Finally some good news in the media about the housing market according to REBAC:
It is only a matter of time before housing begins to recover from its first major downturn in about 15 years, said industry economists speaking last week at the International Builders' Show in Orlando, FL, and fundamental improvements in the marketplace could already be taking hold by this year's second quarter. "We knew we were in a correction process a year ago, and it was an inevitable occurrence following the unsustainable boom years of 2004 and 2005 when stimulative financing conditions and speculation from escalating home prices resulted in a 'grossly overheating market,'" said David Seiders, chief economist for the National Association of Home Builders.
I have seen the market improve and I think 2007 will be a better year. There is still a lot of uncertainty going on but I am starting to think that the worse is behind us. As for buying, I always believe, if you have money to invest, put it in real estate. There is no better investment.
Monday, February 19, 2007
Sunday, February 18, 2007
Are subprime loans going away?
The past couple of years have seen the popularity of subprime loans explode. This phemonena has made it easy for people to get into the housing market and buy homes that they would otherwise could not afford or loans they otherwise could not get. These loans are typically fixed for 2-3years and then they go up significantly in payment. So buyer beware, if you get such loans, know that your payments won't stay that low. But the bigger trouble might be the restriction on people getting and qualifiying for mortgages. We maybe seeing alot more forclosures or slowing on the mortgage front but this could also mean that people who could otherwise qualify for a mortgage would have to shop around a lot more and pay a lot more in fees to be able to get a mortgage. Sounds like a double edge sword to me. Well, I am not sure if this is good or bad but worth thinking about...
call me for your real estate needs or questions:
Roxanne
619-778-0577
call me for your real estate needs or questions:
Roxanne
619-778-0577
Friday, February 16, 2007
Life of an agent
Another day, another dollar in the life of an agent. I am pretty tired but ready and hoping to have a better day. Hope you are doing the same.
Best regards,
Roxanne
619-778-0577
Best regards,
Roxanne
619-778-0577
Thursday, February 15, 2007
What is NAR's Code of Ethics?
I thought this is interesting to every person looking to buy or sell a house:
The NATIONAL ASSOCIATION OF REALTORS® Code of Ethics:What Does it Mean for Consumers?How does the Code of Ethics affect everyday real estate practices? If a REALTOR® represents you, whether you are buying or selling a home, you can count on that REALTOR® to:1. Be honest with all parties in the transaction – not just with you, as his or her client, but also with the other real estate practitioner and his or her clients.For example, if REALTORS® represent a buyer with a spotty credit history, they can’t be dishonest with sellers about this fact. At the same time, REALTORS® can help their buyer clients collect and assemble information, such as credit reports and audited tax returns, to demonstrate that the buyer has addressed the problem and improved their situation.2. Put your interests ahead of his or her own, at all times. A REALTOR® makes every effort to understand the housing needs of his or her client, thoroughly researches available inventory, and shares all relevant information with the buyer so that he or she can make an informed decision. This service is provided regardless of the compensation available.3. Disclose all pertinent facts regarding the property and the transaction to both buyer and seller.If a REALTOR® believes information provided by a seller is questionable, the REALTOR® is obligated to investigate. REALTORS® should recommend that buyers consult their own experts, such as home inspectors, to address concerns. For example, if a home seller asks his or her REALTOR® to conceal the fact that the roof leaks, the REALTOR® cannot comply; if the seller insists, the REALTOR® should end the business relationship with that seller. 4. Be truthful in all communications with the public.When REALTORS® distribute newsletters, create Web sites, or place advertisements, they must be careful not to represent other real estate professionals’ work product as their own. If recently sold or listed properties in the community are publicized, it must be clear whether the REALTOR® was actually involved in the transaction, or whether that data came from the local multiple listing service or other source. This ensures that the public understands the REALTOR®’s experience and can make an informed decision when choosing real estate representation.Read a summary of the principles embodied in the NATIONAL ASSOCIATION OF REALTORS®' Code of Ethics.
The NATIONAL ASSOCIATION OF REALTORS® Code of Ethics:What Does it Mean for Consumers?How does the Code of Ethics affect everyday real estate practices? If a REALTOR® represents you, whether you are buying or selling a home, you can count on that REALTOR® to:1. Be honest with all parties in the transaction – not just with you, as his or her client, but also with the other real estate practitioner and his or her clients.For example, if REALTORS® represent a buyer with a spotty credit history, they can’t be dishonest with sellers about this fact. At the same time, REALTORS® can help their buyer clients collect and assemble information, such as credit reports and audited tax returns, to demonstrate that the buyer has addressed the problem and improved their situation.2. Put your interests ahead of his or her own, at all times. A REALTOR® makes every effort to understand the housing needs of his or her client, thoroughly researches available inventory, and shares all relevant information with the buyer so that he or she can make an informed decision. This service is provided regardless of the compensation available.3. Disclose all pertinent facts regarding the property and the transaction to both buyer and seller.If a REALTOR® believes information provided by a seller is questionable, the REALTOR® is obligated to investigate. REALTORS® should recommend that buyers consult their own experts, such as home inspectors, to address concerns. For example, if a home seller asks his or her REALTOR® to conceal the fact that the roof leaks, the REALTOR® cannot comply; if the seller insists, the REALTOR® should end the business relationship with that seller. 4. Be truthful in all communications with the public.When REALTORS® distribute newsletters, create Web sites, or place advertisements, they must be careful not to represent other real estate professionals’ work product as their own. If recently sold or listed properties in the community are publicized, it must be clear whether the REALTOR® was actually involved in the transaction, or whether that data came from the local multiple listing service or other source. This ensures that the public understands the REALTOR®’s experience and can make an informed decision when choosing real estate representation.Read a summary of the principles embodied in the NATIONAL ASSOCIATION OF REALTORS®' Code of Ethics.
Monday, February 12, 2007
Affordable Duplex in Normal Heights
2 on 1 property, perfect for extended family. Zoned for 3 units with room to add. Hardwood floors, tiled baths, very spacious! First floor is 3BR/2BA, second floor is 1BR/1BA with separate entrance and eat-in kitchen. Great backyard with covered patio, a spa, and mature fruit trees. Don't miss this opportunity!
For more detailed information, please visit Roxannes Homes.
One of a Kind in Mission Valley!
Exceptional, bright, spacious, conveniently located 2BR/2BA first floor unit with panoramic views. Custom kitchen cabinets and tiled floors throughout. Livingroom/master bedroom open into spacious wood deck patio with gorgeous views of evening lights, Admiral Baker Golf Course, and the San Diego River. In a quiet complex with pool, spa, and tennis courts. This is THE BEST spot in desirable Mission Valley area with all possible amenities.
For more detailed information, please visit Roxanne's Homes.
Panoramic View at its Best
Priced to sell! Sellers ready to move! 3 BR/2BA in the prestigious West Hills area in Santee. Variable price range $399,000-$469,000. Light, bright, super clean, move-in ready. Laminate floors, newer windows, custom paint throughout. Remodeled bathrooms. Check out the newer french sliding door. Panoramic views of the mountains. Located at the end of a quiet Cul-de-sac.
For more detailed information, please visit Roxanne's Homes.
Tuesday, February 6, 2007
Escondido May Not Discriminate against illegals
I came across this article in the Real Estate Professional Magazine that states a federal Judge has told Escondido city officials that their ordinance not to rent out units to illegal aliens is non-constitutional. Two Escondido landlords have filed suit against the ordinance stating that many of the illegal aliens have children who are citizens of the United States and this law prohibits them from finding suitable housing. The ruling temporarily requires Escondido to ignore the ordinance pending a trial to establish the law's constitutionality. It is interesting to see how this one will turn out to be. Will keep you posted if I come across any articles or news that would talk about the conclusions to this case.
Happy reading, visit sellinsandiego.com for your real estate needs,
Roxanne
Happy reading, visit sellinsandiego.com for your real estate needs,
Roxanne
Saturday, February 3, 2007
New-Home Sales End Year On High Note, Up 4.8 Percent In December
Hello Friends,
I do believe the reporters of the following article are right as far as the market picking up. I have seen a lot of activity in San Diego within the month of January as well. This article is from NAHB: National Association of Home Builders: Here is the article:
January 26, 2007 - Housing demand showed further signs of stabilization heading into 2007, as sales of new single-family homes rose 4.8 percent to a seasonally adjusted annual rate of 1.12 million units in December, according to figures released today by the U.S. Commerce Department.
“Today’s housing report squares with our most recent builder surveys, which show that traffic of prospective buyers is up and consumers are responding favorably to price adjustments and widespread sales incentives,” said David Pressly, president of the National Association of Home Builders (NAHB) and a home builder from Statesville, N.C.
On an annual basis, new home sales registered 1.061 million units in 2006. While this represents a 17.3 percent drop from the all-time high achieved in 2005, the sharpest percentage decline since 1990, the sales level was on par with the solid sales numbers registered in 2003, which preceded the unsustainable housing boom of 2004 and 2005.
On a quarterly basis, new home sales posted a rate of 1.061 million in the final quarter of 2006, up from 1.007 million in the third quarter, the quarterly low-point for the year.
“The stabilization of home sales and housing demand that we are now seeing is the first step required to put the housing market back on track,” said NAHB Chief Economist David Seiders. “The second step is to whittle down the inventory overhang, which builders have been doing since July, and the final step will be to bring housing starts back up to sustainable levels. We anticipate that starts will bottom out in the first quarter of this year and that residential construction activity will be moving up by the second half of 2007.”
The inventory of new homes for sale hit a 10-month low of 537,000 units in December, which is equivalent to a 5.9-month supply at the current sales price – down from a recent high of 7.2 in July.
On a regional basis, new home sales were up 27.3 percent in the Northeast, 26.6 percent in the Midwest and were flat in the South. Sales fell 4.4 percent in the West. Seiders noted that unusually warm weather conditions probably boosted sales in the Northeast and Midwest regions to some degree in December, but that the stabilization pattern evident in the fourth quarter is quite convincing and consistent with other available housing indicators, including NAHB’s survey measures.
© 2007
Contact me if you need more information about this article or about San Diego real estate.
Best regards,
Roxanne
I do believe the reporters of the following article are right as far as the market picking up. I have seen a lot of activity in San Diego within the month of January as well. This article is from NAHB: National Association of Home Builders: Here is the article:
January 26, 2007 - Housing demand showed further signs of stabilization heading into 2007, as sales of new single-family homes rose 4.8 percent to a seasonally adjusted annual rate of 1.12 million units in December, according to figures released today by the U.S. Commerce Department.
“Today’s housing report squares with our most recent builder surveys, which show that traffic of prospective buyers is up and consumers are responding favorably to price adjustments and widespread sales incentives,” said David Pressly, president of the National Association of Home Builders (NAHB) and a home builder from Statesville, N.C.
On an annual basis, new home sales registered 1.061 million units in 2006. While this represents a 17.3 percent drop from the all-time high achieved in 2005, the sharpest percentage decline since 1990, the sales level was on par with the solid sales numbers registered in 2003, which preceded the unsustainable housing boom of 2004 and 2005.
On a quarterly basis, new home sales posted a rate of 1.061 million in the final quarter of 2006, up from 1.007 million in the third quarter, the quarterly low-point for the year.
“The stabilization of home sales and housing demand that we are now seeing is the first step required to put the housing market back on track,” said NAHB Chief Economist David Seiders. “The second step is to whittle down the inventory overhang, which builders have been doing since July, and the final step will be to bring housing starts back up to sustainable levels. We anticipate that starts will bottom out in the first quarter of this year and that residential construction activity will be moving up by the second half of 2007.”
The inventory of new homes for sale hit a 10-month low of 537,000 units in December, which is equivalent to a 5.9-month supply at the current sales price – down from a recent high of 7.2 in July.
On a regional basis, new home sales were up 27.3 percent in the Northeast, 26.6 percent in the Midwest and were flat in the South. Sales fell 4.4 percent in the West. Seiders noted that unusually warm weather conditions probably boosted sales in the Northeast and Midwest regions to some degree in December, but that the stabilization pattern evident in the fourth quarter is quite convincing and consistent with other available housing indicators, including NAHB’s survey measures.
© 2007
Contact me if you need more information about this article or about San Diego real estate.
Best regards,
Roxanne
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