Each year, NAR, National Association of Realtors, performs a survey of buyers and sellers to better understand their wants and needs. The most recent survey reported that 89% of buyers used a licensed real estate agent to help them purchase a home. That is up 20% from a decade ago in 2001. This article also goes into why buyers choose to use a real estate agent to help them, but I thought I would give my two cents, as I specialize in working with buyers and love working with them!
The poll says that the first reason buyer work with agents is because they are licensed, which means they , have completed classwork, are educated, experienced and trained. Well, I beg to differ on this point! I agree the agents have completed classwork, but I know from dealing with dozens of agents over the years that the level of education, experience, and training varies dramatically! Quite frankly, it's easy to become and agent and many times they lack education, knowledge, and experience and end up giving the whole group a bad reputation. And, you don't have to be a young agent to be unprofessional. So, why am I saying this? Well, because it stresses the importance of choosing an agent who is a professional and who actually has sufficient knowledge about the purchase and transaction process. It also helps for the agent to have excellent human relation, conflict resolution, and problem solving skills. I can't tell you how many times I've been on the phone with an agent who starts yelling at me and has no idea how to act professionally.
More to come. . .
Tuesday, January 24, 2012
Wednesday, August 17, 2011
Freddie Mac Offers up to $1,500 Condo Cash for HomeSteps Properties
Below is part of an article regarding an announcement by Freddie Mac. They are offering to pay up to $1,500 is association dues if a buyer purchases a Homesteps property that has been on the market for at least 120 days. The buyer must intend to purchase this property as owner occupied. Homesteps properties are listed in the mls but can also be found on their web site: http://www.homesteps.com/featuresearch.html . For the complete article go to: http://dc.urbanturf.com/articles/blog/freddie_mac_offers_condo_cash_for_homesteps_properties/3981 . Please let me know if I can assist you in identifying these properties! Thanks, Crista : )
Freddie Mac Offers Condo Cash for HomeSteps Properties
August 15, 20110 Comments
by UrbanTurf Staff
HomeSteps, the real estate sales unit of Freddie Mac, launched an offer today that will provide eligible condo buyers (i.e. those that buy a HomeSteps condo) with up to $1,500 in association dues.
The Condo Cash program is limited to buyers who submit offers between today and November 15, 2011 and close escrows on or before December 30, 2011. The offer is valid only on HomeSteps homes that have been on the market for at least 120 days and are sold to owner-occupant buyers, so auction, sealed bid and bulk sale properties do not qualify.
If you think that offers like these from Fannie and Freddie have become a trend in recent months, you’d be right. In May, Freddie Mac announced that it was offering up to 3.5 percent in closing cost assistance and a bonus of $1,200 to the selling agent for offers on HomeSteps properties (real estate owned or REO) received prior to July 31, 2011, in an effort to boost sales this summer.
Freddie Mac’s Brad German told UrbanTurf back then that about two-thirds of HomeSteps homes are sold to owner occupants, and that there were record sales of 31,628 properties in the first quarter of 2011.
Freddie Mac Offers Condo Cash for HomeSteps Properties
August 15, 20110 Comments
by UrbanTurf Staff
HomeSteps, the real estate sales unit of Freddie Mac, launched an offer today that will provide eligible condo buyers (i.e. those that buy a HomeSteps condo) with up to $1,500 in association dues.
The Condo Cash program is limited to buyers who submit offers between today and November 15, 2011 and close escrows on or before December 30, 2011. The offer is valid only on HomeSteps homes that have been on the market for at least 120 days and are sold to owner-occupant buyers, so auction, sealed bid and bulk sale properties do not qualify.
If you think that offers like these from Fannie and Freddie have become a trend in recent months, you’d be right. In May, Freddie Mac announced that it was offering up to 3.5 percent in closing cost assistance and a bonus of $1,200 to the selling agent for offers on HomeSteps properties (real estate owned or REO) received prior to July 31, 2011, in an effort to boost sales this summer.
Freddie Mac’s Brad German told UrbanTurf back then that about two-thirds of HomeSteps homes are sold to owner occupants, and that there were record sales of 31,628 properties in the first quarter of 2011.
Wednesday, July 20, 2011
New Law that mandates Carbon Monoxide Detectors in all residences went into effect July 1!
Did you know that the new law that requires all residences to install a carbon monoxide detector went into effect July 1, 2011? Well, it did. It's called the SB 183 bill.
If you own a home that has an attached garage or any gas appliances, then you are required to install a carbon monoxide detector. These detectors are pretty cheap and can be found at Home Depot, Target, or any other home store. I found some that start at about $18 at Home Depot.
If you plan to sell your home, you are required to disclose if you home has a carbon monoxide detector installed. Best bet is to have one installed now so you don't have to worry about it later. Plus, it's the safe thing to do!
Please do not hesitate to call me if you have any real estate questions or if you know of someone who is thinking of buyer or selling a home. I would be happy to help them. Crista :)
If you own a home that has an attached garage or any gas appliances, then you are required to install a carbon monoxide detector. These detectors are pretty cheap and can be found at Home Depot, Target, or any other home store. I found some that start at about $18 at Home Depot.
If you plan to sell your home, you are required to disclose if you home has a carbon monoxide detector installed. Best bet is to have one installed now so you don't have to worry about it later. Plus, it's the safe thing to do!
Please do not hesitate to call me if you have any real estate questions or if you know of someone who is thinking of buyer or selling a home. I would be happy to help them. Crista :)
Thursday, July 14, 2011
Energy Efficient Information that can benefit you!
Greetings, I just attended a webinar on Energy Efficient Windows. the webinar was given by (Efficient Windows Colaborative) whose goal is to promote energy efficient windows. It was very informative so I thought I would pass along some highlights to you. I also included some web site resources for you to click on to obtain additional information. If you are considering purchasing new windows, you might want to check out this information! It may save you a lot of money!
Did you know that you could save up to 25% on your heating costs by using energy efficient windows? You oould save up to 35% of your cooling costs by doing the same. Not only does energy efficient windows help you save money, they also provide improved comfort, condensation reduction, and reduction in fading fabrics or furniture.
How do you tell how well a window performs (Performance indicators)?
- Best method is to use Energy Star labeled windows!
- You can also look at:
* U-factor which measures how insulating a window is. the lower the U-factor the less heat loss
* Solar Head Gain Coefficient (SHGC) which is the fraction of the solar energy that enters the windows. The higher the SHGC the more solar energy
* Visible Transmittance (VT) which is the fraction of visibe light that enters the window. The hight the VT the more daylight enters
* Air leakage (AL) which is the volume of air that enters the windows when closed. The lower the AL the less infiltration
The National Fenestration Rating Council (NFRC) rates windows and you can view these labels on window products to see the key performance indicators. The NFRC rates the whole window, not just the glass. More information on these labels can be found at http://www.efficientwindows.org/nfrc.cfm
Incentives and Financing
- There still is a Federal Tax credit up to $500 when you purchase energy efficient windows. Go to http://efficientwindows.org/utilities.cfm
- The utility companies also offer rebates. You can see this information at: http://www.efficientwindows.org/utilities.cfm
So, whether it's Winter or Summer, if you don't have energy efficient windows, now may be the time you upgrade! Of course, upgrading your windows will not just decrease your energy costs, it will increase the value of your home! If you or someone you know is looking to purchase or sell their home, please give me a call. I would be happy to help. Crista :)
Did you know that you could save up to 25% on your heating costs by using energy efficient windows? You oould save up to 35% of your cooling costs by doing the same. Not only does energy efficient windows help you save money, they also provide improved comfort, condensation reduction, and reduction in fading fabrics or furniture.
How do you tell how well a window performs (Performance indicators)?
- Best method is to use Energy Star labeled windows!
- You can also look at:
* U-factor which measures how insulating a window is. the lower the U-factor the less heat loss
* Solar Head Gain Coefficient (SHGC) which is the fraction of the solar energy that enters the windows. The higher the SHGC the more solar energy
* Visible Transmittance (VT) which is the fraction of visibe light that enters the window. The hight the VT the more daylight enters
* Air leakage (AL) which is the volume of air that enters the windows when closed. The lower the AL the less infiltration
The National Fenestration Rating Council (NFRC) rates windows and you can view these labels on window products to see the key performance indicators. The NFRC rates the whole window, not just the glass. More information on these labels can be found at http://www.efficientwindows.org/nfrc.cfm
Incentives and Financing
- There still is a Federal Tax credit up to $500 when you purchase energy efficient windows. Go to http://efficientwindows.org/utilities.cfm
- The utility companies also offer rebates. You can see this information at: http://www.efficientwindows.org/utilities.cfm
So, whether it's Winter or Summer, if you don't have energy efficient windows, now may be the time you upgrade! Of course, upgrading your windows will not just decrease your energy costs, it will increase the value of your home! If you or someone you know is looking to purchase or sell their home, please give me a call. I would be happy to help. Crista :)
Thursday, June 16, 2011
HomeDex Housing Statistics Announces May, 2011 Results
Cal State San Marcos puts out a monthly housing statistics report called HomeDex which breaks out and compares North County housing data from the general San Diego County data. It's a wonderful resource to take a peak closer into the market where you live or want to buy to see what's going on! Here's some summary information from the report. Please contact me if you want to know the statistics for your Zip or even an estimated value of your home!
Last months April report showed median prices for North County detached homes decreased slightly compared to April 2010. Two of the zips that showed increases for 92057 and 92083. The May report showed an overall median price decrease as well, but there were a few more zips that showed increases compared to 2010. These "winners" include: Carlsbad 92011 at 7% increase, Encinitas at 22%, Oceanside 92054 at 27%, Vista 92083 at 12%, and Vista 92084 at 7%.
My projection is that next month's results show an overall increase. We shall see! Please contact me if you have any real estate questions? Crista :)
Last months April report showed median prices for North County detached homes decreased slightly compared to April 2010. Two of the zips that showed increases for 92057 and 92083. The May report showed an overall median price decrease as well, but there were a few more zips that showed increases compared to 2010. These "winners" include: Carlsbad 92011 at 7% increase, Encinitas at 22%, Oceanside 92054 at 27%, Vista 92083 at 12%, and Vista 92084 at 7%.
My projection is that next month's results show an overall increase. We shall see! Please contact me if you have any real estate questions? Crista :)
Friday, June 10, 2011
May 2011 HomeDex report Provides April 2011 North County Housing Statistics
Cal State San Marcos puts out a monthly housing statistics report called HomeDex which breaks out and compares North County housing data from the general San Diego County data. It's a wonderful resource to take a peak closer into the market where you live or want to buy to see what's going on! Here's some summary information from the report. Please contact me if you want to know the statistics for your Zip or even an estimated value of your home!
In an even more summarized version. . . detached home prices in North County are slightly down from last year, listings are up, sales are up, and time on the market is down! Here's some more detail on each of these figures.
Detached homes in North County decreased slightly by 0.04 percent from $450,165 in March 2011 to $450,000 in April 2011. Year-over median single-family detached homes in North San Diego County declined 5.16 percent, from $474,500 in April 2010, making three months of year-over declines following an 18-month trend of increases in median price (with the exception of August 2010).
The number of SFD listings (active and contingent) increased 3.03 percent from March 2011 to April 2011. Year-over listings increased by 12.04 percent from April 2010.
The number of sold North San Diego County SFD units increased 3.74 percent from March 2011 to April 2011, following a 50 percent monthly jump in March 2011.
Median days-on-market for single-family detached homes in North County decreased from 58 days in March 2011 to 50 days in April 2011.
In an even more summarized version. . . detached home prices in North County are slightly down from last year, listings are up, sales are up, and time on the market is down! Here's some more detail on each of these figures.
Detached homes in North County decreased slightly by 0.04 percent from $450,165 in March 2011 to $450,000 in April 2011. Year-over median single-family detached homes in North San Diego County declined 5.16 percent, from $474,500 in April 2010, making three months of year-over declines following an 18-month trend of increases in median price (with the exception of August 2010).
The number of SFD listings (active and contingent) increased 3.03 percent from March 2011 to April 2011. Year-over listings increased by 12.04 percent from April 2010.
The number of sold North San Diego County SFD units increased 3.74 percent from March 2011 to April 2011, following a 50 percent monthly jump in March 2011.
Median days-on-market for single-family detached homes in North County decreased from 58 days in March 2011 to 50 days in April 2011.
Wednesday, March 23, 2011
March Conversations - with Local Experts
Recently I took an opportunity to go to the NSDCAR sponsored Conversations 2011 that was held at the Escondido Performing Arts Center. George Chamberlin was the moderator and there were a series of featured panelists who were experts in Economics, Planning, Development, Energy, and Water resources. That may sound boring right off the bat, but the day turned out to quite interesting and very informative. I thought I would share a few of the highlights with you! Skip through what catches your eye!
Let me know if you have questions on any of these comments. I hope you find them useful! Crista :)
Debra Reed, Executive Vice President, Sempra Energy
Speaks on energy!
- In the next 15 years, we will have smarter energy, use less energy, and use cleaner energy
- NOW, we get 60% of our energy from natural gas, 20% from San Onofre, 13% from renewable sources such as solar, wind, and geothermal
- By 2020 30% of our energy will be from clean energy sources
- Our bills are about 25% lower than those who live out of state. Rates are high, but bills are lower due to energy efficiency
- Gas use has gone down by 50%
- The future will hold more control over how we use energy.
- San Diego ranks 7th in US in clean-tech jobs
- The Smart Meter will have a web-based program to help you evaluate energy usage so you can plan accordingly
Ken Weinberg, Director of Water Resources, San Diego County Water Authority
Speaks on Water
- We are not in a drought perior this year!
- The future holds better water efficiency
- New homes will have to adhere to landscaping efficiencies
- We'll need to invest in infrastructure
- SANDAG forecasts 20% increase in population by 2015, 5% increase in single family homes
- Legistation mandates 20% reduction in water use by 2020
Peter MacLaggan, Senior Vice President of Project Development, Poseidon Resources Corporation
Speaks on desalination Plant!
- By 2014 the Carlsbad desalination plant will be in full production, taking 32 months of construction
- For every 2 gallons of sea water, you get 1 gal of drinking water
- The 1 gallon of residual water has high concentrations of salt, so they will add other water to it before releasing it back into the sea.
- The goal of the plant is to be Carbon Neutral
- This plant will provide enough water for 300,000 residents
- Since a small amount of fish will be killed during this process, they have plans to mitigate this by improving wetlands in other area
- Check out their web site http://www.poseidonresources.com/desal_101.html
Lynn Reaser, Ph.D., Chief Economist, Fermanian Business & Economic Institute, Point Loma Nazarene University
Speaks on the Financial Market!- By end of the year she predicts interest rates will be 1/4% higher
- Long term rates have already ticked up. Will be 3 1/2% - 4 1/4% by end of year (3/4% increase), 2nd half of the year she expects 30 year fixed rates to be 5 1/2% or higher
- 20% down on homes loans will be the norm, with 30 year fixed rate
- Long term forecasts are that banks will be making more loans, rates will be higher, more real estate investors, regulators will be active in the market
- Need to reduce federal long term treasuries from 3 trillion to 1 trillion
- Debt is currently 70% of GDP, we want it to be 60% of GDP
- If there is no political solution to the debt issue, the debt/gdp ratio could be 100% in 10 years
- Future rates are projected to be 6-7% range
- Future holds more banks lending money
Regarding the real estate market
- To get to a Normal Market we need to reduce distressed inventory. we are moving in the right direction, but still have 8k in No. County
- There is about a 25% difference in price/sf between traditional sale and distressed sale properties
- Need to sell distressed homes to ultimate homeowner versus investor
- Active listings are down from 2008
- Unsold inventory index is 5-7 months (it will take 5-7 months to sell all active listings).- San Diego and DC are the only to cities that had price increases last year.
Regarding the Economy- 10% unemployment rate locally
- Need to get under 10% unemployment rate to get to normalcy (4-5 years)
- Business are more profitable
- Banks are well capitalized
- There is uncertainty about tax rates
- The 800lb gorilla is the federal deficit
- 2-3 years before return to normalcy
Gary London, President, The London Group Realty Advisors
Speaks on Real Estate Market
- Small business CEO's are as confident now as they were in 2006
- Capital goods orders are up 21% from 1 year ago
- Home affordability is the best in 50 years based on income and interest rates
- Personal savings are up, debt is moving down
- Multi-family sector is going crazy!
- There is going to be more density building
- Curveballs we may be thrown by DC
- GSE reform
- credit availability
- loan delinquencies
- mortgage interest deductions
- There 48,000 homes in shadow inventory.
- There are 3 times the number of distressed homes than are listed on the market
- Estimated 14 months of shadow supply. This is the lowest number of shadow inventory supply than other markets. We'd like to see 6-7 months supply.
- 5 months of listed supply of regular homes
- New home market is 9% of the total real estate market
Regarding a 2011 survey of people in the market for a home, here are the top findings
- Personalization is the new buzz word
- Retirees will move
- Consumers need a reason to buy
- Home design beats price
- Bigger is better
- Generation Y (25-34) isn't much different
- Community amenities are very important
- Green technologiy is in demand
- Buyers use realtor and real estate web sites
- Conclusions vary by geography
- 88% think now is a good time to buy but can't find what they are looking for
- Young adult population is booming
- Gen Y population is decreasing in San Diego
- Rentals are likely to be a much larger component of demand going forward
Let me know if you have questions on any of these comments. I hope you find them useful! Crista :)
Speaks on energy!
- In the next 15 years, we will have smarter energy, use less energy, and use cleaner energy
- NOW, we get 60% of our energy from natural gas, 20% from San Onofre, 13% from renewable sources such as solar, wind, and geothermal
- By 2020 30% of our energy will be from clean energy sources
- Our bills are about 25% lower than those who live out of state. Rates are high, but bills are lower due to energy efficiency
- Gas use has gone down by 50%
- The future will hold more control over how we use energy.
- San Diego ranks 7th in US in clean-tech jobs
- The Smart Meter will have a web-based program to help you evaluate energy usage so you can plan accordingly
Speaks on Water
- We are not in a drought perior this year!
- The future holds better water efficiency
- New homes will have to adhere to landscaping efficiencies
- We'll need to invest in infrastructure
- SANDAG forecasts 20% increase in population by 2015, 5% increase in single family homes
- Legistation mandates 20% reduction in water use by 2020
Speaks on desalination Plant!
- By 2014 the Carlsbad desalination plant will be in full production, taking 32 months of construction
- For every 2 gallons of sea water, you get 1 gal of drinking water
- The 1 gallon of residual water has high concentrations of salt, so they will add other water to it before releasing it back into the sea.
- The goal of the plant is to be Carbon Neutral
- This plant will provide enough water for 300,000 residents
- Since a small amount of fish will be killed during this process, they have plans to mitigate this by improving wetlands in other area
- Check out their web site http://www.poseidonresources.com/desal_101.html
Speaks on the Financial Market!- By end of the year she predicts interest rates will be 1/4% higher
- Long term rates have already ticked up. Will be 3 1/2% - 4 1/4% by end of year (3/4% increase), 2nd half of the year she expects 30 year fixed rates to be 5 1/2% or higher
- 20% down on homes loans will be the norm, with 30 year fixed rate
- Long term forecasts are that banks will be making more loans, rates will be higher, more real estate investors, regulators will be active in the market
- Need to reduce federal long term treasuries from 3 trillion to 1 trillion
- Debt is currently 70% of GDP, we want it to be 60% of GDP
- If there is no political solution to the debt issue, the debt/gdp ratio could be 100% in 10 years
- Future rates are projected to be 6-7% range
- Future holds more banks lending money
Regarding the real estate market
- To get to a Normal Market we need to reduce distressed inventory. we are moving in the right direction, but still have 8k in No. County
- There is about a 25% difference in price/sf between traditional sale and distressed sale properties
- Need to sell distressed homes to ultimate homeowner versus investor
- Active listings are down from 2008
- Unsold inventory index is 5-7 months (it will take 5-7 months to sell all active listings).- San Diego and DC are the only to cities that had price increases last year.
Regarding the Economy- 10% unemployment rate locally
- Need to get under 10% unemployment rate to get to normalcy (4-5 years)
- Business are more profitable
- Banks are well capitalized
- There is uncertainty about tax rates
- The 800lb gorilla is the federal deficit
- 2-3 years before return to normalcy
Speaks on Real Estate Market
- Small business CEO's are as confident now as they were in 2006
- Capital goods orders are up 21% from 1 year ago
- Home affordability is the best in 50 years based on income and interest rates
- Personal savings are up, debt is moving down
- Multi-family sector is going crazy!
- There is going to be more density building
- Curveballs we may be thrown by DC
- GSE reform
- credit availability
- loan delinquencies
- mortgage interest deductions
- There 48,000 homes in shadow inventory.
- There are 3 times the number of distressed homes than are listed on the market
- Estimated 14 months of shadow supply. This is the lowest number of shadow inventory supply than other markets. We'd like to see 6-7 months supply.
- 5 months of listed supply of regular homes
- New home market is 9% of the total real estate market
Regarding a 2011 survey of people in the market for a home, here are the top findings
- Personalization is the new buzz word
- Retirees will move
- Consumers need a reason to buy
- Home design beats price
- Bigger is better
- Generation Y (25-34) isn't much different
- Community amenities are very important
- Green technologiy is in demand
- Buyers use realtor and real estate web sites
- Conclusions vary by geography
- 88% think now is a good time to buy but can't find what they are looking for
- Young adult population is booming
- Gen Y population is decreasing in San Diego
- Rentals are likely to be a much larger component of demand going forward
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