So what’s causing prices to continue to stay low? … well our opinion is that until we see unemployment rates consistently well below 10 percent, and we see far, far fewer people in distress with their home mortgages, we’ll continue to see home prices continue on this bumping along the bottom of the housing market road.

So what’s causing sales to be be up? … well our opinion is that because of the high unemployment rates and homes in distress, the government is keeping interest rates low, and those than can purchase a home are doing just that.

So who is selling in this market? The home sellers that we are talking to right now are those that need to sell now for financial reasons such as: a) they can no longer afford to pay the home mortgage or want to cut their losses, b) their home needs have changed (i.e they are downsizing (retirement home), upsizing (pregnant or moving parents into their home) or separating/divorcing, c) the owner has passed away and the heirs do not want to retain the home, or d) the owner has been transferred out of San Diego.  All valid reasons in any market to sell. And with the low interest rates, buyers continue to be intrested in buying.

So who is buying in this market? The buyers that we are talking to right now are: a) first time buyers b) buyers who have previously lost a home and/or job and have gotten back on their feet c) buyers who have relocated to San Diego, and d) investment buyers (both buy & flip and buy & hold investors).  Again, all valid reasons to buy in this market.

So, what we are saying is that if you are a home owner and want or need to sell, homes are selling.  And if you are considering buying a home, there are homes available to purchase.  In my college days when interest rates were in the high teens, I recall one of the students (maybe it was me…) asking the statistics professor, why would someone buy a house right now — and her response was .. the best time for someone to buy a home, is when it is the best time for their circumstances to buy a home. 

We agree …  

So, if you are considering buying or selling, give us a call for our experienced opinion.

See you around the neighborhood!

Trisha & Judy, REALTORS
Trisha Daly / Judy Bramer
SOLD@TrishaAndJudy.com
www.TrishaAndJudy.com
858.490.8112 – office

RE/MAX Associates
DRE# 006953900 / 01341642

This 4 bedroom 2 bath home offers a custom floor plan, private backyard, cul de sac, refreshed paint and carpet. Contact Trisha and Judy for more details.

4 Insider Secrets for Avoiding Surprises at the Closing Table
By:  Tara-Nicholle Nelson 
 
I used to pass a mortgage company billboard on the freeway every day that read: “Surprises are for birthday parties.” (Implied: surprises are usually unpleasant when they arise in the context of real estate transactions.)  The worst case scenario that looms large in the minds of buyers, refinancers and sellers alike is that they’ll get to the close of escrow and some big glitch will arise, coming between you and your home – or your cash.

Here are 4 key need-to-knows to help you avoid getting a nasty surprise at the closing table.

Read my lips: no new bills (or other financial blips). Most savvy buyers know better than to run out and buy a car while they’re trying to buy a home.  But you’d be surprised at how many don’t think twice before opening new credit accounts to buy appliances or finance the kitchen remodeling work they plan to have done as soon as they get the keys to the place.  Many a lender will run a quick credit check right before closing, mostly so they can detect whether your bills – your monthly obligations – have increased to a point that pushes your debt-to-income ratio too high to qualify for the home, or would make it tough for you to pay your new mortgage.

If your escrow runs 45, 60 or 90 days (or longer) as they commonly do in short sales and sales of bank owned homes, new accounts can certainly show up on your credit report in that time frame, endangering the deal and generating a surprise “no deal” from your lender just when you thought you’d be getting a set of closing docs to sign.

Also, some lenders conduct a last-minute check of borrower’s bank account statements. Of course they want to make sure that you have the cash you need to seal the deal. But you might be surprised to learn that lenders also want to be sure that there are no unexplained, major deposits to your account, as well. They know some borrowers are inclined to borrow fistfuls of dollars from family and friends just before closing in an effort to scrape together the cash they need to close their home purchase by any means necessary.

And, unless the money is a lender-approved gift, that’s not allowed! (Why? The mortgage lender wants to avoid the friend or relative later saying they “own” part of the house, and also doesn’t want your obligation to repay a “friend-and-family” loan to interfere with your ability to repay your new home loan!)

If you have any large deposits (other than your normal income) come in just before or during escrow, be prepared to both explain them and document their source.

Make full disclosure when you first apply for your mortgage or short sale. Today’s loan underwriters are notorious for being sticklers about verifying and re-verifying the facts on your loan application.  And as mortgage guidelines have tightened, lenders have also tightened up the underwriting process, creating a virtual gauntlet of review after review, underwriter after underwriter that you have to get past in order to close your deal.  The most critical one?  The funder – it is this underwriter’s job to give the thumbs up (or down) on wiring your mortgage money into escrow. 

Funders are the toughest to get past, understandably, because the buck stops with them when it comes to their employer’s issuance of tens, even hundreds of millions of dollars of mortgage money every year.  So, they want to be sure every last one of your loan qualifying i’s are dotted and t’s crossed – up to the very last possible moment before they green-light the disbursement.  They have the right – scratch that – the responsibility to re-check your credit, assets, even your employment at the last minute, and they take this responsibility very seriously.

And on a short sale, the pre-closing title check can reveal legal judgments and liens against the seller that have been placed on the property up to the day of closing.

I’ve seen deals fall apart or come to the brink of failure the day or so before they were supposed to close because a buyer had lost a job, turned out to actually be legally married (the divorce they’d put on the application was not yet final), or a new collection account had surfaced.  I recently saw a short sale nearly cancelled when a new collection account of the seller’s was filed as a lien on the house.  Once, I even saw a deal killed beyond salvation when a last minute credit re-check surfaced a social security number flag that revealed one buyer was not in the country legally!

To avoid these sorts of last minute surprises, be 100 percent honest with your real estate and mortgage agents at the beginning of your homebuying (or selling) process about any and every area of your life that corresponds to a mortgage or short sale application question, even before you complete the application – there’s almost no such thing as an overshare at that stage.  That puts them in a position to help you avoid closing table drama from the jump, even if it means they advise you to stay in your job, settle some bills or buy the home on your own, rather than with your spouse.

Watch the calendar closely. Buyers who originally were pre-approved for their mortgage many moons before they find the right property should obtain updated estimates of their mortgage payments and the cash they will need to close their purchase as their house hunting period goes on, and especially once they have a firm closing date estimate. Mortgage interest rates can change dramatically over a period of a few months, and closing costs vary widely based on things as seemingly minor as whether your transaction closes at the beginning or the end of the month.  

To avoid getting to closing and realizing that you have to come up with an extra few weeks’ worth of prepaid mortgage interest because your closing date changed, make sure your real estate and mortgage brokers are in close communication, and ask them to keep you apprised of how any closing date changes will impact the size of the check you’ll have to write to close the deal.  And if you’re buying a property that is a short sale or foreclosure, ask them to give you this briefing as soon as possible (and as frequently as possible!) in the transaction so that you can prepare a little cushion of extra cash in case closing is delayed for reasons beyond your control (which happens very frequently in these sorts of sales).

Obtain and review your closing documents in advance.  I used to give this advice mostly to buyers, urging them to ask their agent and mortgage broker to provide them with their loan and title documents at least a day or so in advance – earlier, if possible.  If you have to sign 300 pages at the closing table and you know your keys and moving plans hang in the balance, the chances you’ll be scrutinizing every line are pretty slim – and if you do happen to catch an error, the time it will take the lender to revise and reissue a set of papers can throw your moving calendar entirely out of whack.

The best practice is to get these documents in advance, so you can check on line items like the interest rate and monthly payment in the comfort of your own home or office, ask questions of your representatives and initiate any corrections that need to be made without disrupting the plans for signing and closing.

And this applies to sellers, too – even though buyers have a much higher volume of paperwork to get through at closing (and errors can be costly), closing doc errors occasionally arise that have a serious impact on sellers, as well.  I was once asked for advice in a situation where the seller owned two neighboring parcels of land, and the title paperwork for the sale of one erroneously included the other one, too!  It took a boatload of high-drama legal wrangling to get the mistake corrected, and get the sellers’ other lot back.

So, the bottom line is that it’s important to work with both a REALTOR and lender that you trust, and be honest and up front with everything going on in your life.  We can help you work through the maze of home buying and selling.

See you around the neighborhood!

Trisha & Judy, REALTORS
Trisha Daly / Judy Bramer
Names You Know – Experience You Can Trust
SOLD@TrishaAndJudy.com
www.TrishaAndJudy.com
858.490.8112 – office

RE/MAX Associates
DRE# 006953900 / 01341642

Start off with a yummy breakfast, then cruise the grounds – Trisha’s on a well deserved vacation, and I’ll be helping with the pancake breakfast — stop by & say “hi”.  I always run into neighbors & friends, and have a ton of fun.  There’s rides and shows … and if you’re not stuffed with pancakes, there are a lot of local restaurant vendors with more yummy lunch goodies.

So have you ever wonder how Clairemont got it’s name?  Well, Claire was the wife of developer Carlos Tavares, and rumor has it (actually Claire will tell you this herself) — that she and Carlos were driving back to their La Jolla home, and Claire reportedly pointed to the Mesa and told Carlos, “see how sunny it is up there, that’s where you should be building homes”.   And in October of 1950, Carlos and partner Lou Burgener did just that, and “Clairemont Unit #1″, including Burgener Boulevard, Deerpark Drive, Grandview Street, Field Street and Jellett Street, was the start of the community of Clairemont.

Find more fun Clairemont history in the San Diego Magazine, July 1957 edition,  Clairemont: how to live.

See you around the neighborhood!

Trisha & Judy, REALTORS
Trisha Daly / Judy Bramer
SOLD@TrishaAndJudy.com
www.TrishaAndJudy.com
Clairemont Homes for Sale
858.490.8112 – office

RE/MAX Associates
DRE# 006953900 / 01341642

I wish I could say yes, but in general, the answer is no …

… however, what you will do is improve the saleability (is this a word?) of your home, and increase the chances that your home will sell when there are a lot of other homes for sale in your neighborhood.  That said, today’s market has more homes on the market than in recent years, so it’s important to put your home in the best light when on the market. 

Rather than remodeling, we recommend doing some cosmetic updates, such as paint or carpet, and repairing broken items.  Trisha and I work with each of our clients to help them decide what makes the most sense to update.  We also spend time with our clients in staging the home to sell.

That pool table in the dining room may fit your lifestyle, but isn’t a fit for most buyers.  So pack up the pool table and stage with a dining table to make your home feel more like home to more buyers.

So, you ask, why am I doing a remodel?  Well, first of all, we’re not remodeling to sell — we like the location and the lot size of our current home.  The home itself was just too small and too outdated.  We looked for other homes that had what we wanted, but weren’t happy with what we found — so doing a remodel works best for us. 

So … if you’re considering doing a remodel — here’s a link to average Southern California remodeling costs according to the Remodeling 2010–11 Cost vs. Value Report (www.costvsvalue.com) …” Posted with permission from Cost vs. Value.

 http://www.remodeling.hw.net/2010/costvsvalue/division/pacific/city/san-diego–ca.aspx

If you’re thinking about selling and need some tips to prep your home — just give us a call …

See you around the neighborhood …

Trisha & Judy, REALTORS
Trisha Daly / Judy Bramer
SOLD@TrishaAndJudy.com
www.TrishaAndJudy.com
Clairemont Homes for Sale
858.490.8112 – office

RE/MAX Associates
DRE# 006953900 / 01341642

First thing I noticed is that the article was quoting March data — and if you haven’t noticed we’re into June :) Towards the bottom of the article, it was mentioned that the buyer tax credit that was in effect until essentially end of September 2010 did inflate last year’s prices.  In my opinion that means that trying to comparing this year’s prices to last year’s prices is like trying to compare apples to oranges.

And to further convolute things, there continues to be a significant number of properties for sale that are either bank owned or short sales — and those properties are generally in worse condition that a traditional owner sale — and usually sell for less due to the condition of the property.  So if you are selling your well maintained property — the price shouldn’t be the same as a beat up bank owned property — again, it’s apples and oranges.

For you data analyzing nuts, I’ve included the April (sorry May’s not out yet) year to date sales stats and condo year to date sales.   Take a look at your neighborhood stats, and let us know what you think.  fyi — LP = List Price, SP = Sold Price, MO INV = how many months it will take to sell the current number of active homes on the market.  In San Diego, a healthy market is about 3 months — a seller’s market is fewer months and a buyer’s market is more months.

In my opinion the sky is not falling, but we are on a small roller coaster, up one month, down the next — and I believe we’ll be here for the next few years. 

 However, well maintained properties are selling quickly and for above the average area sales price.  If you are considering selling, give us a call for our experienced opinion.

See you around the neighborhood!

Trisha & Judy, REALTORS
Trisha Daly / Judy Bramer
SOLD@TrishaAndJudy.com
www.TrishaAndJudy.com
Clairemont Homes for Sale
858.490.8112 – office

RE/MAX Associates
DRE# 006953900 / 01341642

The Clairemont Town Council’s 15th Annual Garden Tour on Saturday, May 7th is always a hoot.  You never know what you’ll find … waterfalls … canyons … koi ponds … bird houses … cool “I can do that” ideas … and so much more.  All capped off with a reception house, where you can enjoy a refreshment and vote for your favorites. If you’ve got a big or small garden spot you don’t know what to do with — then this is a must attend. I get great ideas every year, and get a chance to visit with my Clairemont neighbors as I meet them at the gardens I visit. Tickets are $15 and are available online or available at the Clairemont UPS Store.

The same weekend is the Annual Gator by the Bay Zydeco Blues & Crawfish Festival with the fun, food & music starting Friday, May 6th at 3:30, and running until 7 pm Sunday.  This is always a ton of fun with great music and good food.   Stop by the BluSD Bourbon Street Stage at 11:00am on Sunday to see Clairemont’s own Road Dogs  perform.

And of course, don’t forget to plan ahead for your Mom Day. Word is that restaurant reservations are filling up fast … hmmm … does this mean that the economy is improving?  I hope so … There was an article in the April 30th Union-Trib that indicated that many popular restaurants already had limited reservations available.  If you haven’t already found Open Table – check it out for an easy way to find reservations & availability. 

Whatever you decide to do next weekend, just remember to stop & smell the flowers, listen to the music and enjoy the food along the way!

See you around the neighborhood!

Trisha & Judy, REALTORS
Trisha Daly / Judy Bramer
SOLD@TrishaAndJudy.com
www.TrishaAndJudy.com
858.490.8112 – office

RE/MAX Associates
DRE# 006953900 / 01341642

Overall, I’d say things are beginning to stabilize for the housing market — the lower prices and lower interest rates are incenting a lot of buyers (and investors) to buy right now.  However with distressed properties (foreclosed or short sales) being 55% of the sales last month (down from 59% this time last year), I think it’s going to be a slow and bumpy recovery. 

I can tell you that Trisha and I had a good first quarter — so it’s feeling like buyers and sellers are confident enough in the market to make a move. What do you think?

Give us a call if we can help with any real estate matter, or if you’ve got a question you need an answer to — we’re here for you …

See you around the neighborhood!

Trisha & Judy, REALTORS
Trisha Daly / Judy Bramer
SOLD@TrishaAndJudy.com
www.TrishaAndJudy.com
858.490.8112 – office

RE/MAX Associates
DRE# 006953900 / 01341642