August 23rd, 2010

NEW LISTING – 8858 Delrose, Spring Valley CA 91977

One of our Wonderful AXIA Agents :-D has a new listing in Spring Valley. It is a detached home that has been completely remodeled inside and out with beautiful custom tile work and granite throughout. It’s 3 bedrooms, 2 baths and 2016 square feet. The attention to detail in this home makes it truly unique. It’s currently priced to sell on a variable range of $330,000 to $350,000.

Vanessa Charfen, who’s website is HomesByVanessa is the listing agent. For more information or showings please call or email Vanessa Directly – 619-750-3952 or email Vanessa@HomesByVanessa.com

SOME ADDITIONAL DETAILS – Stunning remodel, great attention to detail. All new: stucco exterior, paint, dual-pain windows, custom kitchen cabinets with granite counters & travertine backsplash, stainless steel appliances, porcelain travertine like tile throughout with custom tile design. Covered front porch with bench swing & mature rose bushes. Mature fruit trees with tons of grapefruit, lemons, oranges & limes. Spacious formal living room, dining room, and huge family room addition with custom tile fireplace and French sliders that lead to a covered patio a large backyard. Large covered patio perfect for outdoor dining/living area, fenced front & backyard. Gorgeous kitchen with granite counters, travertine backsplash, stainless steel appliances. True master suite with huge walk-in closet, spacious bathroom with his/her sinks vanity area and custom tile shower large enough for two. Newer A/C and heating unit, water softener, ceiling fans in all bedrooms.

NEW LISTING – 8858 Delrose, Spring Valley CA 91977 MLS #100050071 – Information is provided by SANDICOR, Inc. Information deemed reliable but not guaranteed.

Alex Aguilar

is the owner of Team Aguilar real estate in San Diego and your source for everything related to the San Diego Real Estate market. Please subscribe to his updates on Facebook.

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August 13th, 2010

San Diego Market Trends for year to date

August 13, 2010

By, Carlos Aguilar, Team Aguilar – AXIA Real Estate San Diego

Please click on this LINK to view the 2010 YTD Real Estate Sales Statistics for San Diego County data used for this market recap.

This summary of REO trends for San Diego County is based on review of SDAR MLS Statistics for 2010 through July 31, 2010 as wells as “UCSD Leading Indicators” report provided by School of Business Administration. It is also largely based on our personal experience of the REO activity in 2010 and discussions with other REO agents in San Diego County.

Commenting on generalized real estate trends for San Diego County is difficult to do unless one takes into consideration the numerous micro markets that we have in San Diego, each of which reacts differently within the general San Diego market. For purposes of this report these comments are intended to emphasis those micro markets where larger numbers of REO property are found, which also happen to be the markets which are considered most affordable for the San Diego market. The key factors affecting these micro markets are;

1. Medium price in any of the numerous micro markets versus the crime rate for the individual micro market. The majority of REO’s in San Diego County are found in entry level markets where buyers have traditionally found affordable housing prices. San Diego continues to have a shortage of housing at prices that buyers can qualify for when using the medium family income that is typical for buyers in said micro market. This medium price is also influenced by the real or perceived crime / gang activity of each micro market. Many affordable homes will sit beyond the average days on market because buyers consider the crime rate in these affordable areas to be higher than what they are willing to accept. These homes will typically sit until price reductions make the purchase price attractive enough to offset the risk to the buyer.

2. Increased underwriting scrutiny of new loan originations (especially for entry level buyers using Fannie, Freddie, FHA/VA loans) coupled with the threat of mortgage buy-backs of loans that were not underwritten to new stricter guidelines have caused delays in closings. Underwriters / Funding departments are scrutinizing files and conditioning and or verifying everything in file to insure that they have eliminated the risk of a file not being acceptable when it is sold to secondary market. This renewed scrutiny is largely responsible for numerous delays in closings of existing escrows in last 60 days. Now more than ever it is important to look at pre-quals / pre-approvals with care and push for full pre-approvals by direct lenders that are willing to provide a copy of the DU printout with conditions. The REO Listing Agent must review those conditions to determine if the conditions are normal and customary closing conditions. Current MLS statistics show that days to close have increased by 28% in previous 60 days. Thus despite historically low rates, fewer buyers are taking advantage and/or are able to qualify for loans. A quick telephone survey of escrow officers confirmed that in recent 60 days a higher than normal cancellation rate is being experienced at most escrow offices.

3. Fannie Mae HomePath, when first introduced, was believed to be the answer to financing much of the Fannie inventory by eliminating the need of an appraisal and in the case of condos we could get by the strict owner occupancy rules and HOA delinquency rates that made FHA / VA loans so difficult for most condo complexes. The reality is that we find reluctance on the part of many HomePath lenders to close loans with HomePath and continue to see many buyers who started a loan with HomePath but end up closing with an FHA loan. Lenders claim that the reason for the change is that the HomePath loan is more expensive to the borrower especially when the borrower is buying with the minimum 3% down payment and has a credit score below 680. In these cases the closing cost for HomePath increases by 2-3% and the rate can be 100 to 150 basis points higher than an FHA loan. An additional factor that may influence a lender is that the FHA loan continues to be a more profitable loan for lender to close. We believe that we will continue to see lenders offering HomePath as a hook to attract buyers but will see many of these buyers switched to an FHA loan. While the goal continues to be the closing of assets regardless of the loan, the reality is that when using an FHA loan we are often renegotiating the sales price because of low appraisals, negotiating lender required repairs and experiencing delays in closing escrows because buyers have to start over 2-3 weeks into escrow and order appraisal, redo contracts and negotiate repairs.

4. Federal and State Tax credits were responsible for an increase in sales beginning in January, 2010 and peaking in May with the highest number of closings (3,364) for a single month since 2004. During the first 5 months of 2010 it was common to see Multiple Offers and buyers offering above listing price which resulted in a year to date increase in medium price of 13.3% in micro market where we found medium priced homes. The tax credits were successful in bringing buyers to market however since the end of tax credits we are seeing an opposite market reaction. Since June we have seen Available Listings and Days on Market increase month to month.  The Medium Sales Price declined -3.1% in July from prior month. In last 60 days we have been tracking decreased buyer traffic to active listings, seeing 42% fewer offers, and an increase in days on market; these indicators show that we are moving back to a market that will be largely driven by buyers making low offers.

5. Investors will be a factor in REO market once again as the current trend continues through the end of 2010.  Owner occupant buyers have been the majority of market with emphasis of Fannie Mae’s First Look program which has led to higher sales prices. As we see inventory levels increase investors will again become a factor causing prices to decline.

6. Home Sales in July declined 21.7% compared to last year but more alarming is that Pending sales have declined 58.6% from prior year and available inventory has risen 23.3% over prior year. As stated above, the Medium Sales Price declined -3.1% in July from prior month. In the last 60 days we have been tracking decreased buyer traffic to active listings, are seeing 32% fewer offers, and an increase in days on market; these indicators show that we are moving back to a market that will be largely driven by buyers making low offers.

These statistics indicate a trend in the San Diego market that will be felt through the end of the year. We should expect to see a softening of demand in all micro markets with inventory increasing and prices dropping as we see a transition to a buyers’ market.

Alex Aguilar

is the owner of Team Aguilar real estate in San Diego and your source for everything related to the San Diego Real Estate market. Please subscribe to his updates on Facebook.

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August 13th, 2010

Zillow Results for the People’s Choice Best Real Estate Blog

San Diego Real EstateThe votes have been counted and the results are in! Team Aguilar’s Blog was the winner for the San Diego area Zillow contest. There are several blogs based in the San Diego area that I read on a regular basis that were competing for the award, San Diego Home Blog and Bubble Info. Check them out, they are very good! It was fun and I appreciate the opportunity to have been nominated. Thank you again to all of the people who voted for us. Here is a list of all winners from each city.

Baltimore
Winner – Realtor Marney

Chicago
Winner – Chicago Real Estate Blog

Dallas
Winner – Ebby Halliday Blog

Houston
Winner – Tom D Plant’s Houston Real Estate Blog

Jacksonville
Winner – What’s Up Jacksonville

Oklahoma City
Winner – SellAMetroHome – the Blog

Philadelphia
Winner – The Philadelphia Real Estate Voice

Phoenix
Winner – The Phoenix Real Estate Guy

San Diego
Winner – Team Aguilar Blog

Seattle
Winner – Cooper Jacob Real Estate Blog

Thank you again!

Alex Aguilar

is the owner of Team Aguilar real estate in San Diego and your source for everything related to the San Diego Real Estate market. Please subscribe to his updates on Facebook.

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August 10th, 2010

And away they go!

Anyone who has spent time in San Diego knows “And away they go!” as the popular line from Trevor Denman at the start of each race during the Del Mar Horse Racing season. For me it’s a voice that is easily recognized and associated with many afternoons with friends and family at the track. Others may think of Santa Anita Park, Pimlico Race Course, Laurel Park Racecourse or Hollywood Park Racetrack when they hear Trevor’s classic line but to the locals of Del Mar and the San Diego area we only know Trevor as our own who represents the start of each and every race at the Del Mar Track.

Del Mar has to be one of the greatest places to live. When I was growing up in Del Mar it was definitely a lot more affordable! Now it seems like you can’t find anything for less then a million bucks. When I was growing up, my neighbor owned a small deli, my best friends parents were a police officer and nurse. You get the picture? It was much more affordable back then. Take a minute to look over the listings below. You will see, especially the last 3 at the bottom that this is one expensive ZIP code to live in.

If your in the area make it a point to take in a race at Del Mar, perhaps on a day with a post race concert. Or go on a Friday or Saturday and after the race head up to the Del Mar Plaza to continue the night out at the many fine restaurants and bars. Your sure to have a great time!

$160,000 : 13754 Mango, Del Mar, CA 92014
1 beds
1 full baths

Year built: 1973

Size: 628 sq ft

Lot size: 0 sq ft

Parking spots: 1

$180,000 : 13754 Mango, Del Mar, CA 92014
1 beds
1 full baths

Year built: 1973

Size: 628 sq ft

Lot size: 0 sq ft

Parking spots: 1

$180,000 :13754 Mango, Del Mar, CA 92014
1 beds
1 full baths

Year built: 1973

Size: 609 sq ft

Lot size: 0 sq ft

Parking spots: 1

$2,950,000 : 2007 Santa Fe, Del Mar, CA 92014
3 beds
3 full baths

Year built: 1959

Size: 2030 sq ft

Lot size: 0 sq ft

Parking spots: 2

$2,995,000 : 336 Pine Needles, Del Mar, CA 92014
4 beds
5 full baths

Year built: 1954

Size: 3444 sq ft

Lot size: 15,600 sq ft

Parking spots: 0

$2,995,000 : 2061 Gatun, Del Mar, CA 92014
4 beds
4 full baths

Year built: 1991

Size: 3623 sq ft

Lot size: 47,480 sq ft

Parking spots: 3

$21,000,000 : 1844 Ocean Front, Del Mar, CA 92014
4 beds
4 full baths

Year built: 1990

Size: 2885 sq ft

Lot size: 0 sq ft

Parking spots: 3

$39,000,000 : 2928 Camino Del Mar, Del Mar, CA 92014
6 beds
8 full baths

Year built: 1984

Size: 6551 sq ft

Lot size: 0 sq ft

Parking spots: 0

$61,000,000 : 929 Border, Del Mar, CA 92014
9 beds
6 full baths

Year built: 1937

Size: 10164 sq ft

Lot size: 0 sq ft

Parking spots: 2

Alex Aguilar

is the owner of Team Aguilar real estate in San Diego and your source for everything related to the San Diego Real Estate market. Please subscribe to his updates on Facebook.

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August 3rd, 2010

We have been nominated for a people’s choice award on Zillow!

We were recently nominated for a Zillow People’s Choice Award for best real estate blog in San Diego. Yippee, right? Well sort of but I will give a big Yippee if we are able to win. Please take a 12.5 seconds :-P and click on the link / image below to cast a vote for Team Aguilar’s real estate blog. I believe we have always been and will continue to be 110% committed to bringing you unique, original, quality real estate posts about the San Diego and Southern California real estate market.

Let me be the first to thank you in advance and please keep reading the blog! The readers are the reason we are able to continue to bring you quality real estate articles.

San Diego Real Estate

I will be sure to post another update with the results of the contest.

Thank you again!

Alex Aguilar
Team Aguilar
Real Estate Agent, Blogger!
Alex@TeamAguilar.com
www.TeamAguilar.com
Real Estate Blog

Alex Aguilar

is the owner of Team Aguilar real estate in San Diego and your source for everything related to the San Diego Real Estate market. Please subscribe to his updates on Facebook.

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Team Aguilar Offers Real Estate Services in San Diego and Imperial County California