Recently released statistics from DataQuick Information Services comparing home sales for October 2007 with sales from October 2006 show that sales volume for this time period is down in our two zip codes 92672 and 92673 of only -6.5% Statistics for Dana Point's two zip codes vary from -10.3% for zip code 92629 and -57.1% for zip code 92624. Sales volume in San Juan Capistrano was also down -38.1% for the same time period. These statistics reflect resale houses, condominiums, and new home sales.
The median sales price in San Clemente zip code 92673 was up 6.4% to $965,000 while in zip code 92672 the median sales price dropped -32.5% to $691,500. Median sales prices in Dana Point were only down slightly with zip code 92624 being down. -0.5% to $920,000 and zip code 92629 down -4.1% to $839,500. The median sales price in San Juan Capistrano was up 65.9% to $962,500.
What these statistics show is that we are in a fluctuating market, but the news is not as grim as the major media want you to believe. If you have to sell now, than you have to sell. But this is one of the best buyer's markets we have seen in recent years. Whether for investment, or a move - up or down, now is a great time to be shopping real estate.
Thursday, November 29, 2007
San Clemente Real Estate Blog
This past Tuesday the Office of Federal Housing Enterprise Oversight (OFHEO) announced that it will keep conforming loan limits at the current level of $417,000 for single-family mortgages in 2008. The conforming loan limit determines the maximum size of a mortgage that Fannie Mae and Freddie Mac can buy or guarantee. Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan. This announcement is a huge blow to us locally since the median price of a home in California is more than 2.5 times that of the U.S. median price of $221,000.
Now is the time for citizens to contact their legislators and demand that the U.S. Senate pass legislation allowing regional adjustments to Fannie Mae and Freddie Mac and to modernize the FHA loan programs. Even despite falling home prices in many regions in the state, California still remains the nation's least affordable market for homeowners. During the third quarter of 2007, nine of the nation's 10 least-affordable communities were located in California.
Now is the time for citizens to contact their legislators and demand that the U.S. Senate pass legislation allowing regional adjustments to Fannie Mae and Freddie Mac and to modernize the FHA loan programs. Even despite falling home prices in many regions in the state, California still remains the nation's least affordable market for homeowners. During the third quarter of 2007, nine of the nation's 10 least-affordable communities were located in California.
Wednesday, November 28, 2007
San Clemente Real Estate Update 11/28/07
There are some interesting new listings and some re-previews going on this week in the South Area MLS Preview. We cover the communities of Dana Point, San Clemente, and San Juan Capistrano.
One is a new listing in Dana Point - a funky beach charmer that would make a great rental or a wonderful home for a young couple. It is a 3 bedroom, 2 bath with a single car garage (long driveway to fully accommodate another car), with approximately 1400 square feet. The decks and yard surrounding this property give you lots of entertainment room with an ocean view! There are a fair amount of stairs getting to and from so your buyer must have good knees.
In San Clemente there is a property that is now with their 4th agent and the price is getting to where is should be. A great property with beautiful ocean views. The home shows perfectly. There are upgrades galore from a stunning entry and beautiful backyard to granite kitchen counters and an ocean view balcony off the master bedroom. The sellers are now ready to move and are very motivated.
Another property of note here in San Clemente is a very cute beach charmer, 4 bedrooms, 2 baths, single car garage with 1400 square feet. There is also a cute front and rear yard large enough for dogs! The bedrooms are surprisingly roomy and the house feels larger than the square feet indicate. Well maintained and adorable that is finally getting within selling price range.
If you are looking for southwest San Clemente real estate, a new listing has hit the MLS. It is in a prime location and backs to a beautiful open space with wooded coastal canyon and ocean views. It is 3 bedrooms and 2.5 baths, with over 2800 square feet of living space. The kitchen is huge and recently remodeled. Great house as long as you do not need any yard. It is extremely cute from the outside and has a floor plan that is reversed (kitchen and living areas upstairs - bedrooms down).
San Juan Capistrano has a couple of jewels this week. A great starter house in the low $600,000 range with a pool! 4 bedrooms and 2 baths with 1562 square feet on a single level. Another charmer in San Juan is in the Capistrano Royale neighborhood. Huge lot with pool and spa beautifully landscaped. Very private and serene. Loads of upgrades and improvements on this 4 bedroom, 4.5 bath home with over 4,000 square feet including an over-sized 4 car garage!
The market continues to have its ups and downs but the overall trend is if you can buy now - you cannot beat the deals out there. Call me with any questions I look forward to being of service to you.
One is a new listing in Dana Point - a funky beach charmer that would make a great rental or a wonderful home for a young couple. It is a 3 bedroom, 2 bath with a single car garage (long driveway to fully accommodate another car), with approximately 1400 square feet. The decks and yard surrounding this property give you lots of entertainment room with an ocean view! There are a fair amount of stairs getting to and from so your buyer must have good knees.
In San Clemente there is a property that is now with their 4th agent and the price is getting to where is should be. A great property with beautiful ocean views. The home shows perfectly. There are upgrades galore from a stunning entry and beautiful backyard to granite kitchen counters and an ocean view balcony off the master bedroom. The sellers are now ready to move and are very motivated.
Another property of note here in San Clemente is a very cute beach charmer, 4 bedrooms, 2 baths, single car garage with 1400 square feet. There is also a cute front and rear yard large enough for dogs! The bedrooms are surprisingly roomy and the house feels larger than the square feet indicate. Well maintained and adorable that is finally getting within selling price range.
If you are looking for southwest San Clemente real estate, a new listing has hit the MLS. It is in a prime location and backs to a beautiful open space with wooded coastal canyon and ocean views. It is 3 bedrooms and 2.5 baths, with over 2800 square feet of living space. The kitchen is huge and recently remodeled. Great house as long as you do not need any yard. It is extremely cute from the outside and has a floor plan that is reversed (kitchen and living areas upstairs - bedrooms down).
San Juan Capistrano has a couple of jewels this week. A great starter house in the low $600,000 range with a pool! 4 bedrooms and 2 baths with 1562 square feet on a single level. Another charmer in San Juan is in the Capistrano Royale neighborhood. Huge lot with pool and spa beautifully landscaped. Very private and serene. Loads of upgrades and improvements on this 4 bedroom, 4.5 bath home with over 4,000 square feet including an over-sized 4 car garage!
The market continues to have its ups and downs but the overall trend is if you can buy now - you cannot beat the deals out there. Call me with any questions I look forward to being of service to you.
Tuesday, November 20, 2007
Reverse Mortgages: How To Better Understand Them
Although the housing market is in a slow down, one area of the mortgage market that is hot, is in reverse mortgages. This gives older homeowners more options to tap the equity in their homes. Some changes have been made to this market and many large banks and mortgage lenders have launched reverse mortgage products with lower fees and larger payouts. Some lenders have lowered the minimum age requirement to 60 from 62, while other lenders are making loans on second homes and vacation rentals. Also "jumbo" reverse mortgages on houses valued at as much as $10 million are becoming more common.
With a reverse mortgage, the borrower (or homeowner) has payments made to them from the lender. The borrower keeps control of the property and does not have to pay back the money as long as he or she lives there. When the homeowner dies or moves out, the loan is typically paid off by selling the house, and any money left over goes to the homeowner or their estate.
Fees are typically steep - more than 5% of the home's value and most borrowing limits are capped based on where the property is. Fees are paid upfront or financed, while interest rates affect how much of your equity the lender ultimately takes. In the past, reverse mortgages have charged variable interest rates; now, fixed rates are available, however they may cost you more.
Taking out a reverse mortgage to travel or spoil grandchildren is very different from a few years ago, when seniors that were financially strapped took them out to pay medical bills and buy food.
Today, a half-dozen investment banks, including units of Lehman Brothers Holdings, Inc. and Bank of America have started buying reverse mortgages, with plans to eventually package and sell them. Just a week or two ago, Ginnie Mae, the federal agency charged with making real estate investment more attractive to institutional investors, announced that they are rolling out a standardized government bond issue backed by reverse mortgages. This is a key step in creating a secondary market that could help lower borrowers costs and increase the loan's availability.
The two primary questions a homeowner needs to ask when investigating reverse mortgages are:
1. What index does the loan use? Traditionally reverse mortgages have used the CMT index, which is based on Treasury bonds. There are some new products that now use the Libor index which should lower interest rates over the long run. But read your product carefully, whichever index is used, one product might add 0.65 percentage point; another might add 2.00.
2. What are the fees? Fees can typically run up to 7% on government backed loans. You may pay higher interest rates in exchange for lower fees.
Some homeowners are using the reverse mortgage product as a type of equity line, and with the recent housing slump, often values are less than what they were a few years ago. Either way there are a variety of options out there for homeowners with significant equity that want to tap the potential of their property.
With a reverse mortgage, the borrower (or homeowner) has payments made to them from the lender. The borrower keeps control of the property and does not have to pay back the money as long as he or she lives there. When the homeowner dies or moves out, the loan is typically paid off by selling the house, and any money left over goes to the homeowner or their estate.
Fees are typically steep - more than 5% of the home's value and most borrowing limits are capped based on where the property is. Fees are paid upfront or financed, while interest rates affect how much of your equity the lender ultimately takes. In the past, reverse mortgages have charged variable interest rates; now, fixed rates are available, however they may cost you more.
Taking out a reverse mortgage to travel or spoil grandchildren is very different from a few years ago, when seniors that were financially strapped took them out to pay medical bills and buy food.
Today, a half-dozen investment banks, including units of Lehman Brothers Holdings, Inc. and Bank of America have started buying reverse mortgages, with plans to eventually package and sell them. Just a week or two ago, Ginnie Mae, the federal agency charged with making real estate investment more attractive to institutional investors, announced that they are rolling out a standardized government bond issue backed by reverse mortgages. This is a key step in creating a secondary market that could help lower borrowers costs and increase the loan's availability.
The two primary questions a homeowner needs to ask when investigating reverse mortgages are:
1. What index does the loan use? Traditionally reverse mortgages have used the CMT index, which is based on Treasury bonds. There are some new products that now use the Libor index which should lower interest rates over the long run. But read your product carefully, whichever index is used, one product might add 0.65 percentage point; another might add 2.00.
2. What are the fees? Fees can typically run up to 7% on government backed loans. You may pay higher interest rates in exchange for lower fees.
Some homeowners are using the reverse mortgage product as a type of equity line, and with the recent housing slump, often values are less than what they were a few years ago. Either way there are a variety of options out there for homeowners with significant equity that want to tap the potential of their property.
Friday, November 16, 2007
San Clemente Real Estate Blog Update
There were a couple of really interesting properties that came on the market this week, which proves that not all is lost in our local real estate market. The first property is located in Dana Point on Camino Capistrano across the street from Pines Park - so location, location, location. The house shows well, has a great flow, and is beautifully maintained and upgraded. It feels larger than the 1900 square feet with 3 bedrooms and 2.5 baths. Actually a good buy at the $1,895,000 list price.
Another home to boast about is right here in San Clemente. This is an older custom home that has been well taken care of and although it doesn't get you too excited from the outside, the inside is very charming. It is a 4 bedroom, 2.5 bath home with over 3100 square feet of space. It is basically a single level with a large bonus room over the garage. This home is also a great value priced at $995,000.
There is another property up for auction and this is truly an amazing buy. Minimum bid price is $1.9 million, but the house with a little TLC could be worth double in a better market. The home has 5,000 square feet, 5 bedrooms, 4.5 baths with a three car garage and amazing ocean views. This property is located in Sea Pointe Estates and has one of the largest usable lots in the area.
San Juan Capistrano has a beautiful home in the Sun Ranch neighborhood that has over 2,500 square feet, 4 bedrooms with 2.5 baths. There is also an additional bedroom and bath with a separate entrance off of the garage. Perfect for mother-in-law quarters, live-in nanny, or a young adult that has moved home. This house has recently been upgraded and they did a beautiful job with lots of attention to detail. If San Juan is where you want to be you cannot miss this one. It is currently listed at $1,245,000.
This is one of the best times of the year to buy. If you have already sold and are waiting for the market, it is not going to get much better than this. See you at the beach.
Another home to boast about is right here in San Clemente. This is an older custom home that has been well taken care of and although it doesn't get you too excited from the outside, the inside is very charming. It is a 4 bedroom, 2.5 bath home with over 3100 square feet of space. It is basically a single level with a large bonus room over the garage. This home is also a great value priced at $995,000.
There is another property up for auction and this is truly an amazing buy. Minimum bid price is $1.9 million, but the house with a little TLC could be worth double in a better market. The home has 5,000 square feet, 5 bedrooms, 4.5 baths with a three car garage and amazing ocean views. This property is located in Sea Pointe Estates and has one of the largest usable lots in the area.
San Juan Capistrano has a beautiful home in the Sun Ranch neighborhood that has over 2,500 square feet, 4 bedrooms with 2.5 baths. There is also an additional bedroom and bath with a separate entrance off of the garage. Perfect for mother-in-law quarters, live-in nanny, or a young adult that has moved home. This house has recently been upgraded and they did a beautiful job with lots of attention to detail. If San Juan is where you want to be you cannot miss this one. It is currently listed at $1,245,000.
This is one of the best times of the year to buy. If you have already sold and are waiting for the market, it is not going to get much better than this. See you at the beach.
Monday, November 12, 2007
San Clemente, Dana Point, and San Juan Capistrano Real Estate Update
I haven't reviewed the preview sheets on this blog in a while and I thought that there were a few interesting items to note.
In Dana Point on August 8, 2008 a property on Via Verde will be auctioned off. I know we don't hear much about auctions unless the property is in deep trouble, but in many parts of the country, auctions are a normal way of buying and selling real estate. This property was on the market for $1,895,000 and the minimum bid price is $1,250,000. The house was built in 2004 with 3600 square feet, 3 bedrooms, and 3 1/2 baths. It has a finished basement, is fully landscaped, with granite countertops, and stainless steel appliances. If it sounds like something you are interested in, give me a call and I can get you in to take a look.
A property with awesome potential and a fabulous location in desirable Southwest San Clemente is on the market for $2.8 million. This is on a street to street lot, four doors down from Leslie Park and Lasuen's Beach (Lost Winds). A rooftop deck provides unobstructed ocean views from this 4 bedroom, 3 bath, almost 2900 square foot home with a 3 car garage.
If you don't mind being on a main thoroughfare, there is a great deal in San Juan Capistrano. The owner is having some financial difficulties and must sell ASAP. This is a 5 bedroom, 2.5 bath home with almost 2900 square feet at a list price of $799,900! Some remodeling has been completed along with fresh paint - it is priced at $122 per square foot which is way below replacement cost!
Another property in San Juan Capistrano that is noteworthy is the Forster Mansion on Ortega Highway that has recently come on the market. It is priced at $2,999,000 and is registered in the National Register for Historical Properties. It was built in 1910 and is zoned A-1 with commercial, residential, or retail possibilities. The property has 5 bedrooms, 1.5 baths with over 4500 square feet.
Whether you are looking for something really unique and special or a really great deal, I can help! Give me a call or send me an email and we can discuss your buying and/or selling needs.
In Dana Point on August 8, 2008 a property on Via Verde will be auctioned off. I know we don't hear much about auctions unless the property is in deep trouble, but in many parts of the country, auctions are a normal way of buying and selling real estate. This property was on the market for $1,895,000 and the minimum bid price is $1,250,000. The house was built in 2004 with 3600 square feet, 3 bedrooms, and 3 1/2 baths. It has a finished basement, is fully landscaped, with granite countertops, and stainless steel appliances. If it sounds like something you are interested in, give me a call and I can get you in to take a look.
A property with awesome potential and a fabulous location in desirable Southwest San Clemente is on the market for $2.8 million. This is on a street to street lot, four doors down from Leslie Park and Lasuen's Beach (Lost Winds). A rooftop deck provides unobstructed ocean views from this 4 bedroom, 3 bath, almost 2900 square foot home with a 3 car garage.
If you don't mind being on a main thoroughfare, there is a great deal in San Juan Capistrano. The owner is having some financial difficulties and must sell ASAP. This is a 5 bedroom, 2.5 bath home with almost 2900 square feet at a list price of $799,900! Some remodeling has been completed along with fresh paint - it is priced at $122 per square foot which is way below replacement cost!
Another property in San Juan Capistrano that is noteworthy is the Forster Mansion on Ortega Highway that has recently come on the market. It is priced at $2,999,000 and is registered in the National Register for Historical Properties. It was built in 1910 and is zoned A-1 with commercial, residential, or retail possibilities. The property has 5 bedrooms, 1.5 baths with over 4500 square feet.
Whether you are looking for something really unique and special or a really great deal, I can help! Give me a call or send me an email and we can discuss your buying and/or selling needs.
Wednesday, October 31, 2007
10 Reasons The Housing Market Will Begin to Recover In The 2nd Quarter 2008
I thought that you would find this bit of news extremely interesting. This is the perspective of a lender who has been in the business for over 30 years. He is evaluating this market compared to the market of 1980-1981 and 1990 to 1994 when we also had major real estate slumps.
1. The Federal Open Market Committee (FOMC) Will Continue to Lower Interest Rates - This will continue to stimulate the economy, keeping unemployment low in addition to helping ARMs reset at lower interest rates.
2. The Economy is Creating Jobs and Unemployment is Low - During the last two housing downturns reasons were directly related to recessions in the U.S. economy.
3. Lenders are Helping Homeowners with Loan Modifications on ARM Resets - This will decrease the number of home buyers needing to sell or going into foreclosure.
4. Subprime ARM Resets Peak in 1st Quarter 2008 with Minimum Resets By Year-End - The credit markets froze in fear of these resets. Once past, more credit markets will make money available.
5. Home Builders are Dumping Standing Inventory to Remove Inventory Off The Books By Year-End - The competition to the resale market will be greatly reduced.
6. Sellers of Existing Homes Will Take Their Homes Off the Market At Year-End That Don't Need to be Sold - Combining this with those that need to sell and lowering their sales prices during the holiday slow period, will cause the months to sell inventory to come down. During the downturn in the 90's there was a 27-month inventory whereas in today's market we only have a 10-month inventory.
7. Credit Markets for Jumbo Financing are Opening Up - The spread of interest rates between conforming and jumbo loans has been greatly reduced. Many programs are now available making it easier for buyers to qualify.
8. The Fires in Southern California Will Create Construction Jobs and Help Supporting Industries - California has been losing jobs in this area. This in and of itself will keep a cap on the unemployment rate. Furniture, appliances, landscaping, architects, etc. will benefit.
9. Real Estate Investors are Stepping Up and Making Offers - Mostly absent in 2007, real estate investors are stepping up to take advantage of the foreclosures and lowered prices.
10. Buyer Sentiment of Those Waiting Will Change as Foreclosure Reporting Lessens - There are so many buyers just waiting for a sign as they fear prices will continue down. The sign will be decreasing foreclosures and inventory time to sell will be reduced and reported by the media.
1. The Federal Open Market Committee (FOMC) Will Continue to Lower Interest Rates - This will continue to stimulate the economy, keeping unemployment low in addition to helping ARMs reset at lower interest rates.
2. The Economy is Creating Jobs and Unemployment is Low - During the last two housing downturns reasons were directly related to recessions in the U.S. economy.
3. Lenders are Helping Homeowners with Loan Modifications on ARM Resets - This will decrease the number of home buyers needing to sell or going into foreclosure.
4. Subprime ARM Resets Peak in 1st Quarter 2008 with Minimum Resets By Year-End - The credit markets froze in fear of these resets. Once past, more credit markets will make money available.
5. Home Builders are Dumping Standing Inventory to Remove Inventory Off The Books By Year-End - The competition to the resale market will be greatly reduced.
6. Sellers of Existing Homes Will Take Their Homes Off the Market At Year-End That Don't Need to be Sold - Combining this with those that need to sell and lowering their sales prices during the holiday slow period, will cause the months to sell inventory to come down. During the downturn in the 90's there was a 27-month inventory whereas in today's market we only have a 10-month inventory.
7. Credit Markets for Jumbo Financing are Opening Up - The spread of interest rates between conforming and jumbo loans has been greatly reduced. Many programs are now available making it easier for buyers to qualify.
8. The Fires in Southern California Will Create Construction Jobs and Help Supporting Industries - California has been losing jobs in this area. This in and of itself will keep a cap on the unemployment rate. Furniture, appliances, landscaping, architects, etc. will benefit.
9. Real Estate Investors are Stepping Up and Making Offers - Mostly absent in 2007, real estate investors are stepping up to take advantage of the foreclosures and lowered prices.
10. Buyer Sentiment of Those Waiting Will Change as Foreclosure Reporting Lessens - There are so many buyers just waiting for a sign as they fear prices will continue down. The sign will be decreasing foreclosures and inventory time to sell will be reduced and reported by the media.
Sunday, October 28, 2007
Some Interesting Proposed Legislation to Provide Relief to the Housing Market
There are a number of bills on Capitol Hill that are looking at providing homeowners with some relief. One we desperately need here in California the the Federal Housing Administration Modernization Act, which would raise loan limits in high-cost areas such as California and parts of the East Coast and cut down payments. By some it is considered a crucial relief measure for homeowners who need to refinance out of adjustable rate loans into lower-cost, fixed rate mortgages. The Senate Banking Committee approved the bill back in September, but we haven't heard anything about it in the past month.
Another bill, the Home Ownership Mortgage Emergency Act, would allow certain homeowners who are 60 days or more behind on their payments to withdraw up to $100,000 penalty-free from their retirement accounts. The funds could be used to bring their loans current or refinance into a more affordable mortgage. Under this bill, homeowners would avoid the usual 10% federal tax penalties on early pension distributions as long as they paid back the withdrawn amounts within three years. The bill does restrict this benefit to taxpayers with maximum adjusted gross incomes of $166,000 for joint filers or $114,000 for single filers. It would only apply to owner-occupied properties and it would terminate in 2009.
A new piece of legislation introduced earlier this month is aimed at fixing the mess in the mortgage market. The Escrow, Appraisal and Mortgage Servicing Improvements Act would ban all forms of lender or broker interference in appraisers' valuations and would require high-cost, sub-prime mortgages to carry escrow accounts for property tax and insurance payments. The bill would impose penalties of up to $20,000 per violation on anyone who intimidates, threatens, bribes, or otherwise attempts to influence an appraiser's valuation of a home. It also guarantees buyers access to all appraisals performed on the property, not just the highest one the loan officer uses to close the deal.
These still seem a long way off, but for those of you in trouble relief is attempting to come your way. There are some things that can be done locally to try to get your property moving if it is on the market now. Give me a call and we can discuss what your options are.
Another bill, the Home Ownership Mortgage Emergency Act, would allow certain homeowners who are 60 days or more behind on their payments to withdraw up to $100,000 penalty-free from their retirement accounts. The funds could be used to bring their loans current or refinance into a more affordable mortgage. Under this bill, homeowners would avoid the usual 10% federal tax penalties on early pension distributions as long as they paid back the withdrawn amounts within three years. The bill does restrict this benefit to taxpayers with maximum adjusted gross incomes of $166,000 for joint filers or $114,000 for single filers. It would only apply to owner-occupied properties and it would terminate in 2009.
A new piece of legislation introduced earlier this month is aimed at fixing the mess in the mortgage market. The Escrow, Appraisal and Mortgage Servicing Improvements Act would ban all forms of lender or broker interference in appraisers' valuations and would require high-cost, sub-prime mortgages to carry escrow accounts for property tax and insurance payments. The bill would impose penalties of up to $20,000 per violation on anyone who intimidates, threatens, bribes, or otherwise attempts to influence an appraiser's valuation of a home. It also guarantees buyers access to all appraisals performed on the property, not just the highest one the loan officer uses to close the deal.
These still seem a long way off, but for those of you in trouble relief is attempting to come your way. There are some things that can be done locally to try to get your property moving if it is on the market now. Give me a call and we can discuss what your options are.
Wednesday, October 24, 2007
Financing Update
This week Countrywide Financial announced that they will restructure or refinance $16 billion in adjustable-rate mortgages that have recently reset to higher interest rates or will reset by the end of next year. Some feel that this proactive move is a little late, while others are appaulding Countrywide. The plan which was outlined to the media would accomplish the following:
Homeowners/borrowers that are in default on their loans because of an interest-rate reset in the past few months, will receive a letter offering to roll back their rate to the previous, lower level. Countrywide expects to modify 10,000 of this type of loan totalling $2.2 billion, by the end of this year.
Homeowners/borrowers that are likely to have difficulty affording an upcoming rate increase and are unable to refinance, Countrywide will modify the loan to a rate that will keep the borrower in their home. They expects to modify 20,000 loans totally $4 billion through the end of next year.
Homeowners/borrowers that had subprime credit, but have been making payments on time, Countryside will offer to refinance them into a lower interest "prime" loan, or a mortgage insured by the FHA, Fannie Mae, or Freddie Mac. The expect 52,000 borrowers would qualify for a new loan and expect to refinance $10 billion in mortgages. These borrowers will have to pay the fees to refinance their loans.
With this relief in sight for some homeowners, Wall Street did not take kindly to this announcement and Countrywide's stock fell considerably. As an agent out there trying to help people, it is positive to see the leadership role that Countrywide has taken on this matter.
Homeowners/borrowers that are in default on their loans because of an interest-rate reset in the past few months, will receive a letter offering to roll back their rate to the previous, lower level. Countrywide expects to modify 10,000 of this type of loan totalling $2.2 billion, by the end of this year.
Homeowners/borrowers that are likely to have difficulty affording an upcoming rate increase and are unable to refinance, Countrywide will modify the loan to a rate that will keep the borrower in their home. They expects to modify 20,000 loans totally $4 billion through the end of next year.
Homeowners/borrowers that had subprime credit, but have been making payments on time, Countryside will offer to refinance them into a lower interest "prime" loan, or a mortgage insured by the FHA, Fannie Mae, or Freddie Mac. The expect 52,000 borrowers would qualify for a new loan and expect to refinance $10 billion in mortgages. These borrowers will have to pay the fees to refinance their loans.
With this relief in sight for some homeowners, Wall Street did not take kindly to this announcement and Countrywide's stock fell considerably. As an agent out there trying to help people, it is positive to see the leadership role that Countrywide has taken on this matter.
Thursday, October 11, 2007
Where To Go With South County Real Estate
I have taken some time off from blogging to try to figure out where and what I wanted to do with this website blog. I have decided to change direction and spend some time over the next few weeks, updating what is really going on in the local real estate market.
For instance, today I received an email from a local area lendor sharing a survey that was completed this past July, 2007 as to what the primary reasons are for borrowers to fall behind on their home loan payments. Approximately 80% of the respondents to this survey were borrowers who were facing foreclosure. Of these borrowers, the most common reasons they were facing financial difficulties were:
Curtailment of income - 58.3%
Illness/Medical reasons - 13.2%
Divorce - 8.4%
Unable to sell/investment property - 6.1%
Low regard for home ownership - 5.5%
Death - 3.6%
Payment adjustments - 1.4%
Other - 3.5%
I am sure most of you knew the top two or three reasons, but what surprised me was the low regard for home ownership. People will never cease to amaze me!
Here are some fast facts FYI:
The median home price as of August 2007 in California was $588,970.
First time buyer affordability index for the second quarter of 2007 was 24%
Mortgage rates for the week ending 10/4/07:
30 year fixed: 6.37% fees/points: 0.5%
15 year fixed: 6.03% fees/points: 0.5%
1 year adjustable: 5.58% fees/points: 0.7%
More later...
For instance, today I received an email from a local area lendor sharing a survey that was completed this past July, 2007 as to what the primary reasons are for borrowers to fall behind on their home loan payments. Approximately 80% of the respondents to this survey were borrowers who were facing foreclosure. Of these borrowers, the most common reasons they were facing financial difficulties were:
Curtailment of income - 58.3%
Illness/Medical reasons - 13.2%
Divorce - 8.4%
Unable to sell/investment property - 6.1%
Low regard for home ownership - 5.5%
Death - 3.6%
Payment adjustments - 1.4%
Other - 3.5%
I am sure most of you knew the top two or three reasons, but what surprised me was the low regard for home ownership. People will never cease to amaze me!
Here are some fast facts FYI:
The median home price as of August 2007 in California was $588,970.
First time buyer affordability index for the second quarter of 2007 was 24%
Mortgage rates for the week ending 10/4/07:
30 year fixed: 6.37% fees/points: 0.5%
15 year fixed: 6.03% fees/points: 0.5%
1 year adjustable: 5.58% fees/points: 0.7%
More later...
Thursday, June 7, 2007
San Clemente and Surrounding Area Preview Update for Week of May 28th
This last week in May, the previews were somewhat slower probably due to the Memorial Day weekend. There were only a total of 42 properties on the South Area Preview Sheet for the week. Of these, seven were in Dana Point and were all new listings including 4 condos and 3 SFRs. Of particular note, there is a really cute beach cottage with 3 bedrooms and 2 baths on the market for $798,000. Nice rear yard and a downstairs bedroom/bath that could be a separate rental.
There were 28 homes on preview in San Clemente, 22 SFRs and 6 condos. Of these listings only five have been on the market for longer than 30 days. Eight of the listings were in Talega. Talega prices were ranging from a low of $829,000 for a 3 bedroom, 2.5 bath condo on the 9th hole of the Talega Golf Course to $2,350,000 for a 5 bedroom, 5.5 bath home in Careyes.
San Juan Capistrano only had four listings on the preview sheet this week, all SFRs, ranging in price from a low of $582,000 for a 2 bedroom, 2 bath to a 4 bedroom, 2.5 bath home in San Juan Hills for $1,329,000.
There were 28 homes on preview in San Clemente, 22 SFRs and 6 condos. Of these listings only five have been on the market for longer than 30 days. Eight of the listings were in Talega. Talega prices were ranging from a low of $829,000 for a 3 bedroom, 2.5 bath condo on the 9th hole of the Talega Golf Course to $2,350,000 for a 5 bedroom, 5.5 bath home in Careyes.
San Juan Capistrano only had four listings on the preview sheet this week, all SFRs, ranging in price from a low of $582,000 for a 2 bedroom, 2 bath to a 4 bedroom, 2.5 bath home in San Juan Hills for $1,329,000.
Monday, May 21, 2007
Auctions: Another Way To Buy and Sell Real Estate
Many other parts of the country (outside California) have for years used auctions as a method of selling real estate. Here in Southern California, we might have heard about real estate auctions, but more often they were pertaining to raw land deals, in particular out in the desert or the central part of the state. Wells, real estate auctions do work and more are being used in this crazy real estate market. Auctions work well on foreclosure properties - but they also work well if you just want a fast sell. Recently, the Los Angeles Times had an article on auctions, but you can do your own auction through a licensed real estate agent on a single property. The Times story focused on a large auction that was recently held at the Los Angeles Convention Center in which 92 properties were sold.
The wonderful idea about auctions for home sellers is that if the property is advertised and interest is generated, you can often get more than your minimum bid price which is awesome in this market. Even in the Times story a number of properties went for more than anticipated. For instance a home in Sherman Oaks which one attendee was willing to pay up to $650,000 for sold for $845,000. Another home in Santa Clarita which one person was willing to pay up to $480,000, sold for $580,000. A condo in Malibu of 895 square feet started with a bid of $399,000 and sold for $570,000.
You can see the possibilites that can emerge without letting the bank take back your home. You can renegotiate most terms these days, give it a try, but if not give me a call if you would like to discuss the option of a real estate auction.
The wonderful idea about auctions for home sellers is that if the property is advertised and interest is generated, you can often get more than your minimum bid price which is awesome in this market. Even in the Times story a number of properties went for more than anticipated. For instance a home in Sherman Oaks which one attendee was willing to pay up to $650,000 for sold for $845,000. Another home in Santa Clarita which one person was willing to pay up to $480,000, sold for $580,000. A condo in Malibu of 895 square feet started with a bid of $399,000 and sold for $570,000.
You can see the possibilites that can emerge without letting the bank take back your home. You can renegotiate most terms these days, give it a try, but if not give me a call if you would like to discuss the option of a real estate auction.
Thursday, May 17, 2007
San Clemente Real Estate Blog: Week of May 14th
Properties continue to come on the market while sales remain about equal with last year at this time. This week there were 76 properties featured on the South Area Preview List showing the growth in number of new listings as well as listings that agents are putting on the list for repreviews trying to generate renewed interest in their listings. Of these 76 properties, 32 of these have been on the market for at least 30+ days. This is a realistic indicator of what is going on locally in our marketplace.
Let's look more specifically at some individual communities and the properties that were featured this week. Dana Point had a total of 16 listings this week, 5 of which have been on the market for over 30 days. Of the 16 listings, two are condos and the remaining 14 are SFRs. Price ranges are from a low of $790,000 for a 3 bedroom, 2 bath condo with 1235 square feet (with some ocean view from two of the bedrooms) to a beautiful entertainers home on the bluff next to Pines Park in Capo Beach. This 6 bedroom, 7 bath home with pool on a unique piece of property is on the market using value range pricing of between $6,200,000 to $6,750,876. This is definitely an amazing location and a beautifully comfortable home with a mother-in-law suite.
Laguna Hills real estate only had two listings on our preview sheet this week, one condo and one SFR. The 3 bedroom, 2 bath condo is on the market at $665,000 with 2035 square feet and the SFR has 4 bedrooms, 3 baths with 2843 square feet on the market for $1,324,999.
San Clemente real estate continues to show potential. This week there were a total of 35 properties on the preview sheet. This includes 9 listings in Talega that range in price from a low of $729,900 for a 3 bedroom, 2.5 bath home with 2000 square feet; to $2,399,000 for a 6 bedroom, 6.5 bath home with 5917 square feet home in the community of Lucia on a 17,000 square foot lot! A couple of properties to note is a beautiful custom home with unbelievable upgrades including a built-in Viking refrigerator in the garage, Venetian Plaster on all of the walls, and limestone flooring. This home has 3 bedrooms, 3.5 baths with a nice bonus room for a total of 3600 square feet on an 11,000 square foot lot for $1,649,000.
A really great home value in San Clemente is a 3 bedroom, 2 bath detached pool home with 1239 square feet priced at $710,000. The pool is beautiful and the home needs a little TLC but is a great buy for a nice neighborhood. Another 'Ole Hanson was on repreview this week which is a 2 bedroom, 2.5 bath with 3100 square feet build in 1929. This property has the property tax reduction on it where property taxes are $3,500 per year, which is a steal for a home on the market for $2,687,500 with ocean views.
San Juan Capistrano had 19 properties on preview this week including 6 condos and 13 SFRs with only two properties having been on the market for over 30 days. The price ranges on SFRs this week were from the low of $582,000 for a 2 bedroom, 2 bath home with 1400 square feet to a high of $1,879,000 for 5 bedrooms, 4.5 baths with 4000 square feet. Condo price ranges were on the low from $331,900 for a 2 bedroom, 1 bath unit with 834 square feet to $749,000 for a 4 bedroom, 2.5 bath unit with 1737 square feet. We actually had two condos this week on the market for under $400,000! Both of these units would make great income properties.
The last two properties on the Preview Sheet this week included a mobile home in the Shorecliff Mobile Home Park, that sits high on a corner lot with a great view priced at $449,000 for a top-of-the-line Viking double wide and you do own the land! This is a senior park and one of the nicer ones. There is also a view lot (19,000 square feet) with 200 feet of street frontage on the market in San Juan Capistrano for $1,325,000.
Let's look more specifically at some individual communities and the properties that were featured this week. Dana Point had a total of 16 listings this week, 5 of which have been on the market for over 30 days. Of the 16 listings, two are condos and the remaining 14 are SFRs. Price ranges are from a low of $790,000 for a 3 bedroom, 2 bath condo with 1235 square feet (with some ocean view from two of the bedrooms) to a beautiful entertainers home on the bluff next to Pines Park in Capo Beach. This 6 bedroom, 7 bath home with pool on a unique piece of property is on the market using value range pricing of between $6,200,000 to $6,750,876. This is definitely an amazing location and a beautifully comfortable home with a mother-in-law suite.
Laguna Hills real estate only had two listings on our preview sheet this week, one condo and one SFR. The 3 bedroom, 2 bath condo is on the market at $665,000 with 2035 square feet and the SFR has 4 bedrooms, 3 baths with 2843 square feet on the market for $1,324,999.
San Clemente real estate continues to show potential. This week there were a total of 35 properties on the preview sheet. This includes 9 listings in Talega that range in price from a low of $729,900 for a 3 bedroom, 2.5 bath home with 2000 square feet; to $2,399,000 for a 6 bedroom, 6.5 bath home with 5917 square feet home in the community of Lucia on a 17,000 square foot lot! A couple of properties to note is a beautiful custom home with unbelievable upgrades including a built-in Viking refrigerator in the garage, Venetian Plaster on all of the walls, and limestone flooring. This home has 3 bedrooms, 3.5 baths with a nice bonus room for a total of 3600 square feet on an 11,000 square foot lot for $1,649,000.
A really great home value in San Clemente is a 3 bedroom, 2 bath detached pool home with 1239 square feet priced at $710,000. The pool is beautiful and the home needs a little TLC but is a great buy for a nice neighborhood. Another 'Ole Hanson was on repreview this week which is a 2 bedroom, 2.5 bath with 3100 square feet build in 1929. This property has the property tax reduction on it where property taxes are $3,500 per year, which is a steal for a home on the market for $2,687,500 with ocean views.
San Juan Capistrano had 19 properties on preview this week including 6 condos and 13 SFRs with only two properties having been on the market for over 30 days. The price ranges on SFRs this week were from the low of $582,000 for a 2 bedroom, 2 bath home with 1400 square feet to a high of $1,879,000 for 5 bedrooms, 4.5 baths with 4000 square feet. Condo price ranges were on the low from $331,900 for a 2 bedroom, 1 bath unit with 834 square feet to $749,000 for a 4 bedroom, 2.5 bath unit with 1737 square feet. We actually had two condos this week on the market for under $400,000! Both of these units would make great income properties.
The last two properties on the Preview Sheet this week included a mobile home in the Shorecliff Mobile Home Park, that sits high on a corner lot with a great view priced at $449,000 for a top-of-the-line Viking double wide and you do own the land! This is a senior park and one of the nicer ones. There is also a view lot (19,000 square feet) with 200 feet of street frontage on the market in San Juan Capistrano for $1,325,000.
Tuesday, May 15, 2007
San Clemente Real Estate: Steps To The Beach!
This literally is "steps to the beach" from this property located on Beach Road. This would make a great family weekend retreat or a fabulous piece of income property. Call me to find out more...
Thursday, May 10, 2007
San Clemente Real Estate Blog
This week, we had 72 properties on the South Area preview sheet. If I talked about a huge inventory last week, it is continuing to grow rapidly. I am very dismayed to see so many properties that are coming on the market remain overpriced, often by hundreds of thousands of dollars. I previewed one property in San Clemente yesterday that in all honesty was $500,000 to $600,000 overpriced! Nice property if you don't mind listening to school age children on the playground all day long, but not for almost $1.9 million!
Short sales are increasing and the foreclosures are going to continue to grow if you can't sell quickly. One option for a fast sale is always an auction. Here in Southern California our real estate market is not very familiar with the concept of auctions, but in other parts of the country auctions are a primary method of selling real estate. Types of auctions vary, but they are growing in popularity for distressed sellers. Usually once the auction is advertised the entire process takes less than 30 days. The seller can set the minimum bid price, and yes, commissions must still be paid; but often with a well trained auctioneer, and the right publicity, you can end up with more money than through a traditional sale. If an auctions sounds like something that would work for you, please give me a call and I can help.
Dana Point had 17 properties on the preview sheet this week, 16 SFRs and one condo. Of these 6 properties have been on the market for over 30 days. Prices range from 4795,000 for a 3 bedroom, 2 bath home with 1527 square feet in Dana Knolls to $3,700,876 for a 4405 square foot home with 4 bedrooms, 5.5 baths on the 12th green of the Monarch Beach Links. There are also a couple of interesting properties on the market on Beach Road, that could be great income property - or its an awesome location to re-build your dream home with sand right outside your back door.
San Juan Capistrano had 18 properties on the preview sheet this week including 13 SFRs and 5 condos. Nine of which have been on the market for over 30 days. The lowest priced condo is $331,900 for 2 bedrooms, 1 bath, 834 square feet. The most expensive property this week is a 5 bedroom, 5 bath SFR in Marbella Country Club with 5514 square feet.
San Clemente had 34 properties this week on the preview sheet, including 5 condos and 29 SFRs, 13 of which have been on the market for over 30 days including one SFR that has been on the market for 538 days! There are 10 listings on preview this week in Talega. From the lowest to the highest, this weeks feature includes a 2 bedroom, 2 bath condo with 1100 square feet for $569,000 and the most expensive is a 1928 Ole Hansen with 3 bedrooms, 2 baths and 2415 square feet value range priced at $2,199,000 to $2,379,000. This is a fabulous piece of property - great lot but the Ole Hansen needs a ton of work. If you have a vision for owning one of these unique properties you probably won't find a better lot - the price is high for the work the property needs but there is unbelievable potential.
Short sales are increasing and the foreclosures are going to continue to grow if you can't sell quickly. One option for a fast sale is always an auction. Here in Southern California our real estate market is not very familiar with the concept of auctions, but in other parts of the country auctions are a primary method of selling real estate. Types of auctions vary, but they are growing in popularity for distressed sellers. Usually once the auction is advertised the entire process takes less than 30 days. The seller can set the minimum bid price, and yes, commissions must still be paid; but often with a well trained auctioneer, and the right publicity, you can end up with more money than through a traditional sale. If an auctions sounds like something that would work for you, please give me a call and I can help.
Dana Point had 17 properties on the preview sheet this week, 16 SFRs and one condo. Of these 6 properties have been on the market for over 30 days. Prices range from 4795,000 for a 3 bedroom, 2 bath home with 1527 square feet in Dana Knolls to $3,700,876 for a 4405 square foot home with 4 bedrooms, 5.5 baths on the 12th green of the Monarch Beach Links. There are also a couple of interesting properties on the market on Beach Road, that could be great income property - or its an awesome location to re-build your dream home with sand right outside your back door.
San Juan Capistrano had 18 properties on the preview sheet this week including 13 SFRs and 5 condos. Nine of which have been on the market for over 30 days. The lowest priced condo is $331,900 for 2 bedrooms, 1 bath, 834 square feet. The most expensive property this week is a 5 bedroom, 5 bath SFR in Marbella Country Club with 5514 square feet.
San Clemente had 34 properties this week on the preview sheet, including 5 condos and 29 SFRs, 13 of which have been on the market for over 30 days including one SFR that has been on the market for 538 days! There are 10 listings on preview this week in Talega. From the lowest to the highest, this weeks feature includes a 2 bedroom, 2 bath condo with 1100 square feet for $569,000 and the most expensive is a 1928 Ole Hansen with 3 bedrooms, 2 baths and 2415 square feet value range priced at $2,199,000 to $2,379,000. This is a fabulous piece of property - great lot but the Ole Hansen needs a ton of work. If you have a vision for owning one of these unique properties you probably won't find a better lot - the price is high for the work the property needs but there is unbelievable potential.
San Clemente Real Estate Update May 1st, 2007
San Clemente real estate and the surrounding areas just keeps getting busier as we move through Spring. There were 61 properties on the South Area preview sheet for the first week in May. Dana Point has 8 listings on the preview sheet (one condo and 7 single family residences (SFR)) ranging in price from $639,000 for a 2 bedroom, 2 bath condo to $2,849,876 for a 3 bedroom, 3 bath in Monarch Beach.
San Clemente has 45 properties including 2 mobile homes. There were 10 condos and 33 SFRs. Out of this total number for San Clemente, Talega had 13 properties on preview. Twelve of the total San Clemente listings have been on the market for 30+ days. This means we are still seeing many properties overpriced. Many times an agent puts a property back on preview once there have been price reductions to attempt to recapture interest. With the growing inventory that we have, it is always a more prudent move to price your property correctly the first time. This is not always easy in this market, but be realistic - you cannot use comparison properties of six months ago.
San Juan Capistrano had 11 properties on the preview sheet, all of which are SFRs and only 2 being listings that are over 30+ days on the market. Prices range in San Juan from $589,000 for a 4 bedroom, 2 bath Harbor Lane home with 1342 square feet to $2,099,000 for a 4 bedroom, 4 bath home with 4900 square feet on the 6th fairway of the Marbella Country Club. This property was just reduced $200,000 and has now been on the market for 37 days. Wake up and price your property for the market or don't bother to list it.
San Clemente has 45 properties including 2 mobile homes. There were 10 condos and 33 SFRs. Out of this total number for San Clemente, Talega had 13 properties on preview. Twelve of the total San Clemente listings have been on the market for 30+ days. This means we are still seeing many properties overpriced. Many times an agent puts a property back on preview once there have been price reductions to attempt to recapture interest. With the growing inventory that we have, it is always a more prudent move to price your property correctly the first time. This is not always easy in this market, but be realistic - you cannot use comparison properties of six months ago.
San Juan Capistrano had 11 properties on the preview sheet, all of which are SFRs and only 2 being listings that are over 30+ days on the market. Prices range in San Juan from $589,000 for a 4 bedroom, 2 bath Harbor Lane home with 1342 square feet to $2,099,000 for a 4 bedroom, 4 bath home with 4900 square feet on the 6th fairway of the Marbella Country Club. This property was just reduced $200,000 and has now been on the market for 37 days. Wake up and price your property for the market or don't bother to list it.
Tuesday, May 1, 2007
Real Estate Update
According to a recent article in the Los Angeles Times the housing market will continue to soften because prices are too high while the inventory is high. Some communities have at least a nine month supply of homes on the market. The sub-prime mortgage problems have led to some of these conditions as well as severe weather in the eastern part of the country. The National Association of Realtors announced the sharpest month-to-month fall in home sales since January 1989.
Some California housing markets are stronger than others with the Bay Area being the healthiest and the weakest is in the Inland Empire and the Central Valley. Southern California is mostly holding its own ground with the median price in March of this year being $505,000 up 4.6% over the previous March 2006. We are moving into the busy season and the inventory will continue to grow through the end of the summer when sellers either "throw in the towel" or cut their prices.
If you don't have to sell, this is probably the time to ride out the market. If you have to sell, carefully watch the trends in your neighborhood and be willing to enter the market at a competitive price. The first three weeks of a new listing is critical in generating interest from other agents and buyers. Don't make the mistake of entering the market too high to reduce your price and then be forgotten.
Some California housing markets are stronger than others with the Bay Area being the healthiest and the weakest is in the Inland Empire and the Central Valley. Southern California is mostly holding its own ground with the median price in March of this year being $505,000 up 4.6% over the previous March 2006. We are moving into the busy season and the inventory will continue to grow through the end of the summer when sellers either "throw in the towel" or cut their prices.
If you don't have to sell, this is probably the time to ride out the market. If you have to sell, carefully watch the trends in your neighborhood and be willing to enter the market at a competitive price. The first three weeks of a new listing is critical in generating interest from other agents and buyers. Don't make the mistake of entering the market too high to reduce your price and then be forgotten.
Monday, April 30, 2007
San Clemente Real Estate Update Blog
This past week there were a total of 59 properties on the South Area Preview sheet between San Clemente, Dana Point, San Juan Capistrano, and Laguna Niguel. I continue to see many properties that remain overpriced considering the current market. Sellers please note, the market has changed. I know that according to a Los Angeles Time/Bloomberg poll earlier in the month, a third of homeowners polled predicted home values in their neighborhood to increase in the next six months, while only 16% anticipated a decrease in values. "Call it foolish faith or bold optimism, the forecast is at odds with the downward trend of home prices." per David Streitfeld, a Times Staff Writer. Although California and more specifically Orange County do not follow the same trends as the rest of the country, we are seeing the market slower than in the past with buyers looking for good deals. The homes that sell are competitively priced for their marketplace.
Dana Point had a total of 14 properties featured with seven of these having been on the market for 30+ days. Featured properties range from a two bedroom, 2.5 bath townhome with 1820 square feet for $645,000 to a beautiful 8200 square foot home in Ritz Cove with fabulous white water views from three floors for $12,999,999.
San Clemente had a total of 36 properties broken out between 29 single family residences (SFR) and 7 condos. Of this total, 13 have been on the market for 30+ days. This week Talega had a total of 8 listings on preview (six of which are new listings) and Sea Pointe Estates also had 8 properties on preview, with only one being a new listing. Prices ranged from a low of $558,621 for a two bedroom, two bath condo with 1409 square feet to $3,300,000 in Cyprus Cove for five bedrooms, 5.5 baths with 5495 square feet with ocean views. I still walk through homes that are priced over a million that are at least $100,000 over priced. Do your improvements prior to placing your home on the market.
San Juan Capistrano had only six listings on the preview sheet this past week, 2 condos and 4 SFRs. Only one has been on the market for longer than 30 days. This week there are two SFRs for under $500,000 and one condo.
Should you be interested in a market evaluation, give me a call.
Dana Point had a total of 14 properties featured with seven of these having been on the market for 30+ days. Featured properties range from a two bedroom, 2.5 bath townhome with 1820 square feet for $645,000 to a beautiful 8200 square foot home in Ritz Cove with fabulous white water views from three floors for $12,999,999.
San Clemente had a total of 36 properties broken out between 29 single family residences (SFR) and 7 condos. Of this total, 13 have been on the market for 30+ days. This week Talega had a total of 8 listings on preview (six of which are new listings) and Sea Pointe Estates also had 8 properties on preview, with only one being a new listing. Prices ranged from a low of $558,621 for a two bedroom, two bath condo with 1409 square feet to $3,300,000 in Cyprus Cove for five bedrooms, 5.5 baths with 5495 square feet with ocean views. I still walk through homes that are priced over a million that are at least $100,000 over priced. Do your improvements prior to placing your home on the market.
San Juan Capistrano had only six listings on the preview sheet this past week, 2 condos and 4 SFRs. Only one has been on the market for longer than 30 days. This week there are two SFRs for under $500,000 and one condo.
Should you be interested in a market evaluation, give me a call.
Wednesday, April 18, 2007
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