Archive for March, 2008
Good Homes Really Do Sell - Even If It’s Not Bank Owned
March 7th, 2008 Categories: Foreclosures & Short Sales, Real Estate News, San Marcos
With all the listings that are either a short sale or bank owned, some property owners who either want or who have to sell have been frustrated.
Alot of it depends on the community…some areas have an over loaded listing inventory of homes owned by seller’s who can’t make their payments after their loans adjusted, and are now in default. Some areas now have dozens of bank owned or “REO” listings.
The issue for the average non-short sale listing is the asking price; non troubled sellers obviously want a little more than the typical distressed seller, and maybe a lot more than a bank owned property.
The good news is that homes for sale that are presented well, priced right, and marketed properly are still selling! A good example is a listing of ours in Vallecito Ridge, a new home community built by K Hovenian. This home, at 586 Dundee Lane, was lovingly cared for and meticulously maintained by our sellers.
The house had many thousand dollars worth of upgrades in wood floors, beautiful custom paint, upgraded countertops and the like, but mostly our sellers educated themselves and made it as clean and “generic” as they could to help us and potential buyers visualize themselves living in this house.
The result, the home is now in escrow with a great buyer and our seller is happy! By the way, our price was listed higher than any other comparable home in the development, and much higher than “new” homes (model matches) still being offered by the builder.
So seller’s, don’t lose hope…do the things you need to do to get your home sold in a market like this. First price it right; owners who go fishing for an unrealistic price will not get showings at this time. Find the right agent who knows how to market your home properly and extensively, and is willing to make the investment in your home. Finally, make it “show ready”. Your listing will stand out against most of the short sale or bank owned properties as many have deferred maintenance, damage, or are being offered in “as is” condition.
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Higher Loan Limits - Will It Help?
March 6th, 2008 Categories: Mortgage News
As you may of heard, President Bush signed into law the “Economic Stimulus Act of 2008″ on February 13th. In addition to several other benefits for consumers, it provides temporary conforming loan limit increases in high cost areas.
The new temporary loan limit increase will be calculated by taking 125% of area median home values and adjust the loan limit accordingly. Currently, there are 30 MSA’s (Metropolitan Statistical Area), half of which are in California. HUD has 30 days from when the package was signed to identify the impacted MSA’s and define median home prices in these affected areas. That will put us at March 14th. What we do not know is what time frame will be considered when defining these median home prices. Due to the volatility in the mortgage market, median area sales prices may be dramatically different throughout the year, so the time frame used by HUD will be critical!
Fannie Mae and Freddie Mac has publicly stated that they want to purchase these larger loans but they will not update their decision engines (Automated Underwriting Systems) for the temporary loan limit increases. This could mean some manual workarounds and a delay in implementing the loan limit increases. Most mortgage bankers speculate that the delay will be anywhere from a few weeks to 2 months. That suggests that lenders will not be able to fund into these pools until mid April to late May.
There is wide spread speculation that the larger loans will only have a slight pricing advantage over their jumbo counterparts. Meaning, loans of $417,000 and less will continue to be the best price, then the “temporary loan limit” will have a slightly higher price, and finally the jumbo rates will be last. This is due to the fact that the larger loans will be trading in a different mortgage pool specified under the temporary loan increase and may not trade as favorably as the traditional TBA pools. In short, the interest rates on these larger loans will be lower than jumbo loans but not likely to be the same rates as conforming loans.
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Brookside Escondido - An Elegant Home At A Fantastic Price
March 1st, 2008 Categories: Brookside Escondido, Real Estate News
Where can you get over 3600 square feet of luxury on a 10,000 square foot lot in a gorgeous gated community for under $700,000? Brookside in Escondido in the place. Situated in North Escondido and adjacent to Reidy Creek Golf Course, we have a beautiful new listing on one of the best streets in the development.
So you need room right? You have found it, and now at an affordable price. This elegant home has it all… Upgrades throughout, from the custom Hunter Douglas honeycomb pleated blinds to the majestic stone fireplace with it’s extended hearth and surround sound system in the spacious family room.
A gourmet kitchen including an oversized center island, durable Corian counters, dual Kitchenaid ovens, microwave, dishwasher, rich maple cabinetry, and even additional storage in the butler’s pantry will serve you when you’re cooking for the family at Thanksgiving.
The expansive master suite includes a sitting area with French doors leading to the deck overlooking the center courtyard. Dual walk-in closets are a must now, along with a deep sumptuous soaking tub, which is separate from the oversized enclosed shower and two separate lighted vanities. 
Bedrooms 2& 3 are separated by a Jack and Jill bath, the 5th bedroom can be an office, den, playroom or additional bedroom. Bedroom 4 in on the 1st level with it’s own full bathroom and walk-in closet.
Oh and by the way, there is an attached Casita! The Casita may also be used as an additional bedroom, guest room, private office, game room, or storage, it also includes it’s own heating and air conditioning unit. There is plenty of room for entertaining in style in the backyard with it’s built in BBQ center.
Finally, just blocks to schools and close to freeway access, Brookside remains an incredible value as we’ve detailed previously. If you would like to see this home, please contact us and we’ll be happy to show it to you. MLS# 081005674 priced at $690,000.
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