HotelDel DownTown Sunset

 

 

  Greetings from Jennifer Ross -  Realtor

 

With Father's Day coming up this Sunday I'll miss my Dad.  He was born in Los Angeles in 1929, spent part of his childhood growing up in Ohi Ca.  After his Dad passed he went to  live with his Basque Grandmother in Bakersfield, then an Uncle in Sonoma where he attended high school and worked to help support his Mom and younger brother.  In 1950 he graduated from Los Angeles City College where he was president of a fraternity and a member of the water polo and dive teams.  He later defined "Entrepreneur" always  working in  the insurance industry in addition to  owning restaurants, a car wash, rental car agencies, a Laundromat, a tile store, apartments (which my brothers had to paint each time tenants exited), a toilet and sink production company, ran for city council, and sold annuities (I'm sure I left many of his endeavors out).  He lost a lot of money and made a lot of money, but he truly enjoyed working and making the  deal!  He was an avid tennis player into his 80's and loved spending the last 35 years in Santa Barbara.  Fond memories.

 

Happy Father's Day to all you Dads and Grandpas.

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WineThe Winner of This Month's Drawing Is... 

 

Annette and Schuyler Fenton

Annette and Schuyler have won a $50 Cohn restaurant gift card.  Congratulations!

 

The next drawing will be in a few weeks......

 

 

News & Views 

 

It's sort of deja vu all over again. Yet another report shows the impact tight inventories is having on home prices. "Home price growth continues to surprise to the upside with an impressive 12.1 percent gain year over year in May. Increasing demand for new and existing homes, coupled with low inventory, has created a virtuous cycle for price gains, most clearly seen in the Western states with year-over-year gains of 20 percent or more," said Mark Fleming, chief economist at CoreLogic. Home prices have now increased for 14 consecutive months and should continue to increase into the foreseeable future as there is little likelihood the supply of housing is going to miraculously increase and buyers, worried about rising mortgage rates, rush to lock in before the cost of borrowing goes up significantly.
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 More good news in the housing market. A report from CoreLogic says 850,000 more residential properties returned to positive equity in the first quarter of this year. The report says 19.8 percent of all properties with mortgages are still underwater, down from 2 percent at the end of 2011. No city in California is on the list of the 25 largest metropolitan areas with the highest mortgaged properties in negative equity. "We are still far below peak home price levels, but tight supplies in many areas coupled with continued demand for single family homes should help us close the gap," said economist Mark Fleming.

 

 

American Dream of Owning Home Lives On, Even for Young  


Americans' dream of owning a home is alive and well, evidenced by the fact that most Americans own a home and plan to continue to do so (56%), or don't own a home but plan on buying one in the next 10 years (25%).


Overall, 62% of Americans say they own their primary residence, with 34% renting and the remainder having other arrangements. Both homeowners and non-homeowners were asked questions about their future plans. The results give little indication of a desire on the part of current American homeowners to sell their home and begin renting, and an apparently strong desire on the part of U.S. non-homeowners to buy a home in the future.
 
A considerably larger 81% own a home and express a desire to continue to do so, or don't own a home but express a desire to buy one within the next 10 years. These results certainly suggest that the "American Dream" of owning a home is still very much alive, and that the real estate industry should expect a continuing demand for homeownership in the years ahead.
 
A number of additional factors could affect the future trajectory of homeownership in the U.S. There will be a continuing stream of young people entering the 18 and older segment of the population going forward, and it is possible that they will have a different attitude toward homeownership than those who came before them. Also, changes in the economy and culture could lead to changes in the way Americans look at their housing, particularly among the huge baby boom generation now entering its senior years.


Younger Americans Highly Likely to Say They Plan on Buying a House


Nearly 7 in 10 Americans aged 18 to 29 currently do not own a home, but plan on buying one within the next 10 years. Coupling this with the 21% of younger Americans who say they already are homeowners leaves few adults under 30 who say they don't own a home and have no plans on buying one.


The majority of those aged 30 to 49 own their home, and most of the rest say they plan on buying a home in the future. Few (9%) in this age group say they have no plans to buy in the foreseeable future.
 
The 71% of those aged 50 to 64 who own a home and plan on continuing to own a home in the future is the largest across age groups. Most in this group who want to buy a house apparently have already done so; few (5%) say they don't own a home but are going to buy one. A larger 15% don't own and don't plan on changing that status, while 3% say they will move from homeowner to renter status in the future.
 
Although it might be expected that a significant number of those 65 and older who currently own a home might plan on selling it in the future and move to renting status, that doesn't appear to be the case. In fact, seven in 10 Americans aged 65 and older own a home and say they will continue to own for the foreseeable future. Although the 7% who plan on selling and becoming renters is the highest of any age group, it's still low on a relative basis.


Homeownership Highly Related to Income
 
Income is a major predictor of homeownership. Three-quarters of those making at least $75,000 a year own their home and plan on continuing to own, while another 15% say they will buy a home within the next 10 years.


Still, it is apparent that the hope of being able to buy a house is relatively strong even in the minds of those with below-average incomes, given that between 35% and 40% of Americans making less than $50,000 a year say that while they currently don't own a home, they plan on buying one in the future. About a third of those making less than $20,000 a year say they don't own and have no plans to.

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Featured Listings and Coming Soon  


East Village

10th floor studio loft boasts spectacular downtown views, European cabinets, granite counters, spacious bathroom, 9' floor to ceiling windows, interior laundry, view balcony. Enjoy your morning coffee and watch the cruise ships dock. Beautiful Fitness Center, Rooftop terrace with 360 views!

 

 

 

Coming Soon - New Listing

Carmel Valley, Gorgeous 3 Bedroom, 2.5 Bath, Gourmet Kitchen $675,000.

 

 

 

Video of the Month

 

The Song Of Graduation Season 

If you've attended a graduation recently, you may have heard Tom Rush's version of "Child's Song."  It's become a classic, with its lyrics about a child moving on.  "I couldn't get through it from top to bottom for about six months," he said. "I had to toughen up so that I didn't burst into tears...somewhere around the third verse.".

 

 

As always, feel free to give me a call 800-913-7677 with your real estate needs.  I appreciate your referrals.

Signature 

 

 

Acedemic Earth 

 

Jennifer Ross

 

Experience Counts!
Over 24 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: 4.10%

15 yr fixed: 3.28%

 

 

 

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