homes in last 30 days: 954<br />Absorption rate of active homes: 5.7<br />Absorption rate of active and contingent homes: 6.8<br /><br /><strong><span style="color:#000099;">Central San Diego County</span></strong><br />Active homes for sale: 4030<br />Contingent homes: 1002<br />Sold homes in last 30 days: 685<br />Absorption rate of active homes: 5.9<br />Absorption rate of active and contingent homes: 7.3<br /><br /><strong><span style="color:#000099;">South San Diego County</span></strong><br />Active homes for sale: 1622<br />Contingent homes: 1186<br />Sold homes in last 30 days: 486<br />Absorption rate of active homes: 3.3<br />Absorption rate of active and contingent homes: 5.8<br /><br /><strong><span style="color:#000099;">East San Diego County</span></strong><br />Active homes for sale: 1371<br />Contingent homes: 475<br />Sold homes in last 30 days: 263<br />Absorption rate of active homes: 5.2<br />Absorption rate of active and contingent homes: 7.0<br /><br /><br /><strong><span style="color:#006600;">Up to $200,000 Homes</span></strong><br />Active homes for sale: 2085<br />Contingent homes: 1429<br />Sold homes in last 30 days: 521<br />Absorption rate of active homes: 4.0<br />Absorption rate of active and contingent homes: 6.7<br /><br /><strong><span style="color:#006600;">$200,001 to $400,000 Homes<br /></span></strong>Active homes for sale: 4120<br />Contingent homes: 1875<br />Sold homes in last 30 days: 1118<br />Absorption rate of active homes: 3.7<br />Absorption rate of active and contingent homes: 5.4<br /><br /><strong><span style="color:#006600;">$400,001 to $600,000 Homes</span></strong><br />Active homes for sale: 2811<br />Contingent homes: 506<br />Sold homes in last 30 days: 492<br />Absorption rate of active homes: 5.7<br />Absorption rate of active and contingent homes: 6.7<br /><br /><strong><span style="color:#006600;">$600,001 to $1,000,000 Homes</span></strong><br />Active homes for sale: 2365<br />Contingent homes: 200<br />Sold homes in last 30 days: 307<br />Absorption rate of active homes: 7.7<br />Absorption rate of active and contingent homes: 8.4<br /><br /><strong><span style="color:#006600;">$1,000,001 to $1,500,000 Homes<br /></span></strong>Active homes for sale: 908<br />Contingent homes: 45<br />Sold homes in last 30 days: 85<br />Absorption rate of active homes: 10.7<br />Absorption rate of active and contingent homes: 11.2<br /><br /><strong><span style="color:#006600;">$1,500,001 to $5,000,000 Homes<br /></span></strong>Active homes for sale: 1210<br />Contingent homes: 36<br />Sold homes in last 30 days: 40<br />Absorption rate of active homes: 30.2<br />Absorption rate of active and contingent homes: 31.1<br /><br /><strong><span style="color:#006600;">$5,000,001 plus Homes<br /></span></strong>Active homes for sale: 184<br />Contingent homes: 0<br />Sold homes in last 30 days: 6<br />Absorption rate of active homes: 30.7<br />Absorption rate of active and contingent homes: 30.7<br /><br /><span style="font-size:85%;">Note: Small towns and communities far from the major populated areas were not used in the breakdown calculations of the county, which is why their sum does not add up to San Diego County as a whole.</span><br /><br />It is easy to see that San Diego County is in a normal market for the majority of the categories but compared to the 1st quarter data it is moving toward a buyers’ market. I don’t expect prices to rise as long as there are distressed homes on the market but once they are gone don’t be surprised to see prices jump 15% to 20% within a year. Also don’t be surprised if interest rates start to increase after the November elections.<br /><br />Here are reasons to start getting serious about buying.<br />Historically low interest<br />Large inventory of homes<br />Cost of renting similar to that of owning<br />Depressed prices<br /><br />If you want to know the absorption rate of a particular area contact us at <span style="color:#000099;">homes877@yahoo.com</span><br /><br />Visit us at <span style="color:#000099;">www.877homes.com</span> </p>877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0tag:blogger.com,1999:blog-8377383435212604542.post-22094250418224128132010-06-26T15:53:00.000-07:002010-06-28T21:05:44.798-07:00San Diego in the Last Two Years<span style="font-family:arial;font-size:85%;">The following charts consist of data of sold homes in San Diego County over the last two years with the exception of the first chart, which is the 30 year fixed mortgage interest rate. Most people looking to buy a home always tend to use at least these two criteria: price and location. Since location can vary greatly between different people’s wants and we are just looking at one region, San Diego, the data is separated by price. If you are interested in a particular community and price range don’t hesitate to contact me. </span><br /><span style="font-family:arial;font-size:85%;"></span><br /><span style="font-family:arial;"><span style="font-size:85%;">Several things to note when looking at the charts: </span></span><br /><span style="font-family:arial;"><span style="font-size:85%;">1) There are insufficient sold homes in the higher price ranges to provide meaningful results without critiquing the information more. </span></span><br /><span style="font-family:arial;"><span style="font-size:85%;">2) The Federal First Time Buyer credit expired November 2009 but was extended to June 2010. </span></span><br /><span style="font-family:arial;"><span style="font-size:85%;">3) About 10% of the US military on the east coast is in the process of being moved to the west coast. </span></span><br /><span style="font-family:arial;"><span style="font-size:85%;">4) In the last two years the US stock market lowest point was in February 2009. </span></span><br /><span style="font-family:arial;"><span style="font-size:85%;">5) Expect interest rates to increase if there are any signs of inflation</span>.</span><br /><br /><span style="font-family:arial;"><strong>Click on the chart to make it bigger.</strong></span><br /><div><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhR1kr78c4qUcf46hiiSN1MWqz8tBzUPbD5MtRmhbvNpXLU8x5I3flYw2rkzydCpr_KJ_cYFRXr_eDJ0pHhva3NGisoC-I3RnFrXkNf_37oH8yooLGZbOqTzuO-x7o0twfbV1EBgK6DtR4/s1600/Downtown+homes+for+sale.bmp"><img style="WIDTH: 400px; HEIGHT: 179px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5487241190375752610" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhR1kr78c4qUcf46hiiSN1MWqz8tBzUPbD5MtRmhbvNpXLU8x5I3flYw2rkzydCpr_KJ_cYFRXr_eDJ0pHhva3NGisoC-I3RnFrXkNf_37oH8yooLGZbOqTzuO-x7o0twfbV1EBgK6DtR4/s400/Downtown+homes+for+sale.bmp" /></a><br /><br /><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOL0ohkOJGHEmtLr8dslaQw2VYckE6sZTsRtWCMZf91rDvT6UAz9KEKWHgjma6DLzNzHB0aRMwbOKU4wR4Vj8bEZspa8FGvKK1xNYisvQGopfGzI81o6hzDMhClg7d_izFOeCyrs_COEk/s1600/La+Jolla+homes+for+sale.bmp"><img style="WIDTH: 401px; HEIGHT: 321px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5487240471498585346" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOL0ohkOJGHEmtLr8dslaQw2VYckE6sZTsRtWCMZf91rDvT6UAz9KEKWHgjma6DLzNzHB0aRMwbOKU4wR4Vj8bEZspa8FGvKK1xNYisvQGopfGzI81o6hzDMhClg7d_izFOeCyrs_COEk/s400/La+Jolla+homes+for+sale.bmp" /></a><br /><br /><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipSICWmdE-Kw79F8k1FO5GXH9Tv95vYb82jf78w7p2wd5TfEO73ZXJjY26cG2pJyYb8O5IT6dgAljax9QAXombG3eHqw9NK9DcuLRPl7OavR1seltcJN63zAstMmHy2zpWEN8jaQw9l_c/s1600/Del+Mar+homes+for+sale.bmp"><img style="WIDTH: 402px; HEIGHT: 336px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5487240302619451954" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipSICWmdE-Kw79F8k1FO5GXH9Tv95vYb82jf78w7p2wd5TfEO73ZXJjY26cG2pJyYb8O5IT6dgAljax9QAXombG3eHqw9NK9DcuLRPl7OavR1seltcJN63zAstMmHy2zpWEN8jaQw9l_c/s400/Del+Mar+homes+for+sale.bmp" /></a><br /><div><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLkWk0s7SSIn8bboFqxr6KR8NH7hWl1kseNQoC422FqRye8DPqHu7i0lWVUcEnJAMxvMhsRnJrzkTuP4JUfkBSP7Pvz6MdtsIeC3zGJQVMSWemF7-13qwIdzVV6pMHirHYfl9IkPo3LA0/s1600/Rancho+Santa+Fe+homes+for+sale.bmp"><img style="WIDTH: 402px; HEIGHT: 324px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5487240138978076130" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLkWk0s7SSIn8bboFqxr6KR8NH7hWl1kseNQoC422FqRye8DPqHu7i0lWVUcEnJAMxvMhsRnJrzkTuP4JUfkBSP7Pvz6MdtsIeC3zGJQVMSWemF7-13qwIdzVV6pMHirHYfl9IkPo3LA0/s400/Rancho+Santa+Fe+homes+for+sale.bmp" /></a><br /><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBq1KUXTXqNssh2opJgQvr-an5wr1R-3jgKJR-Y293Uto1jSFDEojclZiOooQHCasL346IvAJwih1mpISuAXksmErJrezXBAmNDfWwnl-0flyGLhdjAgptF8DPAlR5UEEgfkLLGB9a7oQ/s1600/Santa+Luz+homes+for+sale.bmp"><img style="WIDTH: 402px; HEIGHT: 335px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5487239954654669474" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBq1KUXTXqNssh2opJgQvr-an5wr1R-3jgKJR-Y293Uto1jSFDEojclZiOooQHCasL346IvAJwih1mpISuAXksmErJrezXBAmNDfWwnl-0flyGLhdjAgptF8DPAlR5UEEgfkLLGB9a7oQ/s400/Santa+Luz+homes+for+sale.bmp" /></a><br /><br /></div><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEieLJxLRs64wJNCo3DHmQAwwLBrNeTn8A4SOJZOf3DPIqxwd2qCoXpv-Hxud1csaVEyPvSY1tIHcc366bfIRs0LoMZPa-Mtm_AaiAI-bKV62LFmCKgaiSmPKVfI-1EXRfJqNqtzLmxIzMs/s1600/La+Jolla+homes+for+sale.bmp"></a></div><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgY7gylVfsSmvFMCPfsLtfkJzrfmUereqKEEm2ao9pa-sEY9WeHwVzcuDtQaZJJNJr19zps1FIUPzxWgmooGBqAOliZTSJWoKJ5oWBI-emp_lZy1hi3mIpkwU7o6c8TiiHce2uhLORxlCc/s1600/Coronado+homes+for+sale.bmp"><img style="WIDTH: 402px; HEIGHT: 327px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5487239773851826946" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgY7gylVfsSmvFMCPfsLtfkJzrfmUereqKEEm2ao9pa-sEY9WeHwVzcuDtQaZJJNJr19zps1FIUPzxWgmooGBqAOliZTSJWoKJ5oWBI-emp_lZy1hi3mIpkwU7o6c8TiiHce2uhLORxlCc/s400/Coronado+homes+for+sale.bmp" /></a><br /><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUiQpNzFRz4FG3ay-0m7yadyk7XEW4JU4wqfoBvuVedRs2MadsjQPQ5AZkcXcMGoHMVW3YMWEQq7Zt6PDihNUTyMNgdyD7jE0OjBvmhNw5btwN2TH9d_9roB1SG4dPjGho5ZqVCsw5RXU/s1600/Solana+Beach+homes+for+sale.bmp"><img style="WIDTH: 401px; HEIGHT: 331px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5487239587478828498" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUiQpNzFRz4FG3ay-0m7yadyk7XEW4JU4wqfoBvuVedRs2MadsjQPQ5AZkcXcMGoHMVW3YMWEQq7Zt6PDihNUTyMNgdyD7jE0OjBvmhNw5btwN2TH9d_9roB1SG4dPjGho5ZqVCsw5RXU/s400/Solana+Beach+homes+for+sale.bmp" /></a><br /><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxsV1VL4VTJg2zhM9R6diSRtAUr1AJZN6HXUgwTEYNB9fGTqdfD6MFc5Omt228Bgg74nlAdSSCAwQyEFk7xnXQh2_zi4JbGxg_Euo90qRzZcTgi5D0Bx7jQQOvur0LTUyacDjckDad7rA/s1600/Encinitas+homes+for+sale.bmp"><img style="WIDTH: 401px; HEIGHT: 317px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5487239399929470434" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxsV1VL4VTJg2zhM9R6diSRtAUr1AJZN6HXUgwTEYNB9fGTqdfD6MFc5Omt228Bgg74nlAdSSCAwQyEFk7xnXQh2_zi4JbGxg_Euo90qRzZcTgi5D0Bx7jQQOvur0LTUyacDjckDad7rA/s400/Encinitas+homes+for+sale.bmp" /></a> </div><div><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3BJsRXsA24RO_71F56FCHYxes92GZifgF-4ChUt8bsCSAQu09bfsTuDyxlN2nmN0wVAFE5njU_CeUaj5L3r2vLe9MBEb6BdWd3qQEqX0W-CGss7OnJTnMuiTkmnehyphenhyphenbA27CzjL8mWmzM/s1600/Kensington+homes+for+sale.bmp"><img style="WIDTH: 401px; HEIGHT: 324px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5487239199191924002" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3BJsRXsA24RO_71F56FCHYxes92GZifgF-4ChUt8bsCSAQu09bfsTuDyxlN2nmN0wVAFE5njU_CeUaj5L3r2vLe9MBEb6BdWd3qQEqX0W-CGss7OnJTnMuiTkmnehyphenhyphenbA27CzjL8mWmzM/s400/Kensington+homes+for+sale.bmp" /></a><br /><br /><span style="font-family:arial;font-size:85%;">I hope you find this information useful and don’t hesitate to contact me for your real estate needs.</span> </div></div></div></div>877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0tag:blogger.com,1999:blog-8377383435212604542.post-18266029340814964542010-05-20T20:18:00.000-07:002010-06-14T18:31:14.949-07:00San Diego Real Estate Market, May 2010<div><br /><div><div><div><div><br /><div>At least once a week I read an article stating that real estate prices are going up, going down or staying flat. For example, here are two articles from the same newspaper but with different views <a href="http://www.signonsandiego.com/news/2010/may/11/resale-home-prices-rise-percent-first-quarter-2010/"><span style="color:#000099;">May 11th, 2010</span> </a>and <a href="http://www.signonsandiego.com/news/2010/may/18/home-sales-numbers-shows-yearly-price-gains/"><span style="color:#000099;">May 18th, 2010</span></a><span style="color:#000099;">;</span> notice where their data comes from. I don’t take too much to heart when the article talks about the national market, as real estate like the weather is regional.<br /><br />These articles are obviously written by non-statisticians that take data from places like Dataquick.com and Zillow.com and write a story with an eye catching title. I realized how just looking at data without analyzing it could give false information. For example, data for one year showed that the median condo price in Pacific Beach dropped 29% from the previous year. After looking into it I realized how this was possible. Most of the condos that sold the previous year had two bedrooms while the following year most of the condos that sold had only one bedroom. We all know two is better than one.<br /><br />After this experience I learned not to pay much attention to the median value and to articles claiming one thing or another. Since I have access to all the data regarding the San Diego real estate market I’m able to compile and analyze the information myself. I have learned that the average price per square foot is a much better number to use to track the market and foresee trends as a whole. I have also learned that trends are easier to track using price ranges than locations. It works out that places like Rancho Santa Fe, Del Mar, Coronado, and La Jolla only have expensive homes so a look at the trends of million dollar homes is a good reflection of those communities.<br /><br />Below is the data for homes sold over the last 14 months for three different price ranges. The graphs are Sold price per square foot over time.<br /><span style="font-size:85%;">LP = List Price, SP = Sold Price, DOM = Days on Market</span> </div><br /><br /><div></div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5xrErN0ctiQ6ZJRJiDgaBmMUzIA-z8VLdj-dvEI1808iYwLekeK3ViJ-COjUO0wMoCuO8LCqkqpgHFUW0lmxIvc3iXolyF0H3Cuagbf9jUv57S_EtpLfW8p591EKQbY-ddVjGnVP52OE/s1600/0-400+La+Jolla+homes+chart.bmp"><img style="WIDTH: 379px; HEIGHT: 255px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5482804339302751570" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5xrErN0ctiQ6ZJRJiDgaBmMUzIA-z8VLdj-dvEI1808iYwLekeK3ViJ-COjUO0wMoCuO8LCqkqpgHFUW0lmxIvc3iXolyF0H3Cuagbf9jUv57S_EtpLfW8p591EKQbY-ddVjGnVP52OE/s400/0-400+La+Jolla+homes+chart.bmp" /></a><br /><br /><div></div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJrsI3mBsG3bEX-eH6E-EtZOGozkVo7g8l8AhJActzBlWdKg8iauxm6T1ONHUjJ_HW1ykAjcNI-UqbDAh21Db1WQM2WUe0yJLXA97mzJ9XDdG8pXzIFEnnWoGoB9JBYzM1Tfj7lHiVV9g/s1600/0-400+La+Jolla+homes+graph.bmp"><img style="WIDTH: 373px; HEIGHT: 224px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5482804056769259746" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJrsI3mBsG3bEX-eH6E-EtZOGozkVo7g8l8AhJActzBlWdKg8iauxm6T1ONHUjJ_HW1ykAjcNI-UqbDAh21Db1WQM2WUe0yJLXA97mzJ9XDdG8pXzIFEnnWoGoB9JBYzM1Tfj7lHiVV9g/s400/0-400+La+Jolla+homes+graph.bmp" /></a><br /><br /><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBfkzBR0-t1ffN5CvO8wmW4c6d-2vu3breHYxmFXy2uDftPn-K78mbB43z4efF1bbHd41793m37EJVDUBVC7ivjYdo5pvLh-kMOu66YCOZG5Dr93bG9AUWF0OoknzcfXeL8DrburwJ2cA/s1600/400-800+Del+Mar+homes+chart.bmp"><img style="WIDTH: 378px; HEIGHT: 254px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5482803764566577922" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBfkzBR0-t1ffN5CvO8wmW4c6d-2vu3breHYxmFXy2uDftPn-K78mbB43z4efF1bbHd41793m37EJVDUBVC7ivjYdo5pvLh-kMOu66YCOZG5Dr93bG9AUWF0OoknzcfXeL8DrburwJ2cA/s400/400-800+Del+Mar+homes+chart.bmp" /></a><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrNd_DZBrR0jkWHOQ_fOjFn1aUXtBND_0AT13PLoUwgo9MJbDwv8GVB0nR-f8CY5IrB8jnKIbFa9qkI2lh6YKZTWBsArYIAQEFLeqLl5QfodCzskl74ghfTeeVt8DwYDkN5xaqCop3uhM/s1600/400-800+Del+Mar+homes+graph.bmp"><img style="WIDTH: 379px; HEIGHT: 209px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5482803314604542610" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrNd_DZBrR0jkWHOQ_fOjFn1aUXtBND_0AT13PLoUwgo9MJbDwv8GVB0nR-f8CY5IrB8jnKIbFa9qkI2lh6YKZTWBsArYIAQEFLeqLl5QfodCzskl74ghfTeeVt8DwYDkN5xaqCop3uhM/s400/400-800+Del+Mar+homes+graph.bmp" /></a><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjot47t_n9OnAcIWIQVsmKyfzsINtmbW5oCD0bjap3lmBSQuRnBDBhI47CTqrypk7dOhK21wz4z8y6AlbyQrnvLE0iN5fBSFrUkDCEPznD8f6ofRtbWSNVxvjfPQ8-aO5JXIHVVYahjITk/s1600/0-400+La+Jolla+homes+chart.bmp"></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEit8C35mVGKSv9qG1_CjLzWBDX11oJsca_CIfs_pJQAr3qnGSpjVKCcg7DzWtLg7ZLZDERzX1LwCM5-Mv8KRTSVtEx9nS46LNKqc-gdoaBidpIkFy74C1ueIfKjbp-yAUFxPeztNw56ddM/s1600/800+plus+Coronado+homes+chart.bmp"><img style="WIDTH: 376px; HEIGHT: 236px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5482803041478050114" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEit8C35mVGKSv9qG1_CjLzWBDX11oJsca_CIfs_pJQAr3qnGSpjVKCcg7DzWtLg7ZLZDERzX1LwCM5-Mv8KRTSVtEx9nS46LNKqc-gdoaBidpIkFy74C1ueIfKjbp-yAUFxPeztNw56ddM/s400/800+plus+Coronado+homes+chart.bmp" /></a><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCMCPTJWpiVpeQXHMcbCpQ6oDmlAq9-u0s8eQ1pOaRo_1Plzl49MjLHqgnW4o4k0MBDeyLn65xY4FrCFkeifvbm9KJaQgaZ7kB_6TCG6nAktdnpPtRekOALLA-IzWCGp54bIRsjvNJ9W0/s1600/0-400+La+Jolla+homes+graph.bmp"></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdLtSloBeny8DQmdHhip_F1Q79VF9p7H5mSFSQcLRNqB4ykhiroQ1GguYjP1qwkjx5UYUpbUvjnwFCxfMipLoPu3Bu8B_lde3f0vpCnxZlV9Dy7YiMA7Dt9RdhALzn3IW0GbeJE1bFe1A/s1600/800+plus+Coronado+homes+graph.bmp"><img style="WIDTH: 382px; HEIGHT: 212px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5482802400368983026" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdLtSloBeny8DQmdHhip_F1Q79VF9p7H5mSFSQcLRNqB4ykhiroQ1GguYjP1qwkjx5UYUpbUvjnwFCxfMipLoPu3Bu8B_lde3f0vpCnxZlV9Dy7YiMA7Dt9RdhALzn3IW0GbeJE1bFe1A/s400/800+plus+Coronado+homes+graph.bmp" /></a><br /><br />It is very interesting to see the increase of home sales for the month of May 2010. This is mainly do to buyers delaying the closing of escrow until May so they can receive the California tax credit of $10,000 in addition to the Federal tax credit of $8000. </div><div><br />It is important to note that if prices drop by more than $3000 then it was a smart move to wait until the tax credit expired. This number comes from $8,000 x 25% plus $10,000 x 10% tax bracket.<br /><br />If you want to know the market trend of a particular area contact us at <a href="mailto:877homes@gmail.com">877homes@gmail.com</a><br /><br />Visit <a href="http://www.877homes.com/">http://www.877homes.com/</a></div></div></div></div></div></div>877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0tag:blogger.com,1999:blog-8377383435212604542.post-90245193216300360682010-04-06T21:53:00.000-07:002010-04-06T22:00:22.888-07:00Buyers’ Market vs. Sellers’ Market – 1st Qtr 2010<p>In December of 2009 I wrote a blog taking a look at the San Diego market so buyers and sellers would have a better idea on how to handle a purchase or a sell. The data gathered at that time was only useful for a short period of time because the real estate market is continuously changing.<br /><br />Because of the popularity of this information I will be evaluating the San Diego real estate market on a quarterly basis. To learn how this information can be used visit my December 2009 blog “Buyers’ Market vs. Sellers’ Market”.<br /><br />Absorption rate is used to determine the supply vs. demand of real estate. It is calculated by dividing the amount of inventory by how many properties are selling in a month.<br /><br />1 to 4 months supply of homes is a Sellers’ Market<br />5 to 6 months supply of homes is a Normal Market<br />7 or more months supply of homes is a Buyers’ Market<br /><br />The real estate market we are in today is not an ideal market to calculate the absorption rate because of short sales. When an offer is submitted to a bank on a short sale it typically takes 60 to 90 days to hear back and during this time the listing agent usually puts the property into a status of Contingency, which removes it from the actively supply count. In this state the property is not actively being sold neither is it in escrow. The following data is a look at the San Diego County real estate market as of April 5, 2010. First we look at San Diego County by geographic regions then break down the numbers by price.<br /><br /><strong><span style="color:#000066;">All of San Diego County<br /></span></strong>Active homes for sale: 10,188<br />Contingent homes: 4576<br />Sold homes in last 30 days: 2532<br />Absorption rate of active homes: 4.0<br />Absorption rate of active and contingent homes: 5.8<br /><br /><strong><span style="color:#000066;">North San Diego County<br /></span></strong>Active homes for sale: 4063<br />Contingent homes: 1460<br />Sold homes in last 30 days: 990<br />Absorption rate of active homes: 4.1<br />Absorption rate of active and contingent homes: 5.6<br /><br /><strong><span style="color:#000066;">Central San Diego County</span></strong><br />Active homes for sale: 3073<br />Contingent homes: 1119<br />Sold homes in last 30 days: 750<br />Absorption rate of active homes: 4.1<br />Absorption rate of active and contingent homes: 5.6<br /><br /><strong><span style="color:#000066;">South San Diego County<br /></span></strong>Active homes for sale: 1155<br />Contingent homes: 1378<br />Sold homes in last 30 days: 480<br />Absorption rate of active homes: 2.4<br />Absorption rate of active and contingent homes: 5.3<br /><br /><strong><span style="color:#000066;">East San Diego County</span></strong><br />Active homes for sale: 1163<br />Contingent homes: 502<br />Sold homes in last 30 days: 225<br />Absorption rate of active homes: 5.2<br />Absorption rate of active and contingent homes: 7.4<br /><br /><br /><strong><span style="color:#000066;">Up to $200,000 Homes<br /></span></strong>Active homes for sale: 1740<br />Contingent homes: 1645<br />Sold homes in last 30 days: 595<br />Absorption rate of active homes: 2.9<br />Absorption rate of active and contingent homes: 5.7<br /><br /><strong><span style="color:#000066;">$200,001 to $400,000 Homes</span></strong><br />Active homes for sale: 2894<br />Contingent homes: 2204<br />Sold homes in last 30 days: 1092<br />Absorption rate of active homes: 2.7<br />Absorption rate of active and contingent homes: 4.7<br /><br /><strong><span style="color:#000066;">$400,001 to $600,000 Homes<br /></span></strong>Active homes for sale: 2107<br />Contingent homes: 557<br />Sold homes in last 30 days: 539<br />Absorption rate of active homes: 3.9<br />Absorption rate of active and contingent homes: 4.9<br /><br /><strong><span style="color:#000066;">$600,001 to $1,000,000 Homes<br /></span></strong>Active homes for sale: 1809<br />Contingent homes: 243<br />Sold homes in last 30 days: 307<br />Absorption rate of active homes: 5.9<br />Absorption rate of active and contingent homes: 6.7<br /><br /><strong><span style="color:#000066;">$1,000,001 to $1,500,000 Homes</span></strong><br />Active homes for sale: 813<br />Contingent homes: 45<br />Sold homes in last 30 days: 70<br />Absorption rate of active homes: 11.6<br />Absorption rate of active and contingent homes: 12.3<br /><br /><strong><span style="color:#000066;">$1,500,001 to $5,000,000 Homes</span></strong><br />Active homes for sale: 1022<br />Contingent homes: 34<br />Sold homes in last 30 days: 50<br />Absorption rate of active homes: 20.44<br />Absorption rate of active and contingent homes: 21.1<br /><br /><strong><span style="color:#000066;">$5,000,001 plus Homes</span></strong><br />Active homes for sale: 174<br />Contingent homes: 1<br />Sold homes in last 30 days: 3<br />Absorption rate of active homes: 58<br />Absorption rate of active and contingent homes: 58<br /><br /><span style="font-size:85%;">Note: Small towns and communities far from the major populated areas were not used in the breakdown calculations of the county, which is why their sum does not add up to San Diego County as a whole.</span><br /><br />It is easy to see that San Diego County is in a sellers’ market for the majority of the categories but compared to December 2009 it is moving toward a normal market. I don’t expect prices to rise as long as there are distressed homes on the market but once they are gone don’t be surprised to see prices jump 15% to 20% within a year.<br /><br />Even though it is a sellers’ market there are still good reason to buy real estate now.<br /><br />Historically low interest rates (There are predictions the Feds will raise rates about two more times in 2010)<br />Cost of renting similar to that of owning<br />$10,000 tax incentive for first time buyers or $10,000 for the purchase of a new home<br />Depressed prices<br /><br />If you want to know the absorption rate of a particular area contact us at <span style="color:#000099;">877homes@gmail.com</span> </p>877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0tag:blogger.com,1999:blog-8377383435212604542.post-2380433396713543062010-03-25T22:42:00.000-07:002010-03-25T22:44:40.860-07:00Owner Financing or Carry-Back LoanAn owner financed or carry-back loan is when the seller usually owns the property outright and is willing to either hold the loan themselves, rather than a bank, or lease/rent the property to the buyer for a fixed period allowing the buyer more time to obtain favorable financing. For a buyer the key is to find a seller that will offer this possibility. In the present real estate market, many of the homes on the market are distress sales, which mean there is little chance of making a deal with the seller.<br /><br /><span style="color:#000099;"><strong>How does Owner Financing Work?<br /></strong></span>When a buyer is having trouble obtaining a loan or favorable financing, they may request their agent to contact the seller on their behalf, requesting seller financing. The seller loan can take the form of a first mortgage or a second mortgage. If the property is fully paid off then the process is simple. The seller and buyer come to an agreement on the sell price and the monthly payment and the sell has a first mortgage on the property. On the other hand if there is already a loan the process is the same except that the carry back loan will take a second position (second mortgage) to the existing loan. The buyer in this instance will need to be more careful because if the seller collects the buyer’s monthly payment and fails to pay the mortgage on the first loan the bank could foreclose on the property leaving the buyer with nothing. Another scenario is the buyer obtains a first mortgage loan but does not have sufficient funds the down payment so the seller finances a portion of it. Be sure to work with a qualified attorney for any carry back loan contracts.<br /><br /><strong><span style="color:#000099;">Why Use Owner Financing?<br /></span></strong>If a property is old and in very bad shape, for example the foundation/slab is cracked, most banks will not consider loaning against the property. The options for the seller is to find a buyer with all cash, someone willing to obtain a hard-money loan, or provide the financing themselves. Second, for a buyer there are several good reasons to do a carry back loan. The first is if the buyer does not qualify for a loan due to poor credit, bankruptcy, or a foreclosure on a previously owned property. The second reason is if the buyer is self-employed or most of his/her income is from commission. The third good reason is to avoid closing costs for a loan, which is about 2% of the purchase price. And the finally reason is the whole purchase process can be done rather quickly if the buyer is in a hurry to move into a place.<br /><br /><strong><span style="color:#000099;">Example:<br /></span></strong>The seller and the buyer agree on a sell price of $100,000. Since the buyer is self-employed the bank requires him to put down 50%. The buyer only has $10,000 to put down so the seller agrees to finance $40,000. To sum it up the buyer puts down $10,000, the bank loans $50,000 and the seller finances the remaining $40,000. The seller will have a mortgage note (Deed of Trust) for $40,000 with an agreed interest rate.<br /><br />In this example the buyer does not have to worry about the seller defaulting on the first loan since it is in the buyer’s name.<br /><br />If you still have questions contact us at <a href="mailto:877homes@gmail.com">877homes@gmail.com</a>877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0tag:blogger.com,1999:blog-8377383435212604542.post-27924467565812279522010-02-28T14:23:00.000-08:002010-02-28T14:31:05.858-08:00Lease-to-Own with the Option-to-Purchase<span style="font-family:arial;">I have met a number of people over the years that ask for Lease-to-Own places and I tell them they’ll have better luck looking for rentals. The simple reason is Realtors do not make money on Lease-to-Own transactions, unless he/she is paid upfront. But since this is a poplar subject for people who want to own property I’ll discuss the merits of it and mention a better option.<br /><br /><strong><span style="color:#000099;">Lease-to-Own Example</span></strong><br />The concept of Lease-to-Own is to have a portion of the rent go to a down payment for the purchase of a property. The renter will pay above average rent with an option to purchase the property at a future date and a predetermined price. For example, if the average rents are $1,500 per month a renter with a one year Lease-to-Own contract might pay $2,000 per month. The extra $500 would go into a separate account and at the end of the contract the renter has the option to purchase the property at the predetermined price with $6,000 for the down payment already saved. If the renter does not choose to purchase the property they typically forfeit the whole down payment.<br /><br /><strong><span style="color:#000099;">The Benefit of Lease-to-Own</span></strong><br />The advantage to the renter in a Lease-to-Own contract is they get to learn about the neighborhood first hand but more importantly if real estate values increase the seller cannot back out of the deal. In other words the renter is hedging that real estate values with increase more than the agreed to future price. On the other hand if real estate values decrease it is not likely the renter would exercise their option to purchase hence forfeiting their down payment. If the renter has poor credit it does not make sense to enter into a Lease-to-Own contract because they will not be able to obtain a loan and they will have to forfeit their down payment.<br /><br /><strong><span style="color:#000099;">Lease-to-Own Contract</span></strong><br />It is important that the agreement is in writing. This sounds simple but I have met many renters that believe they are in a Lease-to-Own contract after having a conversation with their landlord with a Lease-to-Own option being discussed. A Lease-to-Own with the Option-to-Purchase contract needs to be formalized in a written contract that specifies the monthly rent, the portion of rent that will go toward the down payment, the sales price and the expiration date of the option. There are other factors that should be in the contract like the right to have an inspection, who decides on and who pays for escrow and title along with many of the same factors found in a real estate purchase contract.<br /><br /><strong><span style="color:#000099;">Lease-to-Own Responsibility</span></strong></span><br /><span style="font-family:arial;">During the rental period the owner is responsible for property taxes, insurance, repairs and maintenance of the property. Like with all rental property the landlord would suffer a loss if the property were damaged or destroyed by a natural disaster that occurred during your Lease-to-Own period. However the renter is responsible for their personal property so it is a good idea to have renter’s insurance. Of course, once the renter purchases the property after exercising the Lease-to-Own with the Option-to-Purchase contract, the new owner is responsible for the taxes, insurance, and repairs related to the home.<br /><br />Because Lease-to-Own agreements can be complex I recommend contacting an attorney to make sure your interests are protected. (I can provide some qualified attorneys)<br /><br />Another option is Owner Financing, also called Carry Back Loan. I will discuss this next month. If you still have questions contact us at </span><a href="mailto:877homes@gmail.com"><span style="font-family:arial;">877homes@gmail.com</span></a><br /><br /><span style="font-family:arial;"></span>877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0tag:blogger.com,1999:blog-8377383435212604542.post-9966867886877852092010-01-29T19:42:00.000-08:002010-01-30T08:38:46.047-08:0018 Common Home Buyer Mistakes<span style="font-family:arial;">When doing something for the first time, like buying a home, mistakes are expected. Some say, “learn from your mistakes” I say, “learn from the mistakes of others”. Many first time and repeat home buyers are smart enough to do research to educate themselves and the Internet is a great source but not the only source. I typically spend one to two hours with first time buyers going over all the ins and outs including common mistakes. I have jotted down many of the areas real estate buyers should keep in mind during the home buying process.<br /><br /></span><span style="font-family:arial;"><strong><span style="color:#000066;">1. Know how much home you can afford<br /></span></strong>Many first time homebuyers spend time researching neighborhoods, looking at homes on the internet, and even driving around before fully considering the cost of purchasing a home. One of the first things buyers should do is meet with a loan officer and get pre-approved for a mortgage. To make sure you are dealing with a quality loan officer ask if they typically use a processor. If they do then chances are they don’t fully know the loan process and the processor is probably working with several loan officers juggling many loan applications. Try to find a loan officer that is a control freak, as they are good at avoiding unforeseen problems and always meet with at least two loan officers. Be sure to get a Good Faith Estimate from each loan officer and compare.<br /><br /><strong><span style="color:#000066;">2. Document and maintain your financial status</span></strong><br />If you are pre-approved for a loan, do not change your financial status without consulting your loan officer. Purchasing large ticket items like a car, a boat, furniture, a washer and a dryer, or canceling a credit card, or not paying rent are all reasons why a loan could be denied before closing do to the change in your financial status.<br /><br /><strong><span style="color:#000066;">3. Choose a qualified real estate agent</span></strong><br />Unless you are a Realtor or an attorney you should find a good Realtor early in your home search process instead of waiting until you find a place. Since Realtors have direct access to the MLS (Multiple Listing Service) it only makes sense to use their knowledge and resources to get a jump start. The trick is to find that qualified Realtor that you will work well with. Experience, education, intelligence, and availability is a good starting place to help distinguish Realtors but you’ll have to make the choice and don’t be afraid to change Realtors if your needs are not being met. Also because of all the legal forms involved in a real estate transaction you will need a professional on your side.<br /><br /><strong><span style="color:#000066;">4. Be cautious of Foreclosures</span><br /></strong>Just because a place that sold for $500,000 several years ago and is now offered for $300,000 does not make it good deal; maybe the place is only worth $250,000. Normally foreclosures are worth less because most homes owned by lenders or banks have been sitting vacant for months and many have been vandalized. Extensive repairs will probably be required and don’t expect the bank to repair anything before the close of escrow; foreclosures are typically sold-as-is.<br /><br /><strong><span style="color:#000066;">5. Control your emotions</span><br /></strong>For the amount a home costs don’t let your feelings override your common sense. Owning a home is not cheap and neither is remodeling. Try to see the big picture and take everything into account. Many homebuyers don’t anticipate the additional cost for repairs and maintenance, or for an increase in utility costs. Consider the age of the place you want and how well it appears to have been treated by the previous owners. Buying a home is not just about the money that you spend upfront; it's about all the rest of the money you have to spend beyond that. Find out what the property taxes are, what your water bill might be and what a standard electric bill is in that home. You also want to factor in furnishings you may need to purchase before you can move in.<br /><br /><strong><span style="color:#000066;">6. Do not assume your first offer will get accepted<br /></span></strong>As home prices become more affordable and with the tax credit competition has increased. Don’t be surprised to hear that a new home on the market as 20 offers. To increase the chance for your offer to be accepted you need to be quick in submitting the offer and have a strong offer. Having more money down and offering more money are two parts to having a strong offer. There is a third part to make an offer stronger but if I divulge it my clients will loose their edge.<br /><br /><strong><span style="color:#000066;">7. Always have the property inspected, its cheap insurance</span><br /></strong>The importance of a physical inspection can’t be stressed too much. A physical inspection cost between $300 to $500, which is a small price compared to the price of a home. Wouldn’t it be nice to know that the pipes leak before closing so you can get the sellers to repair them or reduce the sell price? There are a lot of things a home inspection can reveal about a property that are not visible to the naked eye. Be sure to hire someone with credentials and verify them, as there is no branch in the government that monitors inspectors. Your agent can steer you to sources but the choice is yours.<br /><br /><strong><span style="color:#000066;">8. Contract contingency clauses are important</span><br /></strong>A mortgage financing contingency clause protects the buyer in the event you can’t get financing because a loan officer did not do due diligence, the place you wanted did not appraisal high enough, or your financial status changed. Should one of these events occur the buyer gets back the deposit money. In California this clause is on the first page of the Purchase Contract, make sure the small box is checked.<br /><br /><strong><span style="color:#000066;">9. Put yourself in the sellers shoes<br /></span></strong>The average homeowner only stays in a home for about five years. When purchasing a home, consider the reason you want the home, is a good reason some else may want the home later. The same goes with remodeling. Converting the garage into another room might sound like a good idea but many garage conversions are converted back into a garage; this would deter many future buyers.<br /><br /><strong><span style="color:#000066;">10. Avoid Dual Agency<br /></span></strong>A Realtor representing both the seller and the buyer is like an attorney representing both the defendant and the plaintiff. This practice is called dual agency and is frowned upon by the DRE (Department of Real Estate). The seller’s agent primary fiducially responsibility is to the seller so home buyers may innocently disclose confidential and material information about their buying needs, financial abilities and negotiating strategies to the seller, especially when not aware of the roles of the Realtor involved.<br /><br /><span style="color:#000066;"><strong>11. Discount the seller's Decor</strong><br /></span>Remember that you are buying the house, not the items inside it, so make sure you see beyond the decorations. Focus on the location, the floor plan, and the square footage. If there are furnishings you want you can write them into the contract; it doesn’t hurt to ask.<br /><br /><span style="color:#000066;"><strong>12. Use your Realtor as an asset</strong><br /></span>Realtors work only on commission so if a transaction is not completed he/she does not get paid and when the transaction is completed their commission typically comes from the seller not the buyer. Working with a good Realtor can save money as they can provide you with data on a comparable place to give you a general ideal of the value of a place before you engage an appraiser and inspector. A great Realtor can even get your offer accepted in a sellers market without having to offer thousands over the listing price.<br /><br /><span style="color:#000066;"><strong>13. Research the neighborhood</strong><br /></span>It's absolutely critical that you research the neighborhood before you buy. Check out the area, amenities and the school system to be sure that your address corresponds with the correct school district. Also attend a community meeting, if possible. You're not just buying a home; you're buying a piece of real estate and the land around it. Check the commute by driving to the neighborhood you are interested in early in the morning then drive to work during rush hour. Do the same after work to see if you can live with the drive five days a week 52 weeks a year. Walk the neighborhood a few nights and see what is going on.<br /><br /><strong><span style="color:#000066;">14. Don’t treat real estate like stock<br /></span></strong>When the real estate market is really hot and is appreciating really fast, people tend to look at it like it's the stock market. But playing real estate is nothing like the stock market; when you invest in real estate, you really need to take a long-term approach. I know people will disagree with this eight years ago but look where we are today.<br /><br /><strong><span style="color:#000066;">15. Buy with appreciation in mind</span><br /></strong>The less expensive houses will pull down the value of the most expensive house on a block. The opposite is also true. Also, the more expensive houses are usually not the first houses to sell because they are usually overbuilt for the neighborhood.<br /><br /><strong><span style="color:#000066;">16. Be proactive at closing</span><br /></strong>At the end of a transaction closing documents need to be signed and there is no reason you can’t have a copy before hand to review at your own pace. Most of the closing documents come from the loan officer so have your loan officer give you a copy a day or two before. One of the documents is called a HUD (Housing and Urban Development) and it is a form that lists all the charges; you can legally obtain it in 24 hours before closing. Try to sign the documents at the office of the escrow company so you don’t have to pay the notary traveling fees and have the loan officer there to answer any questions.<br /><br /><strong><span style="color:#000066;">17. Choose the best way to take title</span><br /></strong>In July of 2001 husbands and wives owning real property in California can opt to take title in the form of Community Property with Right of Survivorship. When a husband and wife hold title as Community Property with Right of Survivorship the full interest in the property will vest, by law, in the surviving spouse immediately upon death of the first spouse. Title insurers will be able to vest title free and clear of the deceased spouse’s interest merely by the recommendation of an Affidavit similar to the one used to clear the interest of a deceased joint tenant. The survivorship feature will, in most instances, avoid the lengthy escrow delays caused by probate proceedings and other legal actions often associated with the traditional community property form of title. (See an attorney for the best way to take title)<br /><br /><strong><span style="color:#000066;">18. Fully review the CC&R’s, meeting minutes, and financials</span></strong></span><br /><span style="font-family:arial;">Buying a condo or a single family house in a community with HOA fees means there are CC&R’s (Covenants, Conditions, and Restrictions) and Bylaws. Get a copy of CC&R’s and Bylaws and go through them to make sure you can meet them. Some places might have restrictions on pets like the quantity and the weight. It might even be a good idea to have a real estate lawyer review them for you. Take some time to review the meeting minutes of the condo association board to see what the owners have been complaining about, if possible try to go back 12 months. Finally, get a copy of the last reserve study; they are required to be done once a year. Lester Giese, the author of <strong>The 99 Best Residential & Recreational Communities in America</strong>, recommends the following formula: If the complex is one to 10 years old, the reserve fund should have 10% of the cost of replaceable items (roofs, roads, tennis courts, etc.). Between 10 and 20 years old, the repair fund should be at 25% to 30%. At 20 years, that amount should be 50% or above. In reality there are not many condo communities that have the necessary reserves. Condo communities that have low fees more likely than not will have low reserves. In other words the fees will be going up and/or there may be some pricey assessments in your future.</span><br /><br /><br /><span style="font-family:arial;">If you still have questions contact us at </span><a href="mailto:877homes@gmail.com"><span style="font-family:arial;color:#333399;">877homes@gmail.com</span></a><br /><span style="font-family:arial;"></span><br /><span style="font-family:arial;">Visit us at <a href="http://www.877homes.com/"><span style="color:#333399;">www.877homes.com</span></a></span>877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0tag:blogger.com,1999:blog-8377383435212604542.post-53368881795956968472009-12-29T21:11:00.000-08:002009-12-29T21:25:55.779-08:00Buyers’ Market vs. Sellers’ Market<p>Is it a buyers’ market or a sellers’ market? Why does it matter? These are two important questions I’ll answer here.<br /><br />First, why does it mater? If you are looking to purchase a property and it is a buyers’ market you can try offering a price lower than the asking price, ask the seller to pay some or all of the closing costs, and during escrow ask the seller to pay for repairs. On the flip side if it is a sellers’ market the buyer needs to consider offering more than the asking price, have sufficient funds to cover their closing costs (about 3% of the purchase price), and be selective on requests for repairs made to the seller. Obviously it’s important to be aware of this so one can take advantage of their position or beat out the competition. The difficult question to answer is what type of real estate market we are in.<br /><br />When there is more supply than demand it is a buyers’ market and when there is more demand than supply it is a sellers’ market. So now the question comes down to supply vs. demand. A common way of assessing this is to calculate the Absorption rate, i.e. how quickly a home will typically sell in the current market. Absorption rate is calculated by dividing the amount of inventory by how many properties are selling in a month.<br /><br />1 to 4 months supply of homes is a Sellers’ Market<br />5 to 6 months supply of homes is a Normal Market<br />7 or more months supply of homes is a Buyers’ Market<br /><br />The real estate market we are in today is not an ideal market to calculate the absorption rate because of short sales. When an offer is submitted to a bank on a short sale it typically takes 60 to 90 days to hear back and during this time the listing agent usually puts the property into a status of Contingency, which removes it from the actively supply count. In this state the property is not actively being sold neither is it in escrow. The following data is a look at the San Diego County real estate market as of <span style="color:#000066;"><strong>December 26, 2009</strong></span>. First we look at San Diego County by geographic regions then break down the numbers by price.<br /><br /><span style="color:#000066;"><strong>All of San Diego County</strong><br /></span>Active homes for sale: 8491<br />Contingent homes: 4280<br />Sold homes in last 30 days: 2661<br />Absorption rate of active homes: 3.2<br />Absorption rate of active and contingent homes: 4.8<br /><br /><strong><span style="color:#000066;">North San Diego County</span></strong><br />Active homes for sale: 3267<br />Contingent homes: 1382<br />Sold homes in last 30 days: 984<br />Absorption rate of active homes: 3.3<br />Absorption rate of active and contingent homes: 4.7<br /><br /><strong><span style="color:#000066;">Central San Diego County</span></strong><br />Active homes for sale: 2425<br />Contingent homes: 1035<br />Sold homes in last 30 days: 710<br />Absorption rate of active homes: 3.4<br />Absorption rate of active and contingent homes: 4.9<br /><br /><strong><span style="color:#000066;">South San Diego County</span></strong><br />Active homes for sale: 883<br />Contingent homes: 1110<br />Sold homes in last 30 days: 504<br />Absorption rate of active homes: 1.75<br />Absorption rate of active and contingent homes: 4.0<br /><br /><strong><span style="color:#000066;">East San Diego County</span></strong><br />Active homes for sale: 745<br />Contingent homes: 459<br />Sold homes in last 30 days: 232<br />Absorption rate of active homes: 3.2<br />Absorption rate of active and contingent homes: 5.2<br /><br /><br /><strong><span style="color:#000066;">Up to $200,000 Homes</span></strong><br />Active homes for sale: 1589<br />Contingent homes: 1571<br />Sold homes in last 30 days: 647<br />Absorption rate of active homes: 2.5<br />Absorption rate of active and contingent homes: 4.9<br /><br /><span style="color:#000066;"><strong>$200,001 to $400,000 Homes</strong><br /></span>Active homes for sale: 2227<br />Contingent homes: 2006<br />Sold homes in last 30 days: 1170<br />Absorption rate of active homes: 1.9<br />Absorption rate of active and contingent homes: 3.6<br /><br /><strong><span style="color:#000066;">$400,001 to $800,000 Homes<br /></span></strong>Active homes for sale: 2403<br />Contingent homes: 729<br />Sold homes in last 30 days: 713<br />Absorption rate of active homes: 3.4<br />Absorption rate of active and contingent homes: 4.4<br /><br /><strong><span style="color:#000066;">$800,001 to $1,500,000 Homes<br /></span></strong>Active homes for sale: 1265<br />Contingent homes: 80<br />Sold homes in last 30 days: 163<br />Absorption rate of active homes: 7.8<br />Absorption rate of active and contingent homes: 8.3<br /><br /><strong><span style="color:#000066;">$1,500,001 to $5,000,000 Homes<br /></span></strong>Active homes for sale: 977<br />Contingent homes: 27<br />Sold homes in last 30 days: 47<br />Absorption rate of active homes: 20.8<br />Absorption rate of active and contingent homes: 21.4<br /><br /><strong><span style="color:#000066;">$5,000,001 plus Homes<br /></span></strong>Active homes for sale: 190<br />Contingent homes: 2<br />Sold homes in last 30 days: 2<br />Absorption rate of active homes: 95.0<br />Absorption rate of active and contingent homes: 96.0<br /><br />Note: <span style="font-size:85%;">Small towns and communities far from the major populated areas were not used in the breakdown calculations of the county, which is why their sum does not add up to San Diego County as a whole.<br /></span><br />It is easy to see that San Diego County is in a sellers’ market for the majority of the categories. I don’t expect prices to rise as long as there are distressed homes on the market but once they are gone don’t be surprised to see prices jump 15% to 20% within a year.<br /><br />Even though it is a sellers’ market there are still good reason to buy real estate now.<br /><br />- Historically low interest rates (There are predictions the Feds will raise rates about three times in 2010)<br />- Cost of renting similar to that of owning<br />- $8000 tax incentive for first time buyers, $6500 for other buyers<br />- Depressed prices<br /><br />If you want to know the absorption rate of a particular area contact us at 877homes@gmail.com<br /><br />Visit us at www.877homes.com </p>877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0tag:blogger.com,1999:blog-8377383435212604542.post-5807118939248985412009-11-27T21:15:00.000-08:002009-12-29T21:22:17.855-08:00California Real Estate Buying ProcessPurchasing a home in California is different from other states. First of all, California does not use attorneys to consummate real estate transactions, which is common practice on the East Coast.<br /><br />Real estate transactions in California do use a third party called an Escrow. After one finds a home and begins the buying process, one will hear about "opening escrow" and "closing escrow".<br /><br />Also, there is not a final closing meeting. Very rarely do the buyers and sellers even meet each other.<br /><br />The following Timeline shows the steps and process of a real estate transaction in California. The Timeline is not all-inclusive nor the days exact as the Purchase Contract will dictate what is required and when. With that said the Timeline is however, a good guide for the ideal and typical real estate transaction.<br /><br />(<strong>Day -1</strong>) Buyer has met with at least two Loan Officers and has in hand two GFE’s (Good Faith Estimate). Seller has all Disclosures Forms and a Wood Destroying Pest Inspection completed<br /><br />(<strong>Day 0</strong>) The purchase offer is signed by both buyer and seller<br /><br />(<strong>Day 1</strong>) Escrow is opened<br /><br />(<strong>Day 1-3</strong>) Buyer’s earnest check is delivered to escrow<br /><br />(<strong>Day 1-7</strong>) By the 7th day the seller has delivered the following items to the buyer<br />- Seller’s Disclosures<br />- Wood Destroying Pest Inspection Report<br />- Natural Hazard Zone Disclosure Report<br />- Preliminary Title Report<br /><br />(<strong>Day 1-17</strong>) By the 17th day the buyer has the following items completed<br />- Reviewed and signed seller’s Disclosures<br />- Reviewed and signed the Wood Destroying Pest Inspection Report<br />- Reviewed and signed the Natural Hazard Zone Disclosure Report<br />- Reviewed and signed the Preliminary Title Report<br />- Ordered, reviewed and signed a Physical Inspection Report<br />- Ordered, reviewed and signed any additional Inspections the buyer deemed necessary<br />- Submit a Request for Repairs to the seller<br />- Remove all required Contingencies<br /><br />(<strong>Day 18-29</strong>) Seller has all the work in section 1 of the Wood Destroying Pest Inspection Report and all agreed items in the Request for Repairs completed<br /><br />(<strong>Day 26-30</strong>) Buyer does a Final Walkthrough of the property<br /><br />(<strong>Day 30</strong>) Buyer signs closing and loan documents<br /><br />(<strong>Day 31-35</strong>) The loan is funded, the property recorded and the buyer receives the Deed and keys for the property, which closes escrow<br /><br />When you are ready to learn more about San Diego real estate give me a call or shoot me an email. Together we can find the perfect fit for you. www.877homes.com877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0tag:blogger.com,1999:blog-8377383435212604542.post-57190494170653696862009-10-30T22:22:00.000-07:002009-10-30T22:27:18.356-07:00Can Foreigners Buy Real Estate in America?<span style="font-family:arial;">The simple answer is: Yes they can. There is no difference between a US citizen and a foreigner when buying property in California. But a foreigner will need a valid Visa and proof of residence for country of origin to get a loan and get into the US legally.<br /><br />There are many types of Visas from work Visas to student Visas. A permanent Visa can take years to get but a foreigner looking to invest $500,000 to $1,000,000 can get on the fast track to obtaining a Visa. (Contact an expert at <strong>877homes@gmail.com</strong> for more information)<br /><br />The process of buying real estate in California is simple: 1) select a property 2) make an offer 3) negotiate and sign a contract 4) contract for and inspections and read and agree to all disclosures 5) finally pay for the property.<br /><br /><strong><span style="font-size:130%;">1) Finding and Selecting a Property</span><br /></strong>Though self-explanatory for the best results select a reputable real estate agent and provide them with your personal parameters such as price range and square footage. Since, most people like to be independent ask your agent for access to properties meeting your parameters listed on their websites and in the MLS (Multiple Listings Service). Agents will have access to all the contact information necessary to set up appointments for your viewing and inspection of selected properties. As your agent we feel we are best qualified to meet your needs, Contact an expert at <strong>877homes@gmail.com</strong> it’s FREE)<br /><br /><span style="font-size:130%;"><strong>2) Make an offer</strong><br /></span>To make an offer certain legal forms need to be filled out and submitted to the seller. One can try to do this themselves, or hire a lawyer, but in most cases the use and assistance of a real estate agent has been shown to produce the best and most timely results. In most cases the seller will counter the offer and negotiations could go back and forth between the buyer and seller several times before an agreement is reached.<br /><br /><strong><span style="font-size:130%;">3) Sign a contract</span><br /></strong>Like in most countries, real estate agents are certified to process real estate purchase contracts. When the purchase contract and all counter offers are signed this commits both the seller and the buyer to the sale. The contract will be subject to certain conditions such as the buyer obtaining a mortgage (if money is borrowed) and the seller ensuring that the title to the property is “clean” and all inspection issues resolved. The buyer should be aware that the commitment to certain dates is binding. It is important to adhere to dates and conditions set out in the agreement, otherwise the seller might take the opportunity to pull out of the sale, particularly if a better offer has been received.<br /><br />Typically there are fees incurred at the time of purchase. These fees will vary according to factors dictated by the purchase agreement and the method of payment the buyer selects. A good rule is the fees will range between 3% and 5% of the purchase price of the property. Most of the fees are associated with the origination of the loan so if you are offering all cash then your fees will be notably less. Typically the closing fees are for setting up the loan (application fee, credit report, mortgage insurance, appraisal, etc.), physical inspection fee, title insurance, and escrow fee.<br /><br /><span style="font-size:130%;"><strong>4) Inspections and Disclosures</strong><br /></span>Once the purchase offer has been accepted the buyer has typically 10 to 17 days (the number of days depends on what is in the contract) to complete all inspections and review all disclosures. If the buyer has no problem with the property after reviewing the inspection report and disclosures then all that is left is paying for the property. If on the other hand, some damages or defects are discovered the buyer can request the seller to repair them or reduce the price. The buyer can also back out of the deal even if the seller is willing to do the required repairs or reduce the price.<br /><br /><span style="font-size:130%;"><strong>5) Paying for the Property<br /></strong></span>When the buyer is using a loan, foreign or US, to assist in buying the property the lender/bank wires the money to escrow. If the buyer is using all cash then they would do the same; wire the money to escrow. Once escrow has all the money, the title insurance, and Grant Deed and everything checks then the purchase is complete except for the final signing of forms at which time the buyer gets the Grant Deed and keys.<br /><br />For foreigners if the purchase will be with all cash then the process is simple but if financing is needed, there will be some additional work. Banks will typically require 20% or more down and will charge about 1% more on the interest rate. You should compare loan opportunities in your country versus the US.<br /><br /><span style="font-size:130%;"><strong>Cost of Homeownership</strong><br /></span>As an owner of a house or condo you will have some responsibilities and the main one is paying property tax. Property tax in California is about 1% to 1.25% of the purchase price and increases no more than 2% of the original amount per year. Property tax is paid twice a year, February 1st and November 1st.<br /><br />If you purchase a condo or a house in a gated community there will be HOA fees (Home Owner Association). The amount of the HOA fees varies from a few hundred dollars to over a thousand dollars per month.<br /><br />Another fee that is common in newly developed areas is the Mello Roos. The Mello Roos for all intent and purpose is a property tax. Basically the Mello Roos happens when a developer builds many homes in an area the city will require that a new school and/or fire station be built or other improvements made. Instead of adding this cost onto the homes the developer will sell bonds (typically 20 year bonds) and have the new homeowners pay the bonds off. To avoid the interest the homeowner can pay their share of the bonds off early.<br /><br /><span style="font-size:130%;"><strong>What is Title Insurance?</strong></span><br />Title insurance protects the buyer of real estate in the case where a situation arises in which the title to a property is clouded. This happens when a person or entity has an interest in the property that was not found or disclosed at the time of sale. (This is very common in countries like Mexico) For example, a lender may have a lien on a property that was not discovered for some reason. The title insurance protects the new owner from any expenses or loss that may occur as a result of this defect in the title.<br /><br />If you still have questions contact us at <strong>877homes@gmail.com</strong></span>877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0tag:blogger.com,1999:blog-8377383435212604542.post-46976621225790638512009-09-21T20:41:00.000-07:002009-10-12T21:36:51.888-07:00U.S. Residential Real Estate and Mortgage Industry<p><span style="font-family:arial;">Here is what has been happening in the U.S. residential real estate and mortgage industry; particular in San Diego. It might seem long but it is something worth reading for potential buyers to make them more prepared.<br /><br />Values have increased significantly since the mid 1990's in San Diego due to a shortage of inventory, low interest rates continued job growth that has put upward pressure on prices. Currently however, in the last three years sales activity and prices have declined due to an abundance of current active listing inventory and the current impact of past sub-prime and standard mortgage market activity. Currently, there is volatility in the overall mortgage industry due to this reality. The key contributors to this trend are summarized below with bold headings.<br /><br />The sub-prime mortgage financial crisis refers to the sharp rise in foreclosures in the sub-prime mortgage market that began in the United States in 2006 and became what some analysts are referring to as a current global financial crisis.<br /><br />During this time adjustable rate mortgages had become popular, however, property value appreciation has ended in most areas with declines in many locales, leaving some homeowners unable to meet financial commitments and lenders without a means to recoup their losses. The rise in delinquencies and defaults has been concentrated in what industry analysts call "appreciation-dependent mortgages", those that worked for borrowers only if their properties appreciated. Large proportions (but not all) of such mortgages were sub-prime.<br /><br /><strong>Speculative Refinancing</strong> is a homeowner presumption that their home will appreciate. This has affected the refinance decisions of many borrowers. Some of these borrowers were influenced by a new breed of financial planners and mortgage brokers who promote the view that unused equity should be used for new investment into common stock, real estate or mutual funds.<br /><br />Some homeowners used the growing equity in their homes as a way to live beyond their means. They have built up credit card debt, and then consolidate the debt into their mortgage through a cash-out refinance. The consolidation, by extending the term of the credit card debt, reducing the rate and making the interest tax-deductible, would reduce the borrower’s total monthly payment. They could then start building up their credit card debt all over again. This process could continue only so long as their homes appreciated. As soon as appreciation stopped, they were stuck with total debt service costs that might be unmanageable, or with negative equity in their house, or perhaps both.<br /><br />An additional contributor is known as <strong>Speculative Purchases</strong> as some homes were purchased with 100% loans by borrowers hoping to turn a quick profit from future appreciation. These loans were made for the full amount of the purchase price (or appraised value) and no down payment was required. When property value appreciation ended, homebuyers taking these loans had negative equity the day they closed escrow, forcing many to re-sell immediately. When home appreciation doesn't materialize, even if the payments remain affordable, the financial incentive to continue to make payments is substantially weakened. Most do continue to pay because they will get tired on waiting and will jump in.<br /><br />There are still some competitive loans out there but be careful of bait and switch. The three things one should look at when comparing loans are: the <strong>APR</strong> (not interest rate), <strong>LTV</strong> (loan-to-value, how much the buyer is putting down), and the <strong>type of loan</strong> (fixed, ARM, hybrid). To get a good rate a good FICO score is required but also more money down will lower the rate.<br /><br />These are the MLS statistics for the City of San Diego and San Diego County; they include the number of active listings, average days on market, pending sales and sales that have closed in the past 180 days. (As of <strong>September 21, 2009</strong>)<br /><br /></span><span style="font-family:arial;"><strong>City of San Diego<br /></strong>Active Listings: 3017<br />Average Days on Market: 88<br />Pending Sales: 2250<br />Completed Sales in last 180 days: 5845<br /><br /><strong>San Diego County</strong><br />Active Listings: 9076<br />Average Days on Market: 102<br />Pending Sales: 6808<br />Completed Sales in last 180 days: 17,957<br /><br />Here is the same information taken on <strong>August 22</strong><strong> 2007</strong><br /><br /><strong>City of San Diego</strong><br />Active Listings: 5800<br />Average Days on Market: 79<br />Pending Sales: 1154<br />Completed Sales in last 180 days: 5102<br /><br /></span><span style="font-family:arial;"><strong>San Diego County<br /></strong>Active Listings: 19,586<br />Average Days on Market: 82<br />Pending Sales: 3067<br />Completed Sales in last 180 days: 13,339<br /><br />One can conclude that with much fewer homes on the market today when compared to two years ago the real estate market is defiantly recovering.</span></p><p><span style="font-family:arial;">For all Luxury homes for sale in San Diego County visit </span><a href="http://www.877homes.com/"><span style="font-family:arial;">www.877homes.com</span></a></p>877homeshttp://www.blogger.com/profile/13418796076360284183noreply@blogger.com0