Current Mortgage Rates May Go Up – HomeServices Lending

Mortgage Bankers Association Releases Statement

When buying San Diego North County homes, expect fixed mortgage rates to go up over the next few years.  So, now is the time to buy that Carlsbad home for sale, Oceanside home, Vista CA home, San Marcos CA home, Escondido real estate, or Encinitas home.  I work with HomeServices Lending and would be glad to put you intouch with a great mortgage broker.  Find out what size of San Diego North County home you can afford now. 

Dont’t Miss the Boat

Now is the time to get into action, don’t miss the boat.  Now is the time to get off the fence and to buy that San Diego North County home.   According to the Mortgage Bankers Association statement released on October 26, 2010, fixed mortgage rates are expected to average about 4.4 percent in the fourth quarter of 2010, increase to 5.1 percent by the end of 2011, and head towards 5.7 percent in 2012. A 1% increase in mortgage rates will make a significant change in the average monthly San Diego house payment.

Rate Increases and Monthy Mortgage Payments

We will look at the effects of a rate increase on your month payment assuming you purchased a $500,000 home, put down 20%, and took out a home mortgage of $400,000.

  1. Using the 4.4% rate for a $400,000 mortgage your North County home mortgage payment would be $2003.04.  These examples just include principal and interest, they do not include taxes and insurance.
  2. At 5.1% for the same $400,000 mortgage, your payment for principal and interest would be $2170.80 for your 30 year loan.
  3. At 5.7 for the same mortgage amount of $400,000, your payment will be $2321.60.

Many San Diego North County buyers that can qualify for a loan at 4.4% can no longer afford the same North County house at a mortgage of 5.7%.   They would have to buy something much cheaper.   Get actual numbers on what you can afford.  Contact Gary Harmon and let him introduce you to a great mortgage broker at Home Services Lending.  Start looking for your San Diego North County dream home today.

Other Key Points

• Real GDP growth will be 2.2 percent in 2010, although most of that was seen in the first quarter and growth is estimated to have slowed to around 1.5 percent in the third quarter and 1.9 percent in the fourth quarter. Growth is expected to be about 2.1 percent in 2011 and 3.0 percent in 2012.
• The unemployment rate will increase from the current level of 9.6 percent to 9.9 percent by the first quarter of 2011, end 2011 at 9.5 percent, then fall to 8.7 percent by the end of 2012. Mortgage delinquency and foreclosure rates should track this downward trend in the unemployment rate.
• Fixed mortgage rates are expected to average about 4.4 percent in the fourth quarter of 2010, increase to 5.1 percent by the end of 2011, and head towards 5.7 percent in 2012.
• Total existing home sales for 2010 will be around 8 percent lower than in 2009, despite a boost to sales in the first half from the homebuyer tax credit program. Existing home sales are projected to increase modestly in 2011, increasing by a little less than 2 percent, before increasing by about 16 percent in 2012.
• New home sales for 2010 will be down by about 13 percent relative to 2009. We estimate that new home sales bottomed in the third quarter of 2010 and will begin a slow recovery in 2011, increasing around 20 percent from a low base, and then increasing 40 percent in 2012 as markets recover.

Escondido Real Estate Area- Stay Cool

Stay Cool in San Diego North CountyIf you live in the Escondido real estate area or another area of San Diego North County homes, you know that June gloom has turned to July fry.  Here are some common sense ways to stay cooler this summer in San Diego. 

  • Even if you do not feel thirsty, drink more fluids than usual.  During heat emergencies, water is the safest liquid to drink.
  •  Avoid drinks with caffeine or alcohol. They make the heat’s effects on your body even worse.
  • Eat small meals and eat more often. Avoid foods that are high in protein, which increases metabolic heat.
  • Unless directed to do so by a physician, avoid using salt tablets.
  • If you take diuretics, ask your physician about a lower dosage during hot weather.
  • Slow down. Be your most physically active during the coolest part of the day, usually between 4 a.m. and 7 a.m.
  • When engaging in physical activity, pace yourself.
  • Avoid using the oven.  Great time to go out for a good meal.
  •  Air out hot cars before getting into them.
  • Never leave children or pets inside vehicles at any time, even with the windows cracked. 
  • Wear lightweight, loose-fitting, light-colored clothing. Light colors will reflect away some of the sun’s heat.
  • Stay indoors as much as possible. If air conditioning is not being used, stay on the lowest floor.
  • Keep shades down and blinds closed, but windows slightly open.
  • Electric fans do not cool the air, but they do help sweat evaporate, which cools your body.

The above comments are compliments of the Coast News and are general tips.  Be sure to consult your health care professional before making any medical related decisions.   If you are interested in Escondido real Estate or San Diego North County homes, contact Gary Harmon, your North County Realtor.

The Time to Buy Escondido Real Estate is NOW

Many think the time to buy is now

Prudential California Realty took a real estate outlook survey in 2010 and found most Southern California and San Diego North County buyers think now is the time to buy.

Time to buy Escondido Real Estate

There are only 10 of homebuyers that did not think this is the  time to buy.  If you have been on the fence, get in the game and find your Escondido home now.  Contact Gary Harmon, one of the top Escondido Realtors, for more information.

San Diego North County buyers see the market moving towards stability

The number of Southern California consumers who believe the Escondido real estate market and other San Diego North County real estate markets are stable outnumber the percent who believe the market is unstable.

Escondido real estate market stability

There are only 29% of Souther California buyers that think the real estate market is unstable.  That leaves 71% implying that “the time to buy Escondido real estate  is NOW.”

Most Escondido real estate buyers believe the real estate market is on an upward trajectory

Over 26 % of homebuyers think the Escondido real estate market is stronger than it was a year ago.  And, one year from now, 51% expedct to see the San Diego North county real estate market even stronger.  The survey only saw 7% who thought it would be weaker.  With market and prices going up, now is the time to contact Gary Harmon, your top North County realtor.

North County buyers see potential for appreciation in both short and long term

North County homes appreciation

North County buyers see appreciation coming.  Over 46% of Souther California buyers expect real estate prices to apreciate in the next year.  Current data for San Diego North County shows that is actually happening.  In the next 5 years, 79% expect prices to increase.  Don’t let this good market pass you by, contact Gary Harmon today.

Current interest rates help make the time to buy NOW

HomeServices Lending is one of Gary Harmon’s Winning Team members.  Contact them for current rates and to get prequalified today.

Escondido real estate and HomeServices Lending

For an experience Escondido real estate agent, contact Gary Harmon, your top Escondido Realtor.

Escondido Homes May Market Summary

May Market ConditionsThe median price of Escondido Homes for Sale this May 2010 is $400,000.   The 623 Escondido properties have been on the market for an average of 148 days.  The Escondido real estate market is not sending a strong directional signal for the immediate future .  The Escondido homes for sale inventory and the days on the market have both been increasing slowly.   It is still an Escondido buyer’s market, and Escondido house prices have been weakening. How is the market in each Escondido home for sale areas?  Find out the answers to this and many more questions by Escondido zip codes. See how Escondido homes for sale compares by median price, list price per square foot, average days on the market, and more.  This website, tries to provide enough statistical information about North County real estate  to help you make an informed buying decision.  Use the numbers on this page and feel free to email or call Gary Harmon, your Prudential North County Realtor, to help you analyze the numbers presented. Get answers to what kind of home can you afford,  what size will it be, or how can you tell a good deal when you see it. 

Escondido Homes for Sale

Escondido Homes Market Summary  May 2010
Zip 92025
Zip 92026
Zip 92027
Median Asking Price
List Price per Square Foot for the Escondido property
Average Days on the Market for the Escondido home
Median Escondido Homes Size (sqft)  
Median # of Bedrooms in Escondido house
Median # of Baths in the Escondido properties

The median prices in Escondido homes for sale in the above table does not always give the whole picture.   It sometimes helps to look median prices broken down by quarters.  The following for Escondido homes is an average of all zip codes.  The median Escondido homes for sale price for the most expensive 25% of Escondido homes is $799,000.  The median price for the upper middle 25% is $485,000.  The lower middle median price for Escondido homes is $339,000 and the bottom 25% of Escondido/ homes for sale median price is $220,000.  For more information about Escondido homes for sale, contact Gary Harmon your Escondido Realtor and seasoned Escondido real estate agent.

AB 957 and Encinitas Real Estate

HomeServices LendingThere are many technical things involved in a sale  transaction of Escondido real estate.  Here at Prudential California Realty, Gary Harmon, your Escondido Realtor is here to help. 

Legislation was signed into California law in December 2009 effecting us here in North County. Escondido home buyers and Escondido home sellers should be aware of several points:

1.A seller of REO residential Escondido real estate with four or fewer units “shall not require directly or indirectly as a condition of selling the Escondido property that title insurance covering the Escondido property or escrow service provided in connection with the sale of the property be purchased by the buyer from a particular title insurer or escrow agent.” In plain language it means that the bank, selling bank owned property, can’t require you the Escondido buyer to user their title insurance company or their escrow company. This is only true if you the buyer are paying for these services. Gary’s winning team member, Pickford Escrow and The Escrow Firm have closed over 9,000 REO (bank real estate owned) transactions in the last 18 months.
2.The bill provides that “sale” is intended by the Legislature to “include the receipt of an offer to purchase that residential Escondido property.” – means it is intended to prohibit sellers from conditioning the receipt of an offer to buy an Escondido REO property on the buyer’s agreement to use a specific title insurer or escrow agent. That means the bank has to look at your offer reguardless of which title or escrow company you choose. California Title Company, one of Gary’s winning team members is also experienced in bank REO’s sales.
3.AB 957 does NOT prohibit an Escondido buyer “from agreeing to accept the services of a title insurer or escrow agent recommended by the seller” PROVIDED THAT “written notice of the right to make an independent selection of those services is first provided by the seller to the buyer.” That means it is ok to use who the bank recommends provided they disclose that it is your choice.
4.AB 957 only applies to title insurance or escrow services “purchased by” or paid for by the Escondido buyer. That means if the bank is paying for both sides, they get to pick.
5.A seller who violates AB 957 “Shall be liable to a buyer in an amount equal to three times all charges made for the title insurance or escrow service.” A violation of AB 957 is also deemed to be a violation of the seller’s license law which can subject the seller to discipline by its licensing entity.

For more information reguarding AB 957, contact Gary or HomeServices Lending.

Escondido Real Estate – Get Maximum Online Esposure

Escondido home buyers once searched the North County Times and the San Diego Union  for Escondido homes for sale.  Today, over 87% of all Escondido real estate buyers start their search on the Internet.  These tech smart buyers don’t stop with just one or two websites.  They explore a whole range of Internet real estate destinations.

That is why Gary Harmon and Prudential California Realty insure that your Escondido property gets maximum exposure by making sure your Escondido home for sale is seen on all of the key sites.   Gary Harmon also makes sure your home is found on the first page of the Google keyword search for “escondido real estate,” the number one place Escondido buyers search.  Give it a try.  Type escondido real estate in the search  box on Google.  Hit search and you will find right in the middle of page one of Google.  That is where the most Escondido buyers are looking to find Escondido real estate information.  Why consider listing your Escondido home with anyone else, let Gary Harmon, your Escondido Realtor, put your home on the first page and maximize the chance of selling your home.

Sales Tax on Escondido Real Estate

No 4% sales tax on Escondido Home Sales

Regardless of what you may have read or heard in newspapers or Internet articles, there is not a 4% transfer tax or sales tax on the sale of a San Diego North County homes included in the recently signed Obama Care health bill. 

The new health care bill does include other taxes, however.  One such tax is a 3.8% Medicare tax for some of the higher income households.  This tax will apply to “net investment income.”  The money from this tax will go to the Medicare hospital insurance program.  It applies to households with adjusted gross incomes in excess of $200k and to married couples making more (AGI) than $250k.   Capital gains are included as part of “net investment income” so sales of Escondido real estate held for investment purposes may have to pay an additional tax.   This new Medicare tax will not take effect until January 1, 2013.  

Before you make any tax decisions you should always contact your certified public accountant.  For great Escondido real estate information, contact Gary Harmon, your Escondido Realtor and real estate specialist.

Now is the Best Time to Sell Your Escondido Home

It is spring in the Escondido real estate area and the flowers around your Escondido home are starting to bloom.    The skies have cleared of rain and the days are mostly sunny.  The lawn is looking lush green and is at its very best.  First impressions of your Escondido property are always the most important. NOW is when Escondido buyers will get that great first impression when they drive up in front of your home. 

In is a know fact in the San Diego North County area that Escondido buyers like to buy in the spring.  One of the main reasons is that tax season is over and they can now concentrate on their Escondido home search.   Another reason is that buyers like to buy in the spring so they are ready to move when school is out for the summer.  After summer the Escondido real estate market slows considerably.  So, the best months to have your Escondido house on the market are April through August. 

The San Diego North County real estate market is getting stronger.  Data Quick released results yesterday saying  the market has improved and prices have increased over this time last year.  The State of California is coming out with a new tax credit of $10,000 on May 1st  to help boost California real estate sales for new and first-time home buyers.  Interest rates are still relative low.   So the best thing you can do is list your Escondido real estate now.

To get a free CMA (competitive market analysis) of your Escondido home, contact Gary Harmon, your top Escondido Realtor.

White Water Views in Oceanside for under $700k

Seacliff Oceanside HomesFind out how to Save an extra 1%.  Just east of the Escondido real estate area down Highway 78 lies the  City of Oceanside.  Oceanside as the name implies is right at the Pacific Ocean.  There is a new community of Oceanside homes for sale call Seacliff.  Seacliff combines all the elements of luxury and style with convenient urban amenities and coveted beach access.  These new condominium Oceanside homes for sale are perfect for those that love the ocean and everything that the Ocean harbor area has to offer.  Don’t miss this opportunity to own a piece of Oceanside ‘s newest urban jewel.

There is a Model A #2412 that is a 2br/2ba, 1057 esf model for $436,990.  The description is: top floor  with courtyard, corner condominium with many decorator features and upgrades.

There is a C Plan #2214 described as follows: 2br/2ba, 1196 esf, great view of the resort style pool, large picture windows, upgraded 18 x 18 tiles throught, granite counters and stainless steel appliances.  This is offered at $439,990.

There is a D Plan # 2403, 2br/2ba, 1,387 esf model described as: Top floor gorgeous, white water ocean views!  Large over-sized balcony with storage, upgraded granite counters.  Unit is offered at $748,990.

The last plan is the E Plan, 2br/2ba, 1,412 esf with incredible white water ocean views.  Corner condominium, large panoramic windows and 3 balconies!  Unit is loaded with upgrades and is offered at $699,990.

You can walk to the beach and harbor from your new Seacliff home.  To see these fine Oceanside homes for sale, contact Gary Harmon, your top North County Realtor.  To save an extra 1%, Gary Harmon must accompany you to your first visit to these great Oceanside Homes.  Gary will pay you 1% if you buy one of these condos throught him and close escrow by June 30th.

Fix Up Your Escondido Home for Spring

Considering selling your Escondido property this spring?  Now’s a good time to complete some spring maintenance to make sure your home is in tip-top shape.   Even if you aren’t planning to sell your Escondido home, you should still add these chores to your list to help preserve your home’s value and help avoid major repairs later on.

Check the outside of your Escondido Property

Look for any damage caused by winter’s weather. Check for those sagging or loose gutters.  Over the fall and winter, leaves, dirt and debris may have accumulated in your gutters.  Check your gutters for clogging and damage and schedule an appointment for cleaning. Check the condition of your stucco, clean or patch if necessary.  Check the eaves and patio cover for dry rot.  Promptly schedule repairs for those items you can’t do yourself.

Walk around your yard as if you were a first-time visitor. What impression does your Escondido real estate make?  Loosen the soil around perennials, plant annuals or a vegetable garden. Prune shrubs and trees.  Fertilize you lawn and remove weeds from the flowerbeds.

If your sprinklers have been off for the winter, turn them back on. Test your automatic sprinkler system. Reset your timer.  Replace old washers or sprinkler heads.

Don’t forget the backyard! Is it time to condition your deck? Be sure to hammer in any loose nails, or replace them with galvanized deck screws. Replace any broken boards or rails. Consider renting a power washer to clean dirt and mildew from the wood, and then apply an all-weather sealer or stain. Then dust off that patio furniture you kept protected over the winter.

Repair any broken fence boards and paint or seal them as needed. Wash windows and screens.

Take a Tour Inside Your Escondido Home

Start making a list of things to do in each room. Then go to work. Dust walls and ceilings to remove cobwebs and wash any grimy areas. Wash window curtains or remove drapes for dry cleaning. Deep clean rugs and carpets. Dust and polish wood or laminate floors.  Make sure tile grout is clean.

Clean fan blades using mild soapy water. Check the central air-conditioning unit for debris and obstructions; vacuum the main condenser coil on top of the unit.

Make sure all exhaust fans and vents are clean and clear.  Don’t forget to remove the lint buildup from the clothes dryer vent.  Take strainers off the ends of all the lavatory faucets and clean them.

One often-overlooked area is the fireplace.  Be sure to sweep ashes carefully into a dustpan.  Have the flue professionally cleaned every few years. Look around for clutter. Are there items you don’t use any longer?  If you are planning on moving, what items will you not need? Consider having a garage sale and then either donate or trash the remaining items.

And lastly, don’t forget to replace batteries in smoke detectors and change air filters.  A good time to change them is when you change your clock for daylight savings.

Although performing these spring chores may be dreaded task, they go a long way in maintaining and even enhancing the attractiveness and quality Escondido your home.  With more buyers out and about, you must be sure your Escondido property is ready for its next new owner!

For more information read “100 Ways to Prepare Your Escondido Home for Sale.”

If  you are considering placing your Escondido home for sale, call Gary Harmon, you top Escondido Realtor.