San Diego California Real Estate News & Listings Presented By Allison James Estates & Homes

Lovely Home In A Convenient Location!

Fri, 03 Sep 2010 21:38:13 GMT

This is a great home you don't want to miss out on! Located on a corner lot, there is a nice view from the master bedroom balcony. Features of this home include cathedral ceilings, recessed lighting, a fireplace, laundry room, and a walk in master closet. This home is in a great community with good schools. Plus, it's close to everything including shopping, the freeways, Cricket amphitheater, Knotts Soak City and more. Take a look today because this home won't last long!

Unbelievable Kensington Value On A Cul-De-Sac!

Fri, 03 Sep 2010 21:23:06 GMT

This beautiful, upgraded home has TONS of space, including a den and a workshop. Two bathrooms have been re-done, while the third retains its vintage charm. Other features include central air conditioning, ceiling fans, charming built-ins, a wood-burning fireplace, large deck & a fenced yard with mature landscaping. Slate floors complement the original hardwoods throughout. You won't find a better value in this neighborhood, so get your offer in today!

Sellers will entertain offers between $569,000 and 599,999.

Found The Buyer For This Exquisite Downtown Condo

Tue, 31 Aug 2010 00:25:16 GMT

***Found The Buyer*** for this desirable Aria condo. This 2 bedroom, 2 bathroom condo features a European style kitchen and bathrooms, a balcony, and plenty of windows. Located in the southwest corner of the 5th floor, this condo has panoramic views to the East, South, and West. At night, there are spectacular views of the downtown city lights and the historic El Cortez. Features of this complex include tandem 2-car parking, a pool, a spa, a clubhouse/rec room, and an exercise room.

San Diego Housing Market Fares Better Than Most Other Markets In The US

Mon, 30 Aug 2010 12:58:00 GMT

There have been a lot of negative predictions about the housing market recently. Whether or not these predictions will come true is something that remains to be seen. While these predictions may be unsettling for some, the good news is that the San Diego County housing market is doing better than the rest of the nation as a whole. According to the National Association of REALTORS, in the United States in the month of July, home sales decreased by 25.5% from where they were in July 2009. Here in San Diego, however, home sales have only dropped 15.2% from a year ago. Nationally, home sale prices only increased by 0.7% from last year, but home sale prices in San Diego County went up 4.6% from July 2009. In addition to this, San Diego County is also doing better than the rest of the nation in regards to foreclosure activity. According to RealtyTrac, foreclosures increased nationally by 4% in the month of July but were down 10% from July 2009. In comparison, foreclosures in San Diego County went up just over 1% in the month of July but decreased by more than 37% from July 2009.

5 Reasons to Purchase A Home Even Though The Tax Credits Are Gone

Fri, 27 Aug 2010 12:34:00 GMT

Now that the federal and California state tax credits are gone, home sales have been decreasing. Even though the tax credit incentives are gone, there are still reasons to buy a home now.

1.       Low Prices
Everyone knows that after the housing bubble burst, home prices plummeted. These low prices won’t be here forever. Even though the tax credits are gone, if you’re able to, it’s a good idea to take advantage of these low prices before they’re gone. Or before mortgage rates increase.

2.       Investment Purposes & Low Interest Rates
As previously stated, home sale prices are low, and everyone knows a good investment is made on the "buy side." If you buy now and hang on to the home for a few years, it is very likely you’ll be able to make a decent return on your investment. Not to mention that borrowing money right now is ridiculously cheap! Five to ten years from now, we're all going to be talking about how great interest rates *used* to be and how we wish we had taken advantage of them. Don't miss that boat!

3.       Other Tax Benefits
Even without the tax credits, there are a lot of tax benefits that come with owning a home.   You can deduct your annual property taxes and mortgage interest paid. When you sell the home, you won’t be taxed on the capital gain unless it is over $250,000 (if you're single) and $500,000 (if you're married) and you make a certain income. (Check out this blog for a breakdown of how this will work after the Medicare taxes go into effect.)

4.       Home Equity
By owning your own home, you can build home equity. Home equity can give you a line of credit that you can use to make home improvements, send your kids to college, start a business, etc.

5.       Other Home buyer Assistance Programs
Just because the tax credits are gone, it doesn’t mean there is no longer help for home buyers. Here in San Diego, there are several home buyer assistance programs which are listed on the San Diego County website.

SD Sellers Experience Price Reductions

Mon, 23 Aug 2010 16:54:00 GMT

According to Trulia.com, as of August 1^st, 23% of all the homes for sale in San Diego County had experienced a price reduction. Back in July, only 20% of homes for sale had a price cut. On average, list prices were reduced by 8%. While it seem like negative news that San Diego home sellers had to reduce the list prices on their homes, San Diego did better than many other cities when it came to price cuts. Out of the top 50 cities for the number of homes with price cuts, San Diego was 42^nd. ZipRealty conducted a national survey in 26 major markets which found that over 45% of home listings had at least one price reduction.

For the further information, check out this article from the San Diego Union Tribune.

Upgraded North Park Home In A Great Location

Fri, 13 Aug 2010 21:54:22 GMT

Tradtional sale! Lovely North Park home with lots of character & a great location close to desirable Morley Field! You will love the open floorplan (3rd BR has been made into a den but could be changed back). There's a charming fireplace, classic built-ins, and unlike many historic homes, this kitchen is BIG! You'll also appreciate the practical upgrades: new 200 amp electrical, a new, gorgeous redwood fence, & a "refreshed" vintage bathroom. It's a house that's just waiting for you to call it home!

Seller will entertain offers between $599,000 and $615,000.

Apply For The California Tax Credit Before It’s Too Late

Fri, 13 Aug 2010 00:00:00 GMT

On August 6, the Franchise Tax Board announced that they will cease accepting applications for the California Home Buyer Tax Credit at midnight on Sunday, August 15. The Tax Board estimates they will be able to give the $100 million of tax credit to 14,500 – 20,000 people. However, the Tax Board is accepting more applications than that to make sure they will be able to compensate for invalid or duplicate applications. As of the 12th of August, the tax board had received 33,760 applications. The tax credit is given out on a first come first serve basis, and once the $100 million is gone, any remaining applications will be denied.

If you’re eligible for the tax credit, complete a FTB Form 3549-A application and fax it with the final settlement statement to the California Franchise Tax Board. If your application is accepted, you will receive a certificate of allocation from the Franchise Tax Board, which you must have to claim your tax credit. The tax board expects to send out these certificates over the next few months.

To see if you meet the criteria and for more information on how to apply, visit the California Franchise Tax Board website.

New Tax On Home Sales?

Wed, 11 Aug 2010 12:27:00 GMT

I’ve heard rumors about how Obama will be implementing a sales tax on all home sales as part of the new taxes written into the Healthcare Bill. However, this is not exactly true. While there is a tax that has the potential to affect real estate sales, there is no real estate “sales tax” or a real estate transfer tax in the bill. This tax, commonly referred to as one of the “Medicare” taxes, is a 3.8% tax on “unearned income” for “High Income” tax payers. This would apply to someone filing as “single” if their Adjusted Gross Income (AGI) is over $200,000. For those who are married and filing a joint return, this tax would apply if their AGI was over $250,000.

Here is how this tax would apply to a home sale. For single filers, if the gain on a home sale is less than $250,000, that gain is excluded from the income tax and the 3.8% tax does not apply. If the seller is filing a joint return, for gains less than $500,000, the 3.8% tax does not apply. The only time a seller will have to pay the 3.8% tax is if he has a gain of more than $250,000 (for single filers) or $500,000 (for joint filers) AND if he has AGI above the $200,000 (single filer) or $250,000 (joint filer) AGI thresholds, as explained above. The new Medicare tax on unearned income goes into effect January 1, 2013.

For further information, check out these FAQs from the National Association of Realtors.

Nice Townhome On A Quiet Street

Wed, 04 Aug 2010 22:56:01 GMT

This townhome is in a great "pocket neighborhood" close to all. This open floor plan features two large bedrooms, laundry in the unit, a private balcony, forced air heating, and more. The gated complex has been well maintained with few amenities to keep dues low. Along with the 1 assigned parking space under the carport, there are numerous open parking spaces.

Additional Housing Aid To Come For California Homeowners

Wed, 30 Jun 2010 12:26:00 GMT

Last week, The Obama-administration approved plans to help five different states, California, Arizona, Florida, Michigan, and Nevada, who have been hit particularly hard by the housing bust. These five states were selected because they have experienced a 20% or more decrease in home prices. State agencies have individually worked on designing the plans, so they vary from state to state, but the plans are all aimed at: helping borrowers who have lost their jobs continue to make their mortgage payments; canceling second mortgages that are preventing struggling homeowners from receiving loan modifications; and helping homeowners pay overdue mortgage bills. According to proposals from state housing finance agencies, California will be the largest recipient of the funding and will receive nearly $700 million, which will help an estimated 46,000 struggling homeowners.

For more information, check out this article from the LA Times.

CA State Attorney General Warns Homeowners of Short Sale Fraud

Mon, 28 Jun 2010 12:38:00 GMT

The California State Attorney General, Edmund G. Brown Jr., has joined the California Department of Real Estate (DRE) and the State Bar of California in warning California homeowners about the sharp increase in short sale fraud. There are so many homeowners struggling to make their mortgage payments that a whole new industry of “short-sale negotiation" has been created. While short sales can help underwater homeowners, they have also created an area for scammers to take advantage of people in financial distress. Only three months ago, there were almost no complaints of short sale fraud filed with the DRE. Now, over forty complaints are being investigated by that same department. Before working with or paying a short sale negotiator, homeowners should be aware of the following red flags: the individual holds no real estate license; the individual is charging upfront fees and/or surcharges; the individual plans on submitting a "straw buyer" offer to the short sale lender(s). Note that any consumer can look up an individual's real estate license and its status on the DRE website.

Short sales can provide a way for struggling homeowners to avoid foreclosure and save their credit. Real Estate Commissioner Jeff Davi says, “Short sale fraud appears to be the fraud of the moment, and it is proliferating statewide. Consumers, licensees and lenders must all arm themselves with the tools necessary to avoid such scams.” (In an effort to better serve my clients and help them avoid these scams, I am a Certified Distressed Property Expert.)

For further information, check out this article, and check out these Tips On How To Avoid Being Scammed.

If Home Prices Are Increasing, How Is It That I Can Afford a Nicer House?

Wed, 23 Jun 2010 14:09:00 GMT

I was recently asked, “If home prices are increasing, why are the houses in my price range nicer than they were a few months ago?” The answer to this question comes down to the difference between sales price and list price. When we talk about an increase in home prices, we’re talking about the sales price, which is what a buyer actually pays for a home. A seller can select a list price for their home, but the price the home sells at will depend on what a willing and able buyer is willing to pay for it. A seller may *think* her home is worth $400,000, but if the highest and best offers received are at $375,000 and multiple buyers just won't go any higher than that, then $375,000 is what that home is worth. Of course, we always rely on a professional appraisal to confirm value while we are in escrow.

If you are now seeing homes in your price range that seem nicer than they did a few months ago, it could simply reflect more realistic list prices on the part of sellers. It could also be a coincidence that several homes in good condition came on the market at the same time. In either case, consider yourself fortunate that there is good inventory to choose from and get in line to purchase! With interest rates and prices this low, how could you not buy a home in one of the most desirable cities in the country?

Check out Truilia.com for graphs and statistics on both list prices and sales prices.

Great Single-Level Home On A Cul-De-Sac

Mon, 21 Jun 2010 20:41:46 GMT

This home has four roomy bedrooms, two full baths, plus an extra one bedroom/one bath rental. Features of this home include an open floor plan, nice laminate floors, and a laundry room. This home is also in a great location on a large lot. Come check it out today!

Lender Approved Short Sale!!!

Mon, 21 Jun 2010 20:22:34 GMT

This lovely home has a nice floor plan! Features include an eat in kitchen, an open living room, newer dual paned windows, and nice flooring throughout. There is also a screened in porch and a large backyard. Located on a nice corner lot, this is a great home for any family!

San Diego Named #1 For House Flipping By The Financial Edge

Mon, 21 Jun 2010 12:31:00 GMT

In my April 9^th blog, I talked about house flipping, how it is increasing in today's market, and what it is. Some might think that house flipping is a trend that ended when the real estate bubble burst. However, there are opportunities to make money during a real estate downturn by purchasing cheap homes, fixing them up, and then reselling them for a profit. On June 9^th, the Financial Edge released an article naming the top three cities for house flipping. San Diego came in first in front of San Francisco and Los Angeles. They cited the Case-Schiller Index, saying that San Diego has seen 11 consecutive months of home price increases. Even though home prices have been rising for almost a year, there are still opportunities to make a profit by taking advantage of the deals on foreclosure homes. The Financial edge also cited RealtyTrac, saying that their data for April of this year shows that the areas in zip codes 92122 and 92104, which include neighborhoods like University City, La Jolla Colony, and the area northwest of the Zoo and Balboa Park (North Park), have foreclosure savings of up to 46%.

If you’re interested in purchasing a foreclosure home, check out the Free Foreclosure Search on my home page and let me know how I can help!

For more information, check out this article

Homebuyer Tax Credit Extended For Those Already Under Contract

Wed, 16 Jun 2010 15:50:00 GMT

Today, the Senate approved a plan that will give homebuyers an extra three months to complete their transactions and qualify for the $8,000 federal tax credit. This extension only applies to people who were under contract by the April 30 deadline. Originally, homebuyers needed to complete their transactions by June 30, but many homebuyers were struggling to meet that deadline due to the extreme delays experienced with short sales. Many buyers have been waiting patiently for months and months for banks to get around to issuing short sale approvals. With this extension, an estimated 180,000 homebuyers who would have missed the deadline will now be able to take advantage of the tax credit. These homebuyers now have until September 30, 2010 to complete their transactions.

For further information, check out this article from the Associated Press.

Missing the Tax Credit? Make Up For It With Mortgage Rates at 50-Year Lows

Mon, 14 Jun 2010 00:00:00 GMT

According to a lender at City Wide Financial, within the past month, mortgage rates have drastically plummeted. He is saying that, because the mortgage rates have dropped so much, buyers who missed out on the $8,000 tax credit will be able to save more money now than what they would have saved if they’d gotten the credit when mortgage rates were higher. Right now, rates are about -.376 - .5% lower than they were about a month ago, putting them at 50-year lows. If you missed the tax credit and have a long-term loan at 4.625%, this lender claims you will more than make up for missing out on the $8,000 tax credit that would have been accompanied by a loan at 5%. According to this lender, economists are saying that the sudden decrease in mortgage rates is due to the “European debt crisis and new concerns about the global economy, which unleashed a massive wave of cash into U.S. bonds from investors around the world.”

Most Americans Can Afford To Buy Homes In Their Areas

Wed, 09 Jun 2010 15:29:00 GMT

According to CNN, “It's prime time for house hunters.” They are saying that, if you have a decent job and a good credit score, you should be able to buy a home in your area. The National Association of Home Builders (NAHB) and Wells Fargo issued a report saying that nearly 75% of American families make the $63,800 annual national median income and could afford to buy a home during the first three months of this year. For the first quarter, the national median home price was $175,000. Trulia reported the median home sales price in San Diego to be $315,000 from February to April of this year. The National Association of Home Builders says a home is “affordable” if a family that is making their metro area’s median income could put a maximum of 28% of their take-home pay toward their housing costs. NAHB chairman Bob Jones said, “With interest rates still hovering at low levels, companies starting to hire new employees and the economy beginning to rebound, this should encourage more home buyers to enter the market and help further stabilize housing and the economy.”

For further information, check out this article: Nearly 75% Of Homes Are Affordable

Consumer Attitudes Toward Foreclosures

Wed, 26 May 2010 16:59:00 GMT

On May 20^th, Trulia.com and RealtyTrac released the results of an ongoing study that tracks homebuyers’ attitudes toward foreclosures. Trulia and RealtyTrac conducted the online survey through Harris Interactive® from May 10-12, 2010. The results indicate that, compared to a year ago, there is a decrease in consumers’ willingness to buy foreclosure properties. Last year, 55% of U.S. adults age 18 and up would consider buying a foreclosed home. This year, 45% of U.S. adults age 18 and up said they would consider buying a foreclosed home. The survey also indicates that many homeowners are unwilling to walk away from their home if their mortgage is underwater. Only 1% said walking way from an underwater mortgage would be their first choice, while 59% of homeowners said they would not consider walking away, no matter how underwater their mortgage is. 41% said they would consider walking away. Pete Flint, Trulia’s co-founder and CEO said, “For every borrower who avoided foreclosure through HAMP last year, another 10 families lost their homes. It now seems clear that government programs will not reach the overwhelming majority of homeowners in trouble. Combined with decreased consumer interest around purchasing a foreclosure it may take even longer than anticipated to see true health return to the real estate market.”

For further information, check out this article