Total Number of Sales Closed in October 2009
Ø October 2009 had 2,906 closed sales or 97 closings per day
Ø September 2009 had 2,717 closed sales or 91 closings per day
Summary: October 2009 sales are up ▲ in comparison to September 2009
Average Days on the Market in August
Ø 74 Days for Attached Properties
Ø 71 Days for Detached Properties
Detached Properties/Single Family Homes
Median Sales Price: $380,000
Ø The Median Sales Price is down ▼ 1.2 from September 2009.
Ø Compared to October 2008, the Median Sales Price is up ▲ 4.1%.
Number Of Closed Sales: 1,877
Ø The number of closed sales for Detached Properties is up ▲ 7.1% from September 2009.
Ø Sales for Detached Properties are up ▲ 1.1% when compared to October 2008 sales.
Attached Properties/Condos/Townhomes
Median Sales Price: $210,000
Ø The Median Sales Price for Attached Properties is up ▲ 2.5% from September 2009.
Ø The Median Sales Price for Attached Properties, when compared with October 2008, is up ▲ 4.7%.
Number Of Closed Sales: 1026
Ø Sales for Attached Properties are up ▲ 6.7% from September 2009.
Ø Sales for Attached Properties are up ▲ 4.6% compared to October 2008.
AVAILABLE FOR: $599,900
This Bank Owned property features:
- 4 Bedrooms - 2 Baths
-2-Car Attached Garage - 1,948 square feet
- Rests on a large 7,800 square foot lot - All New Vinyl Windows
- New Vinyl Sliding Glass Doors - New Carrier Air Conditioning Unit
- New Gas Heater, New Ducting, New Door, Upgraded Electrical. Granite Counters, Recessed Lighting, Seller will Carpet and Paint.
A MUST SEE!
Contact Christopher Hutchinson with Coldwell Banker @ 619-987-4478 For More Info About This Home...
On November 6, 2009, President Obama signed a bill to extend the tax credit for first-time homebuyers (FTHBs) through June 30, 2010. The bill also opens up opportunities for others who are not buying a home for the first time.
TAX CREDIT OVERVIEW
Who Gets What?
First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
What are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
What are the Income Caps?
The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
What is the Maximum Purchase Price?
Qualifying buyers may purchase a property with a maximum sale price of $800,000.
What is a Tax Credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence.
How Much are First-Time Homebuyers (FTHB) Eligible to Receive?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.
Who is Eligible fort FTHB Tax Credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible.
This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.
As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.
How Much are Current Home Owners Eligible to Receive?
The tax credit program includes a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Can Homebuyers Claim the Tax Credit in Advance of Purchasing a Property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.
Can a Taxpayer Claim a Credit if the Property is Purchased from a Seller with Seller Financing and the Seller Retains Title to the Property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Some examples of this would include a land contract or a contract for deed.
According to the IRS, factors that would demonstrate the ownership of the property would include:
1. Right of possession,
2. Right to obtain legal title upon full payment of the purchase price,
3. Right to construct improvements,
4. Obligation to pay property taxes,
5. Risk of loss,
6. Responsibility to insure the property, and
7. Duty to maintain the property.
Are There Other Restrictions to Taking the FTHB Credit?
Yes. According to the IRS, if any of the following describe a homebuyer’s situation, a credit would not be due:
· They buy the home from a close relative. This includes a spouse, parent, grandparent, child or grandchild. (Please see the question below for details regarding purchases from “step-relatives.”)
· They do not use the home as your principal residence.
· They sell their home before the end of the year.
· They are a nonresident alien.
· They are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
· Their home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
· They owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.
Can Homebuyers Purchase a Home from a Step-Relative and Still be Eligible for the Credit?
Yes. As long as the person they buy the home from is not a direct blood relative, the purchase would be allowed.
If a Parent (Who Will Not Live In The Property) Cosigns for a Mortgage, Will Their Child Still be Eligible for the Credit?
Yes, provided that the child meets the other requirements for the tax credit.
Contact Christopher Hutchinson with Coldwell Banker @ 619-987-4478 For More Information....
 AVAILABLE FOR: $599,900 - $649,000
Beautiful, elegant, charming are just a few words to describe this Spanish home located 1.5 blocks to Bird Park in Morley Field. Features include an open floor plan, original oak & maple floors, large windows, gas fireplace in living room, a loft-style master bedroom w/bath & deck, new roof, and oversized 1 car garage w/ plenty of room for parking & storage. Walk to North Park's vibrant dining scene and Morley Field's tennis courts & swimming pool.
A MUST SEE!
Call Christopher Hutchinson with Coldwell Banker @ 619-987-4478 to arrange a showing of this home... |
The United States Senate has passed legislation to extend the $8,000 first-time homebuyer tax credit through April 30, 2010. The first-time homebuyer tax credit program was set to expire November 30, 2009.
The Senate also approved legislation to expand a “move-up” tax credit to give all homebuyers a $6,500 credit as long as they had been in their previous home for at least five years.
Both the $8,000 first-time homebuyer tax credit as well as the $6,500 tax credit for “move-up” buyers will expire April 30, 2010.
It would be limited to homebuyers who make $125,000 or less as an individual or $225,000 or less as a couple. The cost of the home being purchased may not exceed $800,000.
 AVAILABLE FOR: $695,000 to $749,000
This wonderful Morley Field Spanish Home is perched on a corner lot with a delight and welcoming courtyard / patio. First time on the market in 34 years but lovely cared for. Formal entry, plus coved ceiling, bookshelves, fireplace and a very large picture window in the Living Room; mahogany windows were installed three years ago in the Living Room and Dining Room; all other windows are dual pane vinyl. A MUST SEE! Contact Christopher @ ChristopherHutchinson@Hotmail.com or by Cell @ 619-987-4478 for more info about this home...
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The Senate has reached a compromise on extending and expanding the $8,000 tax credit for first-time home buyers, a boost the housing industry believes will help it pull out of its two-year-old downturn.
While its passage remains uncertain, the agreement would extend the existing credit for first-time homebuyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners. The reduced credit would be available to all homebuyers who have been in their current residence for a consecutive five-year period in the past eight years.
Lawmakers in Washington also raised the qualifying income limits to $125,000 for single taxpayers and $250,000 for joint taxpayers, from the current $75,000 and $150,000, housing-industry sources said. Under the Senate compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement, said the sources. The measure still faces votes in the full Senate and the House.
The new provisions are aimed at broadening availability of the credit beyond first-time buyers and giving the weakened real estate market a bigger boost while preventing real estate investors from benefitting. While Senate lawmakers appear to have reached a deal on the substance of the tax credit, they are still at odds over how it would be brought to the Senate floor.
An amendment to extend and expand the credit could be attached to a bill that would extend unemployment benefits and which could pass the Senate by next week. There's a chance the housing credit will be dealt with separately or the credit could be attached to another piece of legislation or put in a standalone bill with other proposals to extend tax breaks. Regardless, a vote of acceptance for the extension will occur within the next couple of weeks.
Animal shelters across the nation are exploding with thousands of pets who need a loving home!
These pets come to the animal shelter as victims of:
- Foreclosure: Many abandon their pets at the property to provide for themselves
- Irresponsible owners not getting their pets Spayed or Neutered
- Animal abuse & mistreatment
Your local Adoption / Foster / Rescue Center / PetSmart has the perfect pet for you!
Please click on the link below for more information & adoption details:
http://adoptions.petsmart.com/adoption-center/search-details.php?pet_id=2935165
Racing to complete their purchases before a tax credit for first-time owners expires, homebuyers pushed sales up last month by the largest amount in more than 26 years.
After jumping 9.4 percent in September, home resales are up nearly 24 percent from the bottom in January according to the National Association of Realtors.
Nationwide sales rose to a seasonally adjusted annual rate of 5.57 million last month, from a downwardly revised pace of 5.1 million in August. It was the strongest month in two years and beat economists' forecast of 5.35 million.
In another positive sign, the inventory of unsold homes on the market fell almost 8 percent to 3.6 million. That's less than an eight-month supply at the current sales pace, and the lowest level since March 2007.
While home sales and housing construction have risen steadily after hitting bottom earlier this year, economists warn that prices, which recently stabilized, could resume their descent. The median sales price last month was $174,900, down almost 9 percent from $191,200 a year earlier, and slightly lower than August's median of $177,300.
The main reasons prices are weak: Unemployment and foreclosures are still rising. With the current 9.8 percent jobless rate expected to rise as high as 10.5 percent next year, foreclosures will continue to set records.
Nationwide, more than 3 million households are either three months behind on their payments or in foreclosure, however many delinquent borrowers are still being evaluated for help under the Obama administration's mortgage assistance plan.
Senators Johnny Isakson and Christopher Dodd want to extend the tax credit through June 30th and expand it to include all home buyers, at an estimated cost of $16.7 billion. This extension remains to be seen but most economists believe an extension would continue to help the troubled housing market.
In September 2009, San Diego County saw strong sales for single family attached & detached houses and strong price appreciation for single family detached homes. A mad rush to get the $8,000 first time homebuyer tax credit, which expires November 30th & historically low interest rates are what continue to drive strong sales. As a result, tight inventory, especially in the $0 - $600K range continue to plague the entry level market, which continues to spur multiple offer situations and many frustrated buyers. Inventory for the whole county is only 3 months, down from over 17 months this time last year.
ACTUAL NUMBER OF ACTIVE LISTINGS IN SAN DIEGO COUNTY
“Contingent” Status & Its Affect On Inventory:
The San Diego Association of Realtors created the “CONTINGENT” status to allow Realtors to place a property in this status if a property has an accepted offer but is either awaiting bank approval, such as a Short Sale, a Bank Owned property awaiting final Asset Manager approval of an accepted offer, etc…
As a result of the “Contingent Status”:
Ø Of the 13,041active listings currently on the MLS, 4,321 of those 13,041 listings are in a “CONTINGENT” status.
Ø This means that there are actually 8,720 “ACTIVE” listings in the MLS.
Ø This number equates to only 3 months of available inventory given our current sales pace.
Total Number of Sales Closed in September 2009
Ø September 2009 had 2,717 closed sales or 90.5 closings per day
Ø August 2009 had 2,622 closed sales or 87 closings per day
Summary: September 2009 sales are up ▲ in comparison to August 2009
Average Days on the Market in August
Ø 70 Days for Attached Properties
Ø 66 Days for Detached Properties
Detached Properties/Single Family Homes
Median Sales Price: $384,500
Ø The Median Sales Price is up ▲ 2.5% from August 2009.
Ø Compared to September 2008, the Median Sales Price is up ▲ 1.7%.
Number Of Closed Sales: 1,753
Ø The number of closed sales for Detached Properties is up ▲ 3.9% from August 2009.
Ø Sales for Detached Properties are up ▲ 1.7% when compared to August 2008 sales.
Attached Properties/Condos/Townhomes
Median Sales Price: $204,950
Ø The Median Sales Price for Attached Properties is down ▼ 9.5% from August 2009.
Ø The Median Sales Price for Attached Properties, when compared with September 2008, is down ▼ 10.9%.
Number Of Closed Sales: 964
Ø Sales for Attached Properties are up ▲ 3.1% from August 2009.
Ø Sales for Attached Properties are up ▲ 4.0% compared to August 2008.
As a REALTOR and Pet Lover, I care about my community and everything that affects it.
The displacement of pets because of foreclosure is a major crisis that is resulting in thousands of animals losing their home every day.
As a result, animal shelters across the nation are exploding with thousands of pets who need a loving home!
Besides being victims of foreclosure, these pets come to the animal shelter as victims of:
- Irresponsible owners not getting their pets Spayed or Neutered
- Animal abuse & mistreatment
Your local Adoption / Foster / Rescue Center / PetSmart have the perfect pet for you!
The links below feature more info about this kitten that needs a loving home:
http://adoptions.petsmart.com/adoption-center/search-details.php?pet_id=2254047
Southern California home sales rose unexpectedly last month as price declines continue to moderate according to a report released by MDA DataQuick on Tuesday.
There were 21,539 sales in the six-county region, including San Diego, up slightly from August's 21,502, as low rates, federal tax credits and delayed closings reversed usual 9.5 percent August-September downturn. The total was 11 percent higher than in September 2008, the 14th straight year-over-year increase.
San Diego’s home sales rose from 3,306 in August to 3,454 last month.
The overall median for the region stood at $275,000, unchanged from August and 10.9 percent below year-ago levels, the smallest year-over-year decline since November 2007.
San Diego's September median also was unchanged at $325,000 and just 0.9 percent below September 2008's $328,000 – the smallest decline since June 2006, when there was a 1 percent annualized increase.
Orange and Ventura counties joined San Diego in seeing the first annual increase in existing-house prices in years.
Orange County's median price for resale single-family homes rose 4.2 percent, from $480,000 in September 2008 to $500,000 last month, the first year-over-year increase since August 2007. Orange also was the first Southern California county to post an overall increase in median prices, up 0.9 percent to $429,000.
Ventura's resale house median was up 2.2 percent, from $410,000 to $419,000, the first such year-over-year increase since October 2006.
San Diego, as reported Monday, saw its median house price increase 1.5 percent, from $360,000 in September 2008 to $365,500 last month, the first such gain since August 2007.
However, DataQuick said the increases were not due to increases in values as much as a change in market mix, with fewer low-cost distressed properties selling and more higher-priced homes closing escrow.
Regionwide foreclosure sales, houses and condos that had been foreclosed on at some point in the previous 12 months represented 40.4 percent of all resales, down slightly from a revised 41.7 percent in August.
San Diego's foreclosure count was 35.3 percent, up slightly from the revised 34.5 percent in August. It was the first month-to-month increase for San Diego since January, when the all time high of 55 percent was reached.
The September boost was attributed to a possible delay in closings due to a slowdown in appraisals and the continued flow of Short-Sale transactions. These involve homes sold for less than the outstanding mortgage balance and usually take much longer to go through escrow because lenders must approve such sales.
Analysts also said buyers were eager to take advantage of the $8,000 federal first-time-homebuyer tax credit, scheduled to expire next month but now being considered for extension in Congress.
Low interest rates also are thought to be drawing in buyers.
Mortgage applications continue to surge as interest rates on home loans remain low. Mortgage application volume rose 16.4% last week versus the previous week. Applications continued to surge as rates 30-year fixed rate mortgages remained below 5% for the third week in a row.
The average interest rate for 30-year fixed-rate mortgages fell to 4.89% last week from 4.94% the week before. The last time interest rates were this low was back in May 2009 when 30-year rates were 4.81%.
Refinancing applications jumped 18.2%, climbing to the highest level since mid-May while home purchase applications rose 13.2%, reaching the highest level since January.
The average rate for 15-year fixed-rate mortgages eased to 4.32% while rates for one-year adjustable rate mortgages, or ARMs, rose to 6.56%.
Credit inquiries are requests by a "legitimate business" to check your credit.
As far as your FICO® score is concerned, credit inquiries are classified as either "hard inquiries" or "soft inquiries". Only hard inquiries have an affect on your FICO score.
Soft inquiries are all credit inquiries where your credit is NOT being reviewed by a prospective lender. These include inquiries where you're checking your own credit (such as checking your score in myFICO), credit checks made by businesses to offer you goods or services (such as promotional offers by credit card companies), or inquiries made by businesses with whom you already have a credit account.
Hard inquiries are inquiries where a potential lender is reviewing your credit because you've applied for credit with them. These include credit checks when you've applied for an auto loan, mortgage or credit card. Each of these types of credit checks count as a single inquiry. One exception occurs when you are "rate shopping". That's a smart thing to do, and your FICO score considers all inquiries within a 2 week period for an auto or mortgage as a single inquiry.
Inquiries may or may not affect your FICO score. A FICO score takes into account only voluntary inquiries that result from your application for credit. The information about inquiries that can be factored into your FICO score includes:
- Number of recently opened accounts and proportion of accounts that are recently opened, by type of account.
- Number of recent credit inquiries.
- Time since recent account opening(s), by type of account.
- Time since credit inquiry (ies).
- A FICO score does not take into account any involuntary inquiries made by businesses with whom you did not apply for credit, inquiries from employers, or your own requests to see your credit report.
For many people, one additional credit inquiry (voluntary and initiated by an application for credit) may not affect their FICO score at all. For others, one additional inquiry would take less than 5 points off their FICO score.
Inquiries can have a greater impact, however, if you have few accounts or a short credit history. Large numbers of inquiries also mean greater risk. People with six inquiries or more on their credit reports are eight times more likely to declare bankruptcy than people with no inquiries on their reports.
In August 2009, San Diego County continued to see strong price appreciation both for single family detached (houses) & attached (condos/townhomes) bouncing back from records lows from the start of 2009. Many buyers’ have gotten off of the sidelines and are taking advantage of the $8,000 first time homebuyer tax credit before it expires November 30th & historically low interest rates. As a result of this activity, inventory for the whole county is only 3.5 months, down from over 15 months this time last year. The lack of inventory has resulted in multiple offer situations on most properties and many frustrated buyers. Listed below is a breakdown of San Diego County’s inventory and sales numbers:
ACTUAL NUMBER OF ACTIVE LISTINGS IN SAN DIEGO COUNTY
“Contingent” Status & Its Affect On Inventory:
The San Diego Association of Realtors recently added a new MLS listing status called “CONTINGENT”. The “CONTINGENT” status was created to allow agents to place a property into a “CONTINGENT” status if a property has an accepted offer but is either awaiting bank approval, such as a Short Sale, a Bank Owned property awaiting final Asset Manager approval of an accepted offer, etc…
As a result of the “Contingent Status”:
Ø Of the 13,322 active listings currently on the MLS, 4,242 of those 13,322 listings are in a “CONTINGENT” status.
Ø This means that there are actually 9,080 “ACTIVE” listings in the MLS.
Ø This number equates to only 3.5 months of available inventory given our current sales pace.
Total Number of Sales Closed in August 2009
Ø August 2009 had 2,622 closed sales or 87 closings per day
Ø July 2009 had 2,956 closed sales or 98 closings per day
August 2009 sales are down ▼ in comparison to July 2009 sales
Average Days on the Market in August
Ø 67 Days for Attached Properties
Ø 69 Days for Detached Properties
Detached Properties/Single Family Homes
Median Sales Price: $375,000
Ø The median sales price is up ▲1.0% from July 2009.
Ø Compared to August 2008, the median sales price is down ▼ 3.8%.
Number Of Closed Sales: 1,687
Ø The number of closed sales for detached properties is down ▼ 12.2% from July 2009.
Ø Sales for detached properties are up ▲ 5.6% when compared to August 2008 sales.
Attached Properties/Condos/Townhomes
Median Sales Price: $226,575
Ø The number of closed sales for attached properties is up ▲7.8% from July 2009.
Ø Sales for attached properties, when compared with August 2008, are down ▼ 5.6%.
Number Of Closed Sales: 935
Ø Sales for attached properties were down ▼ 9.6% from July 2009.
Ø Sales for attached properties were up ▲ 7.3% compared to August 2008.