The #1 Reason to Not Wait Until Spring to Sell Your House

Posted on November 27, 2018

  Many sellers believe that spring is the best time to place their homes on the market because buyer demand traditionally increases at that time of year, but what they don’t realize is that if every homeowner believes the same thing, then that is when they will have the most competition! The #1 Reason to List Your Home in the Winter Months is Less Competition! Housing supply traditionally shrinks at this time of year, so the choices buyers have will be limited. The chart below was created using the months’ supply of listings from the National Association of Realtors. As you can see, the ‘sweet spot’ to list your home for the most exposure naturally occurs in the late fall and winter months (November – February).  Temperatures aren’t the only thing that heats up in the spring – so do listings! In 2017, listings increased by nearly half a million houses from December to June. Don’t wait for these listings to come to market before you decide to list your house. Added Bonus: Only Serious Buyers Are Out in the Winter At this time of year, only those purchasers who are serious about buying a home will be in the marketplace. You and your family will not be bothered and inconvenienced by mere ‘lookers.’ The lookers are at the mall or online doing their holiday shopping. Bottom Line If you have been debating whether or not to sell your home and are curious about market conditions in your area, let’s get together to help you decide the best time to list your house for sale. Read More >>

Where are Home Values Headed in 2019

Posted on October 25, 2018

There are many questions about where home prices will be next year as well as where they may be headed over the next several years to come. We have gathered the most reliable sources to help answer these questions: The Home Price Expectation Survey – A survey of over 100 market analysts, real estate experts, and economists conducted by Pulsenomics each quarter. Zelman & Associates – The firm leverages unparalleled housing market expertise, extensive surveys of industry executives, and rigorous financial analysis to deliver proprietary research and advice to leading global institutional investors and senior-level company executives. Mortgage Bankers Association (MBA) – As the leading advocate for the real estate finance industry, the MBA enables members to successfully deliver fair, sustainable, and responsible real estate financing within ever-changing business environments. Freddie Mac – An organization whose mission is to provide liquidity, stability, and affordability to the U.S. housing market in all economic conditions extending to all communities from coast to coast. The National Association of Realtors (NAR) – The largest association of real estate professionals in the world. Fannie Mae – A leading source of financing for mortgage lenders, providing access to affordable mortgage financing in all markets always. Here are their projections of prices going forward: Bottom Line Every source sees home prices continuing to appreciate – just at lower percentages as we move through the next several years. Would you like to know how much your home is currently worth? Check your home’s value at https://www.greatersandiegoareahomes.com/evaluation   Read More >>

Still Think You Need 15-20% Down to Buy a Home? Think Again!

Posted on October 24, 2018

According to a new study from Urban Institute, there are over 19 million millennials in 31 cities who are not only ready and willing to become homeowners, but are able to as well! Now that the largest generation since baby boomers has aged into prime homebuying age, there will no doubt be an uptick in the national homeownership rate. The study from Urban Institute revealed that nearly a quarter of this generation has the credit and income needed to purchase a home. Surprisingly, the largest share of mortgage-ready millennials lives in expensive coastal cities. These cities often attract highly skilled workers who demand higher salaries for their expertise. So, what’s holding these mortgage-ready millennials back from buying? Myths About Down Payment Requirements!  Most of the millennials surveyed for the study believe that they need at least a 15% down payment in order to buy a home when, in reality, the median down payment in the US in 2017 was just 5%, and many programs are available for even lower down payments! The study goes on to point out that: “Despite limited awareness, every state has programs that provide grants and loans to make homeownership more attainable, with average assistance in various states ranging from $2,436 to $21,171.” Bottom Line With so many young families now able to buy a home in today’s market, the demand for housing will continue for years to come. If you are one of the many millennials who have questions about their ability to buy in today’s market, let’s get together so we can assist you along your journey! Read More >>

Baby Boomers are Downsizing

Posted on October 16, 2018

For a while now baby boomers have been blamed for a portion of the housing market’s current lack of housing inventory, but should they really be getting the blame? Here’s what some of the experts have to say on the subject: Aaron Terrazas, Senior Economist at Zillow, says that “Boomers are healthier and working longer than previous generations, which means they aren’t yet ready to sell their homes.” According to a study by Realtor.com, 85% of baby boomers indicated they were not planning to sell their homes. It is true that baby boomers are healthier and are thus working and living longer, but are they also refusing to sell their homes?  Last month, Trulia looked at the housing situation of seniors (aged 65+) today compared to that of a decade ago. Trulia’s study revealed that: “Although seniors appear to be delaying downsizing until later in life, as a group, households 65 and over are still downsizing at roughly the same rate as in years past.” Trulia also explains that,  “5.5% of households 65 and over moved, pretty evenly split between moves to single family (2.7%) and multifamily (2.4%) homes. In 2005, these percentages were virtually the same, with 5.5% of senior households moving, including 2.5% into single family and 2.5% into multifamily homes.” So, if these percentages are the same, what is the challenge? Recent reports tell us that the older population grew from 3 million in 1900 to 47.8 million in 2017. In addition, the Census recently revised the numbers from their National Population Projections: “The aging of baby boomers means that within just a couple decades, older people are projected to outnumber children for the first time in U.S. history…By 2035, there will be 78.0 million people 65 years and older compared to 76.7 million under the age of 18.” Bottom Line If you are a baby boomer who is not sure whether you should downsize or move to a warmer climate (other people are doing it, why not you?), let’s get together so we can help you evaluate your options today! Read More >>

What Is Happening With Home Prices 2018

Posted on October 09, 2018

According to CoreLogic’s latest Home Price Insights Report, national home prices in August were up 5.5% from August 2017. This marks the first time since June 2016 that home prices did not appreciate by at least 6.0% year-over-year. CoreLogic’s Chief Economist Frank Nothaft gave some insight into this change, “The rise in mortgage rates this summer to their highest level in seven years has made it more difficult for potential buyers to afford a home. The slackening in demand is reflected in the slowing of national appreciation, as illustrated in the CoreLogic Home Price Index.   National appreciation in August was the slowest in nearly two years, and we expect appreciation to slow further in the coming year.” One of the major factors that has driven prices to accelerate at a pace of between 6-7% over the past two years was the lack of inventory available for sale in many areas of the country. This made houses a prized commodity which forced many buyers into bidding wars and drove prices even higher. According to the National Association of Realtors’ (NAR) latest Existing Home Sales Report, we are starting to see more inventory come to market over the last few months. This, paired with patient buyers who are willing to wait to find the right homes, is creating a natural environment for price growth to slow. Historically, prices appreciated at a rate of 3.7% (from 1987-1999). CoreLogic predicts that prices will continue to rise over the next year at a rate of 4.7%. Bottom Line As the housing market moves closer to a ‘normal market’ with more inventory for buyers to choose from, home prices will start to appreciate at a more ‘normal’ level, and that’s ok! If you are curious about home prices in your area, let’s get together to chat about what’s going on! Read More >>

Student Loan Debt: Ongoing Hurdle to Homeownership

Posted on October 06, 2018

The U.S. currently has a student debt load of over $1.4 trillion, which accounts for 10 percent of all outstanding debt and 35 percent of non-housing debt. The magnitude of the debt continues to grow in size and share of the overall debt in the economy. While this amount of debt has risen, the homeownership rate has fallen, and fallen more steeply among younger generations. To evaluate those trends, SALT® and the National Association of REALTORS® (NAR) teamed up to conduct a survey of student loan borrowers who are currently in repayment in a new report entitled “Student Loan Debt and Housing Report: When Debt Holds You Back.” Notably, the median student loan debt amount is $41,200. Among non-homeowners, 83 percent cite student loan debt as the factor delaying them from buying a home. This is most frequently the case due to the fact that the borrowers cannot save for a down payment because of their student debt. Seventy-four percent of those who are delayed don’t feel financially secure enough, and 52 percent can’t qualify for a mortgage due to debt-to-income ratios. Among homeowners, 28 percent say student debt has impacted their ability to sell an existing home and move to a different home. These homeowners face a variety of problems: 21 percent believe it is too expensive to move and upgrade to a new home; 4 percent have problems with their credit caused by student loan debt; and 3 percent are underwater on their home. The delay in buying a home among homeowners is three years. For non-homeowners, that number rises to seven years. Thirty-two percent of non-homeowners expect to be delayed more than eight years. Those with higher amounts of student loan debt and those with lower incomes expect to be delayed longer from purchasing a home than those with higher incomes and lower amounts of debt. Forty-two percent were delayed moving out of their family member’s home after college, regardless of whether they were buying a home. This delay has a financial impact on both parents and the student loan borrower. Twenty percent were delayed by at least two years in moving out of a family member’s home after college due to their student loans. While 20 percent are currently homeowners, 30 percent live with friends or family, and half (15 percent) do not pay rent. Twenty-eight percent rent with roommates and 16 percent rent solo. Among survey respondents, most are employed. Eighty-four percent are employed full-time, 6 percent are employed part-time and seeking full-time employment, and 3 percent are not employed. Seventy-nine percent received their loans from a four-year college, 19 percent from a two-year college, 29 percent from graduate/post-graduate school, and 7 percent from a technical college. According to NAR’s Profile of Home Buyers and Sellers, among recent homebuyers, 27 percent have student loan debt and the typical amount is $25,000. The share of those with student loan debt rises to 40 percent among first-time homebuyers. Even among successful homebuyers, this amount of debt is cited as a difficulty in their home-buying process. To find the full report, go to www.realtor.org/reports/student-loan-debt-and-housing-report. The post Student Loan Debt: Ongoing Hurdle to Homeownership appeared first on RISMedia. Read More >>

Are We About to Enter a Buyers Market?

Posted on October 04, 2018

Are We About to Enter a Buyers’ Market? Home sales are below last year’s levels, home values are appreciating at a slower pace, and there are reports showing purchasing demand softening. This has some thinking we may be entering a buyers’ market after sellers have had the upper hand for the past several years. Is this really happening? The market has definitely softened. However, according to two chief economists in the industry, we are a long way from a market that totally favors the purchaser: Dr. Svenja Gudell, Zillow Chief Economist: “These seller challenges don’t indicate we’re suddenly in a buyers’ market – we don’t expect market conditions to shift decidedly in favor of buyers until 2020 or later. But buyers certainly are starting to balk at the rapid rise in prices and home values are starting to grow at a less frenetic pace.” Danielle Hale, Chief Economist of realtor.com: “The signs are pointing to a market that’s shifting toward buyers. But, in most places, we’re still a long way from a full reversal.” In addition, Pulsenomics Inc. recently surveyed over one hundred economists, real estate experts, and investment & market strategists and asked this question: “When do you expect U.S. housing market conditions to shift decidedly in favor of homebuyers?” Only 5% said the market has already shifted. Here are the rest of the survey results: Bottom Line The market is beginning to normalize but that doesn’t mean we will quickly shift to a market favoring the buyer. We believe Ivy Zelman, author of the well-respected ‘Z’ Report, best explained the current confusion: “With the rate of home price appreciation starting to decelerate alongside the uptick in inventory…we expect significant debate about whether this is a bullish or bearish sign. In our view, the short-term narrative will probably be confusing, but more sustainable growth and affordability will likely be the end result.” Read More >>

2 Factors to Watch in Today’s Real Estate Market Whether Buying or Selling

Posted on October 03, 2018

When it comes to buying or selling a home there are many factors you should consider. Where you want to live, why you want to buy or sell, and who will help you along your journey are just some of those factors. When it comes to today’s real estate market, though, the top two factors to consider are what’s happening with interest rates & inventory. Interest Rates Mortgage interest rates have been on the rise and are now over three-quarters of a percentage point higher than they were at the beginning of the year. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates climbed to 4.72% for a 30-year fixed rate mortgage last week. The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power. Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford to buy will decrease if you plan to stay within a certain monthly housing budget. The chart below shows the impact that rising interest rates would have if you planned to purchase a $400,000 home while keeping your principal and interest payments between $2,020-$2,050 a month. With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5% (in this example, $10,000). Experts predict that mortgage rates will be over 5% by this time next year. Inventory A ‘normal’ real estate market requires there to be a 6-month supply of homes for sale in order for prices to increase only with inflation. According to the National Association of Realtors (NAR), listing inventory is currently at a 4.3-month supply (still well below the 6-months needed), which has put upward pressure on home prices. Home prices have increased year-over-year for the last 78 straight months. The inventory of homes for sale in the real estate market had been on a steady decline and experienced year-over-year drops for 36 straight months (from July 2015 to May 2018), but we are starting to see a shift in inventory over the last three months. The chart below shows the change in housing supply over the last 12 months compared to the previous 12 months. As you can see, in June, July, and August, inventory levels have started to increase as compared to the same time last year. This is a trend to watch as we move further into the fall and winter months. If we continue to see an increase in homes for sale, we could start moving further away from a seller’s market and closer to a normal market. Bottom Line If you are planning to enter the housing market, either as a buyer or a seller, let’s get together to discuss the changes in mortgage interest rates and inventory and what they could mean for you. Read More >>

Pending Home Sales Slip, Trampled by West

Posted on October 02, 2018

For the housing market, gaining ground is proving to be a struggle. On an annual basis—and for the eighth month in a row—pending home sales slipped, according to the August National Association of REALTORS® (NAR) Pending Home Sales Index (PHSI). Activity backtracked 1.8 percent month-over-month and 2.3 percent year-over-year. According to the Index, activity contracted in all of the regions in the U.S. In the Midwest, activity declined 0.5 percent from July, and 1.1 percent from the prior year; in the Northeast, activity decreased 1.3 percent from July, and 1.6 percent from the prior year; in the South, activity dipped 0.7 percent from July, but rose 1.3 percent from the prior year; and in the West, activity fell 5.8 percent from July, and 11.3 percent from the prior year. “Pending home sales continued a slow drip downward, with the fourth month-over-month decline in the past five months,” says Lawrence Yun, chief economist at NAR. “Contract signings also fell backward again last month, as declines in the West negatively impacted overall activity. The greatest decline occurred in the West region, where prices have shot up significantly, which clearly indicates that affordability is hindering buyers—and those affordability issues come from lack of inventory, particularly in moderate price points.” The good news? Yun anticipates relief—but at what point is uncertain. “With prices having risen so quickly, many consumers were deciding to wait to list their homes hoping to see additional price and equity gains; however, with indications that buyers are beginning to pull out, price gains are going to decelerate and potential sellers are considering that now is a good time to list and bring more properties to the market,” Yun says. Additionally, while affordability is being constrained by increasing rates, advancements on the employment front could offset the pressure. “We have two opposing factors affecting the market: the negative impact of rising mortgage rates and the positive impact of continued job creation,” says Yun. “This should lead to future homes sales staying fairly neutral. As long as there is job growth, rising mortgage rates will hinder some buyers—but job creation means second or third incomes being added to households, which gives consumers the financial confidence to go out and make a home purchase.” For more information, please visit www.nar.realtor. The post Pending Home Sales Slip, Trampled by West appeared first on RISMedia.   Read More >>

Mortgage Interest Rates are Still Going Up… Should You Wait to Buy?

Posted on October 02, 2018

Mortgage interest rates, as reported by Freddie Mac, have increased by close to a quarter of a percent over the last several weeks. Freddie Mac, Fannie Mae, the Mortgage Bankers Association, and the National Association of Realtors are all calling for mortgage rates to rise another quarter of a percent by next year. In addition to the predictions from the four major reporting agencies mentioned above, the Federal Open Market Committee recently voted “unanimously to approve a 1/4 percentage point increase in the primary credit rate to 2.75 percent.” Historically, an increase in the primary credit rate has translated to an overall jump in mortgage interest rates as well. This has caused some purchasers to lament the fact that they may no longer be able to get a rate below 4%. However, we must realize that current rates are still at historic lows. Here is a chart showing the average mortgage interest rate over the last several decades: Bottom Line Though you may have missed the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago. Read More >>

How Does the Supply of Homes for Sale Impact Buyer Demand?

Posted on October 01, 2018

The price of any item is determined by the supply of that item, as well as the market’s demand for it. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index. Their latest edition sheds some light on the relationship between seller traffic (supply) and buyer traffic (demand).  It also helps to answer the question: “Should I buy now, or wait until next year?” Buyer Demand The map below was created after asking the question: “How would you rate buyer traffic in your area?” The darker the blue, the stronger the demand for homes is in that area. The survey showed that in 38 out of 50 states buyer demand was slightly lower than this time last year but remains strong. Only six states had a ‘stable’ demand level. Seller Supply  The index also asked: “How would you rate seller traffic in your area?” As you can see from the map below, 23 states reported ‘weak’ seller traffic, 22 states and Washington D.C. reported ‘stable’ seller traffic, and 5 states reported ‘strong’ seller traffic. This means there are far fewer homes on the market than what is needed to satisfy the buyers who are out looking for homes. Bottom Line Looking at the maps above, it is not hard to see why prices are appreciating in many areas of the country. Until the supply of homes for sale starts to meet buyer demand, prices will continue to increase. If you are debating listing your home for sale, let’s get together so I can help you capitalize on the demand in the market now! Read More >>

Should I Buy Now? Or Wait Until Next Year? [INFOGRAPHIC]

Posted on September 28, 2018

Some Highlights: The cost of waiting to buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time. Freddie Mac predicts interest rates to rise to 5.2% by the third quarter of 2019. CoreLogic predicts home prices to appreciate by 5.1% over the next 12 months. If you are ready and willing to buy your dream home, find out if you are able to! Read More >>

Where Are Mortgage Interest Rates Headed In 2019?

Posted on September 25, 2018

The interest rate you pay on your home mortgage has a direct impact on your monthly payment; the higher the rate, the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search. Below is a chart created using Freddie Mac’s U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily over the course of the next year. How Will This Impact Your Mortgage Payment? Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly. According to CoreLogic’s latest Home Price Index, national home prices have appreciated 6.2% from this time last year and are predicted to be 5.1% higher next year. If both the predictions of home price and interest rate increases become a reality, families would wind up paying considerably more for their next homes. Bottom Line Even a small increase in interest rate can impact your family’s wealth, so don’t wait until next year! Let’s get together to evaluate your ability to purchase your dream home now. Read More >>

Appraisers and Homeowners Sync Up on Value

Posted on May 13, 2018

Appraisers and homeowners are syncing up on value, with appraisals in April just 0.33 percent below what homeowners predicted, according to the Quicken Loans National Home Price Perception Index (HPPI). The Quicken Loans National Home Value Index (HVI) shows appraised values rose 6.47 percent year-over-year. The findings indicate homeowners are less likely to get a rude awakening when going through mortgage process; it is the closest the national appraiser and owner opinions have been in more than three years. “The appraisal is one of the most important, although sometimes least predictable, parts of the mortgage process,” says Bill Banfield, executive vice president of Capital Markets at Quicken Loans. “The Home Price Perception Index is a way to illustrate the differences of opinion, and these differences affect everything from the type of mortgage a borrower can get to the expectations a seller has about the proceeds available upon sale of their home.” Homeowner opinions are also improving when viewed locally. Less than 20 percent of the areas measured have appraisal values lower than estimated. San Jose is leading the way, with the average appraisal 2.75 percent higher than expected, and Chicago is trailing all cities, with appraisals an average of 1.68 percent lower than estimated. Only five of the 27 metro areas observed in the HPPI reported appraisals lower than what owners estimated. While they are more in line with what owners expected, home values are continuing their ascent over last year’s level. The HVI reported a healthy 6.47 percent year-over-year increase, despite near-stagnant monthly change, with a 0.05 percent dip in home values since March. The HVI was pulled into the negative by the Northeast—the only region showing a decrease in home value, at a 1.24 percent decline. The Northeast was still the lowest when reviewing annual changes; however, all regions were positive, ranging from the Northeast’s 2.22 percent growth to the 9.44 percent jump in the West. “The skyrocketing home values in the West is a trend with no end in sight,” Banfield says. “Until home-building pace picks up, in combination with more existing homes being listed for sale, affordability will continue to wane. The other regions of the country are showing annual price gains as well, but at a more moderate pace. Time will tell if the slightly higher interest rates in 2018 start to slow demand, or if the inventory shortage ends up being a larger contributor to price changes.” For more information, please visit QuickenLoans.com/Indexes. The post Appraisers and Homeowners Sync Up on Value appeared first on RISMedia. Read More >>

Entry Level Homes Becoming Even More Difficult to Find

Posted on May 01, 2018

There is all-but-dried up inventory on the market—and, for buyers at the entry level, any available homes are likely priced out of reach, according to the March Zillow® Real Estate Market Report. “This year’s home-shopping season is shaping up to be even crazier than last, and, sadly, the group that will have the hardest time is first-time and lower-income homebuyers,” says Dr. Svenja Gudell, chief economist at Zillow. “These buyers will be competing for the few entry-level homes on the market, which are also the ones appreciating the fastest because of extremely high demand.” Inventory has dwindled down 8.6 percent in the past year, the report shows, and, of the available listings, 51.4 percent are priced in the top tier. By comparison, entry homes make up 21.9 percent of the supply. According to the Zillow Home Value Index (ZHVI), which gauges the median value, prices are up 8 percent year-over-year. 25 Largest Metros “One way to take the edge off would be an increase in inventory, but that is easier said than done,” Gudell says. “There are some signals a shift may be coming—construction activity is at its highest point in a decade—but buyers shouldn’t hold their breath.” According to Gudell, in this feverish market, buyers need a professional at their side. “Getting preapproved for a mortgage and finding an agent you trust can go a long way in helping buyers act quickly once the right home does become available in this otherwise tight and stressful housing landscape,” says Gudell.   The post Drought Intensifies for Starter Supply appeared first on RISMedia. Read More >>

Pending Home Sales Strained - March 2018

Posted on April 30, 2018

Will They Break Through? March’s pending home sales strained, up a paltry 0.4 percent in the National Association of REALTORS® (NAR) Pending Home Sales Index (PHSI). Two of the major regions in the U.S. experienced higher sales, with the Midwest gaining 2.4 percent and the South gaining 2.5 percent, but in the Northeast, sales slipped 5.6 percent, and in the West, slumped 1.1 percent. “Healthy economic conditions are creating considerable demand for purchasing a home, but not all buyers are able to sign contracts because of the lack of choices in inventory,” says Lawrence Yun, chief economist at NAR. “Steady price growth and the swift pace of listings coming off the market are proof that more supply is needed to fully satisfy demand. What continues to hold back sales is the fact that prospective buyers are increasingly having difficulty finding an affordable home to buy.” According to Yun, any considerable improvement rests on supply. “Much of the country is enjoying a thriving job market, but buying a home is becoming more expensive,” Yun says. “That is why it is an absolute necessity for there to be a large increase in new and existing homes available for sale in coming months to moderate home price growth. Otherwise, sales will remain stuck in this holding pattern and a growing share of would-be buyers—especially first-time buyers—will be left on the sidelines.” For more information, please visit www.nar.realtor.   The post Pending Home Sales Strained appeared first on RISMedia. Read More >>

Rancho Del Rey Home for Sale - 1019 Acero Street, Chula Vista

Posted on April 21, 2018

Stunning Views from this Rancho Del Rey Home for Sale! 1019 Acero Street, Chula Vista CA 91910 Priced on a range of $919,900 to $969,900. This one of a kind home is located on a nearly quarter-acre premium lot in the prestigious “Aragon” development of Rancho Del Rey. You will enjoy panoramic views from Point Loma/Downtown to the mountains. The spacious floor plan features ample natural light, an open family room that opens to the kitchen and a full bedroom/bath on the lower level. Upstairs you will find the large master retreat, complete with a private balcony and large sitting room that has a full closet. (Easily could easily be a 6th bedroom.) The large yard is nicely landscaped with lush lawns and an incredible swimming pool and spa in back. The home features beautiful stone flooring on the lower level, an upgraded kitchen with a large pantry and more. The home also features a large three car attached garage and central A/C. There is no HOA and $147 / Month in Mello-Roos. Listing by San Diego Realtor Glen Henderson Search All San Diego Homes For Sale at GreaterSanDiegoAreaHomes.com About Rancho Del Rey & Chula Vista: In 1542, a fleet of three small ships sailed into San Diego Harbor commanded by Juan Rodriquez Cabrillo. These explorations led the Spanish to claim the land. In 1795, Chula Vista became a part of a Spanish land grant known as Rancho del Rey or “The King’s Ranch.” When Mexico formed its own government in 1831, Rancho del Rey became known as Rancho del la Nacion or National Ranch. The ranch encompassed the area now known as National City, Chula Vista, Bonita, Sunnyside and the Sweetwater Valley. Rancho del la Nacion was used by the Spanish as grazing land for their cattle and horses until 1845 when it was granted to John Forster, the son-in-law of Mexican governor Pio Pico. The United States claimed California following the Mexican-American war in 1847 and admitted it as a state in 1850. From then till now, Rancho Del Rey has maintained a homey, comfortable lifestyle – merging many of the pleasant things in Southern California with many of the exciting and uniquely Californian attractions and places to visit. Residents of all ages enjoy both extremes in Rancho Del Ray, California’s one and only “King’s Ranch.” Because of its many special qualities and enduring charms, homes in Rancho Del Rey sell quickly. Charming first-time buyer and senior homes, executive and luxury estates, recreational properties for active lives and special view properties of all styles and sizes can be found within or near this community. Rancho Del Rey real estate includes a wide variety of homes for sale, condos for sale, water access properties, active adult communities, hobby farms and executive properties. Premier Homes Team, San Diego Real Estate Agents, Cal BRE # 01384181 Read More >>

Single Story Tierrasanta House for Sale on a Cul-de-Sac

Posted on April 15, 2018

Move in Ready Single Story Tierrasanta House for Sale 4980 Paguera Court, San Diego CA 92124 Do not miss this stunning single level home in the serene Villa Majorca neighborhood of Tierrasanta. Located near the end of the cul-de-sac and overlooking the hillside, this well kept Tierrasanta home gives you a quiet setting and no neighbors behind you. The spacious floor plan features a large living room and optional 4th bedroom. The home has been updated with new dual pane windows, updated 2nd bath, updated kitchen with granite counters and more! Conveniently located close to shopping, schools, hiking, and the library. If you have been searching for houses for sale in Tierrasanta, you do not want to miss this home! Listing by San Diego Realtor Glen Henderson Search All San Diego Homes For Sale at GreaterSanDiegoAreaHomes.com  The History of Tierrasanta: Tierrasanta is situated like an island, not directly bordered by any other community. It is bounded on the north by the Hwy 52 Freeway and the sprawling southern fields of MCAS Miramar; on the east by the 5,800-acre Mission Trails Regional Park, which has numerous hiking and mountain biking trails; on the west by bluffs bordering the Interstate 15 corridor, and on the south by steep canyons overlooking the San Diego River and Mission Valley. Community activities focus on the Tierrasanta Recreation Center, which includes lighted sports fields, a large swimming pool, tennis courts, a gymnasium, and meeting rooms. Numerous green belts with walking paths run through the canyons of Tierrasanta. The community has tree-lined streets and a secluded “small town” atmosphere, though it is centrally located with a 20 minute drive to downtown San Diego. Premier Homes Team, San Diego Real Estate Agents, Cal BRE lic # 01384181 Read More >>

Stunning Cardiff Home for Sale - 2027 Glasgow Ave, Cardiff

Posted on April 06, 2018

Stunning Cardiff Home for Sale with Views! 2027 Glasgow Ave, Cardiff, CA 92007 Offered between $1,995,000-$2,285,000. This stunning home is located in Cardiff by the Sea, west of I-5 and it has ocean views! Pass through the dramatic mosaic entrance into a private courtyard; continue through a wall of French Doors to this masterfully designed custom home.  If you have been searching for a home for sale in Cardiff, you do not want to miss your opportunity! The formal dining room has a kiva fireplace and butler’s pantry. Take the nautical spiral staircase to the top deck with a kitchen and entertaining area to enjoy the panoramic view. Home surrounds a brick patio artistically landscaped featuring a spa and privacy. Quiet tranquil location. search all homes for sale in cardiff by the sea, encinitas. Cardiff homes with an ocean view search all homes for sale in cardiff by the sea, encinitas. Cardiff homes with an ocean view 4 bedroom, 4 bath, 2 offices, 3 fireplaces in this 3,028 ESF home with multiple outdoor view living spaces. The living room boasts vaulted ceilings with open exposed beams that continue through the home. Natural light is abundant as you enter the chef’s kitchen and wood detailed dining room with a climate-controlled wine cellar. Eight foot French doors separate the formal dining room and the rear courtyard which is centrally located, a private oasis accessible from multiple rooms. This is the only known courtyard layout of its kind in Cardiff’s walking district. The first floor is accommodated by 3 bedrooms, a laundry room and a built-in office work space. The rear bedroom area could easily be divided to encompass a separate living quarter, with its own bed, bath, walk-in closet and kitchenette through a separate entrance. The second floor opens up to a study with ocean views. The media room offers surround sound and includes an ensuite and 8’ French doors leading to the wrap-around deck facing the West. The master bedroom exudes natural light streaming from both sides of the room and overlooks the private courtyard and spa. Stunning ocean views from this Cardiff home The upper deck has unobstructed sweeping views of the Pacific Ocean. Perfect for entertaining and enjoyment, this rooftop terrace has a full outdoor kitchen, fireplace, dining table and lounging space. Play music through the sound system wired through the whole home, both inside and out, clear sound from every room. Concealed 46 panel solar system allows for Eco-friendly living without compromising design. Off street parking for 3 vehicles. Living in Cardiff is a lifestyle like no other, a relaxed community offering a small town feeling. Located in the walking district allows you to be steps away from amenities including Encinitas Community Park (also has a dog park), fine dining, cafes, shopping and prime beaches with some of San Diego’s best surf locations.   Contact Your San Diego Real Estate Agent, Glen Henderson for more information about this home or others. If you are searching for Homes for Sale in Cardiff, make sure to visit our site  www.greatersandiegoareahomes.com Read More >>

Will I have to Pay Taxes When I sell My Home? Avoiding Capital Gains

Posted on April 02, 2018

Will I have to pay taxes when I sell my home? This is one of the most common questions we receive from sellers that are concerned with paying capital gains when they sell a home. You list your house for sale and hope for the best. Then fortune smiles on you and you sell it for a tidy profit. It can be tough to turn right around and give a healthy percentage of that profit to the Internal Revenue Service, but the IRS isn’t heartless. You may be able to keep most – if not all – of that money. You can exclude it from your taxable income using the home sale exclusion. $250,000 to $500,000 Exclusion on the Sale of a Primary Residence Unmarried individuals can exclude up to $250,000 in profit from the sale of their main home, and you can exclude $500,000 if you’re married and file a joint return with your spouse. So if you’re single and you realize a $200,000 profit on the sale, you don’t have to report any of it as taxable income because this is less than the $250,000 exclusion amount you’re entitled to. If you realize a $255,000 profit or gain, you must report $5,000 of it as income. The IRS details this further in Publication 523, Selling Your Home do I pay capital gains when I sell my house   Of course, the exclusion isn’t automatic. The IRS imposes a few rules. The 2-Out-Of-5-Year Rule You must have lived in the home for a minimum of two years out of the last five years immediately preceding the date of the sale, which typically means you can’t use the exclusion on the sale of rental or business property. The two years don’t have to be consecutive, however. You might live in the home for a year, rent it out for three years, then move back in for 12 months just prior to its sale. The IRS figures that if you spent this much time under that roof, the home qualifies as your principal residence. You can use this 2-out-of-5-year rule to exclude your profits each time you sell your main home. Of course, this generally means that you can claim the exclusion only once every two years because you must spend at least that much time in residence, but some exceptions do apply. If you lived in your home less than 24 months, you may be able to exclude at least a portion of the gain. A Change in the Location of Your Job If you lived in your house for less than two years, you can exclude a part of your gain if your work location changed. This exception would apply if you started a new job or if your current employer requires you to move to a new location. Health Concerns If you’re selling your house for medical or health reasons, document these reasons with a letter from your physician. This, too, allows you to live in the home for less than two years. You don’t have to file the letter with your tax return, but keep it with your personal records just in case the IRS wants further information. Unforeseen Circumstances You will also want to document any unforeseen circumstances that might force you to sell your home before you’ve lived there the requisite period of time. According to the IRS, an unforeseen circumstance is “the occurrence of an event that you could not reasonably have anticipated before buying and occupying your main home.” These events might include natural disasters, acts of war, acts of terrorism, a change in your employment or unemployment that left you unable to meet basic living expenses, death, divorce or separation, or multiple births from the same pregnancy. The Partial Exclusion You can calculate your partial exclusion based on the amount of time you actually lived in your home. Count those months, then divide the number by 24. Multiply this ratio by $250,000 or by $500,000 if you’re married. The result is the amount of gain you can exclude from your taxable income. For example, you might have lived in your home for 12 months, then you had to sell it because your employer asked you to relocate to a different office in another state. You’re not married. Twelve months divided by 24 months comes out to .50. Multiply this by your maximum exclusion of $250,000. The result: you can exclude up to $125,000 or 50 percent of your profit. If your gain is more than $125,000, you would include only the amount over $125,000 as taxable income on your return. If you realize a $150,000 gain, you would report and pay taxes on $25,000. If your gain is equal to or less than $125,000, you can exclude the entire amount from your taxable income. Suspension of the Five-Year Period for Military If you or your spouse are on qualified official extended duty in the Uniformed Services, the Foreign Service or the intelligence community, you may elect to suspend the five-year test period for up to 10 years. An individual is on qualified official extended duty if for more than 90 days or for an indefinite period, the individual is: At a duty station that’s at least 50 miles from your main home, or Residing under government orders in government housing. Reporting the Gain Gain on the sale of your home is reported on Schedule D as a capital gain. If you owned your home for one year or less, the gain is reported as a short-term capital gain. If you owned your home for more than one year, it’s reported as a long-term capital gain. Short-term gains are taxed at the same rate as your regular income while the rates on long-term gains are more favorable: zero, 15 or 20 percent, depending on your tax bracket. Calculating Your Cost Basis and Capital Gain The formula for calculating your gain involves subtracting your cost basis from your selling price. Start with what you paid for the home, then add the costs you incurred in the purchase, such as title and escrow fees and real estate agent commissions. Now add the costs of any improvements you made, such as replacing the roof or furnace. Subtract any accumulated depreciation you may have taken over the years, such as if you ever took the home office deduction. The resulting number is your cost basis. Your capital gain would be the sales price of your home less your cost basis. If it’s a negative number, you’ve had a loss. Unfortunately, you cannot deduct a loss from the sale of your main home. If the resulting number is positive, you made a profit. Subtract the amount of your exclusion and the balance is your taxable gain. Please, remember that this is not tax advice.  It does serve as a starting point for you and we highly recommend that you speak with a tax professional to fully understand all of the details before selling your home. Contact your San Diego Realtor, Glen Henderson today if you have any additional questions regarding this article or in general about selling your home. You can also visit www.MyPremierHomes.com and search all San Diego homes for sale at www.GreaterSanDiegoAreaHomes.com Read More >>

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