HotelDel DownTown Sunset

Greetings from Jennifer Ross -  Realtor
 
The morning of the 4th was freezing outside (okay not exactly freezing, but not summer weather).  I wondered if the clouds cover would lift enough to view the fireworks that evening.  The cool weather brought fewer visitors to the beach.  I enjoyed a long bike ride with friends and stopped bayside for margaritas and people watching! At 9pm the fireworks began and the displays were fantastic!  We were able to view five sets of fireworks from San Diego Harbor to La Jolla. I love our city!
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News and Views  
 
Tax Credit Closing Deadline Extended
After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act. The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension. The new closing deadline for eligible transactions is now September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law.
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San Diego continues to shine as one of the best performing residential real estate markets in the country, second only to the San Francisco Bay Area. The new Case-Shiller Home Price Indices of 20 major metro areas finds that overall prices are up 4.6 percent from where they were in May 2009. Prices here have increased for six consecutive months and are up 11.7 percent for the past 12 months.
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Of the 18 cities in the county, only Del Mar, Coronado and Encinitas experienced an increase in assessed value of property. 664,000 taxpayers that now have an established Proposition 13 value on their property will see a modest decline in their properties' assessed value rather than the normal annual 2 percent increase that is allowed by the proposition.
Home Affordability in Record High Territory
 
The statewide median price of existing single-family home sales remained above $300,000 for the second month in a row at $306,230, up 1.5 percent month-to-month and 21.0 percent from the prior April median price of $253,110.
 
Affordability remained in record high territory in the first quarter of 2010. C.A.R.'s First-time Buyer Housing Affordability Index, which measures the share of all households that can afford the entry-level home, hit 66 percent in California. That meant that nearly two-thirds (66 percent) of California's households could afford a home at an entry-level price of $246,270 (defined as 85 percent of the median home price). (The index is calculated based on an entry-level home price, a 10 percent downpayment, an ARM effective composite rate, and a 40 percent debt-qualifying ratio.) The Index reached a historic high in the first quarter of 2009 at 69, when home prices in much of the state hit bottom in the current cycle.  The monthly payment (including taxes and insurance) on the typical entry-level home in the first quarter of this year was $1,380, $1,810 lower than the peak of the market when the monthly payment was $3,190 (Q2-2007).
 
Results from the recently completed 2010 California Home Buyer Survey showed that the Federal Home Buyer tax credit was an influencing factor for 59 percent of all buyers and more so among first time buyers. However, this was not the only factor in the decision to buy a home. In fact, most buyers in 2010 said price declines or the ability to secure favorable pricing or financing were the primary reasons driving their recent home purchase.
 
The bottom line for buyers is that the current affordability environment is very favorable, with prices that remain well below the peak levels of a few years ago and historically low mortgage rates. These home buyer fundamentals should drive continued demand for housing in California.
Famous Quotes
 
The important thing is not being afraid to take a chance. Remember, the greatest failure is to not try. Once you find something you love to do, be the best at doing it.
Debbi Fields, Founder of Mrs. Fields Cookies
Cute Video 
 
Optimism passit onOptimism: pass it on
The Greatest is all about perspective. Just when you think you are failing, when things seem to be going wrong...a change of perspective shines a bright light of realization that you just might be succeeding in other ways.
As always, feel free to give me a call 800-913-7677 with your real estate needs.  I appreciate your referrals.
 
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Acedemic Earth 

Jennifer Ross

 
Experience Counts!
Over 21 years in
Real Estate sales
Serving all of San Diego
 
Office: 800.913.7677
Direct: 619.985.7340
JennRossRealtor@gmail.com
 
 

Current Mortage Rates

 (BankRate.com weekly avg)
 30 yr fixed: 4.75%
15 yr fixed: 4.2%
 

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