Homeownership - Are You Ready?

If you are thinking of jumping into homeownership, keep in mind these key points:

• Buyers are increasingly finding that the inventory of affordable, move-in-ready homes for-sale is low, making competition to buy higher than in years past.

• While short sales, foreclosed properties, or rent-to-own dwellings may take more time and involve more financial hoops, buyers should not rule out these properties completely.

• Although competition is high, bidding wars of years past where would-be buyers didn’t stand a chance unless they came in above the asking price from the start aren’t the case in most markets. However, buyers considering buying a foreclosure, should keep in mind that all-cash offers from property developers and other buyers are edging out bank-financed offers.

For any and all questions about the buying process, let me know, I am here, I can help!


Jane Loveday
Licence # 01439083
Pacific Sothebys International Realty
619-519-1615 Cell
http://janeloveday.com
http://www.facebook.com/realestatesandiego
http://www.twitter.com/sdrealestate
http://www.linkedin.com/in/janeloveday

IT'S A GOOD TIME TO BUY !!



We're all hearing the news about it's a good time to buy, for example:

If you are paying $2,000 a month in rent, over 30 years you will have paid your landlord $720,000.

With $1800 a month at today's interest rates, you can buy your own $400,000 home and own it in 30 years!

Here's a great chart showing how much prices have fallen along with the mortgage interest rates!  If you are thinking of making the move into homeownership, I am here, I can help!!

Jane Loveday
DRE # 01439083
Pacific Sothebys International Realty
619-519-1615 Cell
http://janeloveday.com
http://www.facebook.com/realestatesandiego
http://www.linkedin.com/in/janeloveday
http://www.twitter.com/sdrealestate

May 2012 National Housing Survey - your thoughts do count!

According to Fannie Mae’s May 2012 National Housing Survey: 

On average, Americans expect home prices to increase by 1.4 percent over the next 12 months, up 0.5 percentage points since March 2012 and the highest value yet recorded.

Thirty-four percent of respondents say that home prices will go up in the next 12 months, the highest level recorded since March 2011.

Forty-one percent of respondents expect home mortgage rates to go up in the next twelve months, a slight increase from last month.

The percentage of respondents who say it is a good time to buy increased by 1 percentage point to 72 percent, while the percentage of respondents who say it is a good time to sell remained at 15 percent.

On average, respondents expect home rental prices to increase by 4.1 percent over the next 12 months, a 0.5 percentage point increase versus last month and a return to the level seen in March.

Forty-nine percent of respondents think that home rental prices will go up, consistent with last month’s value and remaining the highest number recorded to date.

At 32 percent, the percentage of respondents who would rent if they were going to move is unchanged, while 63 percent would buy.

If you are interested in more information about your local neighborhood and what it is doing, let me know!

Jane Loveday
DRE  # 01439083
Pacific Sothebys International Realty
619-519-1615 Cell
http://janeloveday.com
http://www.facebook.com/realestatesandiego
http://www.linkedin.com/in/janeloveday
http://www.twitter.com/sdrealestate

The Power of Professionalism!

Sometimes in Real Estate, we forget how much we impact the lives of our clients, helping them achieve the dream of owning their own home, or assisting in the sale of their home.  We sometimes forget our past clients, either reaching out to them or simply sending a happy birthday card...

Sometimes we don't even know who we impact until they reach out to us - this happened to me recently.  I received a phone call at 8:20 am one morning and was asked if I would help this person help her and her husband buy a new home.  Of course I said yes, took down all their details, then asked how she had found me.

Her response was that she had once worked for another Real Estate company and had remembered me respresenting buyers with listings this company had.  She remembered my professionalism and my courtesy and this was 4 YEARS ago!

We are now in escrow just 10 days after that phone call .. and the reason I share is that it reminds me always to treat others with respect, with courtesy, with professionalism and most of all as we would want to be treated ... payback can be very sweet!

If you would like help in any way, whether is just a question, or property information, always know I am here, I can help and I will with a smile on my face!






Jane Loveday
DRE # 01439083
Pacific Sothebys International Realty
619-519-1615 Cell
http://janeloveday.com
http://www.facebook.com/realestatesandiego
http://www.linkedin.com/in/janeloveday
http://www.twitter.com/sdrealestate

Above $1,000,000 or below $250,000 - Take your pick!!

As of April 2012, in San Diego, we are beginning to see a shortage of inventory - in other words less homes for sale than we did at this time last year.  In fact we have half as many properties on the market than in March of 2011.

Depending on the amount of money you want to spend, can afford to spend, qualify to spend, there is still a wide choice for potential buyers. 

Just for fun here is a breakdown of properties priced UNDER $250,000 ($200,000 for townhomes and condos) and properties priced OVER $1,000,000 throughout San Diego County ...

Detached Homes UNDER $250,000                             Townhomes/Condos UNDER $200,000

North County (Including La Jolla)    155     .............................       172

South Bay                                                  87     .............................       150      

Metro Areas (Including Downtown)   99     .............................       109

East County                                              94     ..............................        56

Detached Homes OVER $1,000,000                              Townhomes/Condos OVER $1,000,000  

North County (Including La Jolla)   1015    .............................       103 

South Bay                                                 118    .............................         51 (Includes Coronado)

Metro Areas (Including Downtown)  613    .............................         36

East County                                               29    .............................           0

There's a LOT available obviously priced between $250,000 and $1,000,000, and if you would like more information about your neighborhood, or where you would like to live, let me know, I am here, I can help!       



Jane Loveday
DRE # 01439083
Pacific Sothebys International Realty
619-519-1615 Cell
http://janeloveday.com
http://www.facebook.com/realestatesandiego
http://www.twitter.com/sdrealestate
http://www.linkedin.com/in/janeloveday

BUYER DO's and DONT's !

If you are thinking of buying a new home, be it your first or fifth, take a look through this list and understand what you should and should not do before applying for a loan AND during the escrow process once you have identified a new home!

Homebuyer Do’s and Don’ts:

Recommended DO’S:

Recommended DON’TS:

ü  DO continue to make payments on time for current mortgages, cars, credit cards, etc. ü  DO paper trail, document, and explain any large or unusual deposits or withdrawals into accounts (checking, savings, stock, etc.). ü  DO keep pay stubs, bank statements, tax forms, etc., in case the lender needs to update the documentation prior to closing. ü  DO ask questions if something is unclear about the loan program, fees, and/or loan conditions. ü  DO let the loan officer or mortgage broker know if anything changes.  For example; employment, income, assets, credit history, etc.  ü  DO document that the earnest money deposit has cleared your account — obtain a copy of the cancelled check and/or the statement that reflects the funds have cleared. ü  DO lock-in the interest rate, have homeowner’s insurance agent information available and provide updated documentation (pay stubs, bank statements, etc.) in a timely manner so as not to delay the closing.

ü  DO NOT increase credit card balances and/or loan balances. ü  DO NOT apply for additional or new credit or put balances on a paid credit card. ü  DO NOT ignore late payment and/or collection notices that are received during the mortgage process. ü  DO NOT purchase anything that is “same as cash” — it will show on the credit report as a new debt. ü  DO NOT buy furniture, cars, or appliances on credit until after closing.  ü  DO NOT lend money to family members, friends, etc. if it is needed for closing. ü  DO NOT store money at home, place it in a bank account so it can be documented as savings throughout the loan process and can qualify as assets on hand. ü  DO NOT have overdrafts on a checking account.  ü  DO NOT quit or change jobs during the loan process.

Jane Loveday
DRE # 01439083
Pacific Sothebys International Realty
619-519-1615 Cell
http://janeloveday.com
http://www.facebook.com/realestatesandiego
http://www.twitter.com/sdrealestate
http://www.linkedin.com/in/janeloveday

Figuring What You Can Afford

In addition to your monthly mortgage payments, there are many things to factor in when determining how much you can afford, or even if you can afford to buy a home at all. There is a down payment for the loan, closing costs, moving expenses, plus purchases and maintenance for the new home. Generally, your annual gross income multiplied by 2.5 will give you an approximate amount for the price of home you can afford. It could vary depending on how much you have as a down payment, your debts, financial situation, and credit history/rating. Your debts, including alimony and child support, should not be more than 30 to 40% of your gross income.

Monthly Mortgage Payment
Lenders want to make sure you have the ability to pay your loan. As a general rule of thumb, you can figure that your monthly mortgage payment should be equal to or less than 25% of your gross monthly income. This also will vary depending on circumstances.

Amount of Money Needed
You will need money for a down payment and closing costs, plus any move related expenses and maintenance or repair costs for your home.

» Down Payment – Your down payment is a percentage of the property value and is usually from 3 to 20%, or more if you want a lower loan amount. This can vary by the type of mortgage you obtain. Also, if your down payment is less than 20%, you may be required to pay mortgage insurance (PMI or MI).

» Closing Costs – these are settlement costs involved in purchasing your home. They range from 2 to 7% of the property value and include such things as points (a percentage paid for securing a particular interest rate), financing fees, taxes, title insurance, pre-paid and escrow items, and your down payment. You will receive an estimate of these costs prior to closing.

For more information visit me on Facebook or my website http://www.janeloveday.com

Jane Loveday
DRE # 01439083
Pacific Sothebys International Realty
619-519-1615 Cell
http://janeloveday.com
http://www.facebook.com/realestatesandiego
http://www.twitter.com/sdrealestate
http://www.linkedin.com/in/janeloveday