The Advantages of Buying A New San Diego Home
1. NO REPAIRS. With a San Diego short sale or REO, the previous owner may have stopped maintaining their property. That means buyers could end up with expensive repair bills. But new San Diego homes for sale often include builder warranties for workmanship, materials, and structural problems to help protect against large out-of-pocket repair expenses.
2. NO SURPRISES. With new San Diego homes, what you see is what you get. With an REO or San Diego short sale listings, what you might not see is what you get. New San Diego homes often come with many disclosures from the seller, though in reality, very little may actually need to be disclosed. For San Diego REO listings, not only is the bank exempt from some of the disclosure requirements for sellers under California law, but the previous homeowner may be long gone.
3. GUARANTEED QUALITY. New san Diego homes are usually built with modern conveniences and energy-efficient technology. They may also come with warranties for craftsmanship, appliances and more, to give buyers peace of mind. Short sale and San Diego REO listings may not come with warranties or upgrades and may not be available for inspection prior to purchase, so buyers could be in for some expensive surprises after purchase.
4. FRIENDLIER FINANCING San Diego new Homebuilders often have relationships with lenders that help buyers obtain financing for new San Diego homes with relative ease. For San Diego short sales and REOs, the property may have a lower price tag, but some buyers may run into difficulty getting financing.
5. SHORTER PURCHASE PROCESS. San Diego new Homebuilders usually have homes available for immediate occupancy or on a move-in schedule that’s convenient for buyers needed move-in dates. Negotiating a San Diego short sale can take several months — and there’s no guarantee the offer will be approved.
Download a Free Homebuyer’s Kit from Lennar Homes!
Information provided by Lennar Homes through C.A.R.
Mortgage Rates Inch Lower
NEW YORK – Mortgage rates remained below the 5% mark, with the benchmark conforming 30-year fixed mortgage rate inching lower to 4.95%, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.37 discount and origination points.
The average 15-year fixed mortgage stepped down to 4.14%, and the larger jumbo 30-year fixed rate reset the low point of the year at 5.40%. Adjustable rate mortgages were also lower, with the average 5-year ARM dipping to 3.69% and the 7-year ARM dropping to an even 4%.
Mortgage rates were lower this week, but the movement in mortgage rates continues to be tame. Mortgage rates have remained within a one-third percentage point band since mid-December. The Federal Reserve did little to rock the boat, holding interest rates steady and changing very little in the post-meeting statement.
Fed Chairman Ben Bernanke’s initial press release was a historic event, but uneventful. While the Federal Reserve confirmed that they will halt their bond purchases at the end of June, this has been widely expected and any resulting volatility in bond yields or mortgage rates is far from certain. Mortgage rates are closely related to yields on long-term government bonds.
The last time mortgage rates were above 6% was Nov. 2008. At the time, the average 30-year fixed rate was 6.33%, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.95%, the monthly payment for the same size loan would be $1,067.54, a difference of $174 per month for anyone refinancing now.
Read more: http://www.houselogic.com
Rental rates climb as sale prices dip
HotPads: Demand for ‘low-risk’ housing rises
By Inman News, Tuesday, April 26, 2011.
Inman News
Rental listing prices nationwide jumped 7.4 percent in the last year while for-sale listing prices dropped 8.8 percent, according to a report from property search site HotPads.
The report is based on listings active on HotPads in April 2010 and April 2011. First-quarter data shows a reversal of the broader trend — rental prices fell 1.8 percent and sale price rose 3.5 percent — but the report emphasized that the first-quarter trend is likely attributed to seasonal patterns in the real estate housing market.
“We predict investors looking to ride the rental upswing will continue renting properties and will wait for home values to appreciate,” the report said.
“Increasing demand for rental properties is an indicator of a growing preference for low-risk housing options, which is closely linked to the broader economic uncertainty.”
Since April 2010, the national median list price of for-sale homes has dropped in every month except for March 2011 and April 2011.
The median rental listing price is more uneven month-to-month, but has shown a clear upward trend in the past year.
Window of Opportunity Has Opened
You may have heard that San Diego home loan rates improved, reaching some of the best levels so far in 2011. In fact, now is the best time in over a decade to take advantage of this wonderful situation. The San Diego real estate inventory levels are at a favorable level, making it easier to get into a home.
But there’s one important point you should understand…
The slowing in our economy is one of the main reasons rates have improved recently, but it’s important to note that the last time rates hit this level, they jumped significantly higher from here. What’s more, signs of inflation are beginning to creep into our economy, and that never bodes well for home loan rates. If you have thinking about buying San Diego real estate, now is a great time to jump in.
Getting preapproved for a San Diego home loan is easy and only takes a few minutes. Applying for a San Diego home loan doesn’t cost anything and is a good way to assess what you qualify for and if you are comfortable with the monthly payment. In may cases, people are pleasantly surprised at how affordable San Diego homes are in todays market. Being that it is still early in the year, there are still money available for San Diego first time home buyer programs which can help with down payment and/or closing costs, which can reduce out of pocket expenses significantly.
Contact Travis Breton to find out more about buying San Diego real estate or to get connected with a reputable San Diego home loans specialist.
Federal Tax Credit for Solar Energy retrofit
The Solar Energy Retrofit industry is poised to have a hallmark year with the addition of new policies, rebates, and tax incentives creating value & benefits for San Diego homeowners and services for the construction & real estate industries. If you own San Diego real estate, there are many opportunities to improve the energy efficiency of your property and save money both monthly and in rebates or tax incentives. In addition, these programs will stimulate services for San Diego real estate agents, San Diego real estate lenders, energy auditors and the San Diego construction industry.
If you own San Diego real estate and are looking to upgrade your home with Solar Water Heaters or Solar Panels (Photovoltaic Systems) then you may qualify for a tax credit of 30% of cost with no upper limit. Existing San Diego homes & new construction qualify for this federal tax credit. Both principal residences and second homes qualify. Requirements for this federal tax credit are that at least half of the energy generated by the “qualifying property” must come from the sun. The system must be certified by the Solar Rating and Certification Corporation (SRCC) or a comparable entity endorsed by the government of the state in which the property is installed.
This federal tax credit expires December 31, 2016 and also includes the addition of geothermal heat pumps and small wind turbines. This federal tax credit is not available for expenses for swimming pools or hot tubs. The water must be used in the dwelling. Photovoltaic systems must provide electricity for the residence, and must meet applicable fire and electrical code requirement. This federal tax credit includes installation costs!
Buying or selling a San Diego home? Contact Travis Breton at 760-470-2752 or visit http://sdhomesource.com
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