13056 Berlin St Poway, CA 92064

August 24, 2016 by

**New Rental Alert!** (LEASED!)

13056 Berlin St Poway, CA 92064

3Bed-2Bath-1,288 sq. ft.

Asking $2,700/mo

Beautiful Poway pool home located on corner lot in great family neighborhood! Save money on utilities with solar panels, dual pane windows/sliders, tankless water heater and turf in backyard! Home boasts lovely kitchen with eat-in, solid surface counters, fireplace in family room, 2 sliders to backyard, optional 4th bedroom or dining room, ceiling fans and more! Cool off in your sparkling pool, enjoy large fenced yard and garden area! Walk to Poway community ctr, pool, library, shopping, dining and more!

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Mortgage Rates & the Housing Market: Pros & Cons

July 12, 2016 by

While low mortgage rates boost consumer buying power, the reason for the low rates could hold home buyers back.

Economic forecasters and analysts have frequently missed the mark recently when forecasting interest rates. In general, forecasters and experts have expected faster economic growth and policy normalization (i.e. higher interest rates) than has come to pass. Instead, interest rates, including mortgage rates, have remained low and moved lower. Today’s mortgage rate data from Freddie Mac show that the rate on a 30-year fixed-rate mortgage was 3.41—the lowest since May 2, 2013 when rates were 3.35 percent.

While lower mortgage rates are a good thing for U.S. home buyers, 86 percent of whom financed their recent purchase transaction, the reason for lower mortgage rates might offset some of the positive effects.[1] Uncertainty over Brexit is highlighted as a reason, and while it has certainly had an impact, the cause of low rates is concern that global economies are not growing. Note, for example, that much of the decline in mortgage rates occurred during the first quarter of 2016—before the Brexit vote in June, which only added more uncertainty about growth prospects and took rates on another leg down. A look at the pros and cons of this recent drop in mortgage rates shows that they may not be as unambiguously beneficial to the housing market as previous low rates have been.

30 yearPros:

Lower mortgage rates—which have declined by more than 50 basis points since the start of the year—boost the home purchasing power of would-be buyers.

Here are some calculations:

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  • A 50 basis point reduction in mortgage rates reduces monthly payments by nearly $50 per $100,000 in home price ($80,000 financed).
  • The reduction in monthly payments reduces income needed to qualify by roughly $1,000.
  • At the current US median home price, this amounts to a roughly $2,500 reduction in the income required to finance a home purchase with a 20 percent down payment ($200,000 mortgage).

Coupled with incomes that are maintaining a steady pace of increase between 2 and 3 percent over the last two years,[2] the reduction in mortgage rates will help sustain housing market demand in the face of rising home prices.

Cons:

While lower mortgage rates could boost demand, global economic growth concerns could shake U.S. consumer psyche, especially if U.S. workers expect slowing global growth to impact labor markets. On top of this concern, potential home buyers are experiencing difficulty finding a property amid inventory shortages and saving for a down payment, particularly if they are potential first-time home buyers managing student loan debt and increasing rental prices. In fact, 71 percent of student loan borrowers who are non-homeowners indicate that student debt is impacting their ability to purchase a home.[3]This could mean that the benefits of lower mortgage rates go largely to current homeowners who can refinance, reinforcing the already sizable gap in wealth outcomes for those who own their homes compared to those who do not.[4]

Thus far, the U.S. economy has proven resilient to the weaker global economic environment. A stronger U.S. consumer, who benefits from lower financing costs, may help ensure that trend continues.

pro con

SOURCE: Realtor.org Posted in Economist Commentaries, by 

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13536 Whitewater Dr Poway, CA 92064

June 9, 2016 by

**NEW LISTING** (SOLD!)

Beautiful Poway Custom Estate with Private Guest House!

8 Bedroom-6 Bathroom-4,817 sq ft

Offered from $1,150,000-$1,295,000!

One of kind Poway custom estate tucked away in a quiet cul de sac among other custom homes! Have a large family? Or parents/in-laws needing to move in? Maybe you want larger home and can use some supplemental rental income? This home is perfect! Built in 2007, this exquisite property sits on 1.58 acres, boasts great views and features a 6bed-4bath-3,854 sq ft main house and a private, fully functional 2bed-2bath-963 sq ft guest house!

MAIN HOUSE: Boasts 2 bedrooms downstairs including one with separate entrance and private full bath as well as a large upstairs bonus room with endless possibilities! **Bonus room has vaulted ceiling and could be movie theater, game room, kids play area, or you decide! **Property boasts Manchurian Walnut engineered wood and porcelain tile flooring, built in surround sound in family room and bonus room, ceiling fans in most rooms, recessed lighting, 9 ft ceilings, dual pane windows and sliders throughout and much more!

**Gourmet kitchen boasts beautiful cabinetry, granite counter tops, large center island, tile back splash, large walk-in pantry, Frigidaire Professional Series stainless steel refrigerator, and DCS 6 burner gas stove/range! **Master Bedroom is spacious and boasts great views from large picture window overlooking property and surrounding mountains! **Master Bathroom features dual walk-in closets, large walk-in glass shower, and separate jacuzzi tub! **Spacious upstairs bedrooms feature walk-in closets and a laundry chute for the ultimate in convenience! **Upstairs hallway boasts a 2-computer nook and built in bookshelf! **Outdoor space has beautiful patio overlooking property, large grass play area, seasonal creek, and your own private golf hole to practice your swing! Property is also zoned for horsesl!

GUEST HOUSE: has private entrance, features a fully functional kitchen with top end appliances, granite counter tops and beautiful cabinetry! Other features include engineered wood flooring, jacuzzi tub in 2nd bath, washer/dryer in home, walk-in closet in main bedroom, beautiful outdoor patio area and much more!

PLEASE VISIT http://13536whitewaterdrive.isnowforsale.com/ FOR MORE PHOTOS AND INFORMATION!

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10144 Montura Ave Santee, CA 92071

May 28, 2016 by

**NEW LISTING!** (SOLD!)

3Bed-2Bath-1,170 Square Feet

Priced at $479,900!

Beautiful single level home located in quiet cul de sac with no thru traffic! This open floor plan is perfect for entertaining! Kitchen boasts solid surface counters, light wood cabinets and tile flooring! Interior is light/bright, features crown molding, dual pane slider/windows, cozy fireplace and central A/C! Large master has private full bath w/ new ~$3,500 custom jacuzzi tub/shower combo! Large backyard is blank canvas and boasts great views! Carpet, paint and lifetime roof all done within last 2yrs!

http://10144monturaave.isnow4sale.com/ …for more information!

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Sellers Happy; Buyers Frustrated

May 11, 2016 by

The number of home buyers who say now is a good time to buy dipped to an all-time survey low in Fannie Mae’s latest Home Purchase Sentiment Index. Meanwhile, home owners who say now is a good time to sell soared to an all-time survey high.

The disconnect in the market is likely partially due to the limited number of homes for sale in many markets, allowing sellers to face less competition and ask for higher home prices. On the other hand, home buyers are having fewer choices and stuck paying higher prices, sometimes in multiple-bid situations.

Indeed, “we can partially attribute the sizable gain in April in home selling optimism both to a correction for last month’s unexpected dip and to typical seasonal strength in housing activity in the spring and summer,” says Doug Duncan, senior vice president and chief economist at Fannie Mae. “Even after accounting for these factors, continued tight housing supply has led to renewed strength in home price appreciation, making selling a home a more attractive prospect this year in particular. This improved sentiment could provide an extra boost of much-needed supply for the spring selling season.”

Some highlights from Fannie Mae’s latest Home Purchase Sentiment Index:

  • 30% of Americans say now is a good time to purchase a home, a drop of 3 percentage points from the previous month and now at an all-time survey low.
  • 15% of Americans say now is a good time to sell a home, now at an all-time survey high.
  • More consumers think home prices will rise over the next 12 months compared to March, and slightly fewer consumers also expect mortgage rates to go up over the next year.
  • The percentage of respondents who say they are not concerned with losing their job increased 6 percentage points to 74%, nearly a 7 percentage point decrease in March.
  • The percentage of respondents who say their household income is significantly higher than it was 12 months ago held at 11%.

Source: Fannie Mae and REALTOR.org

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BEWARE! Wire Fraud in Real Estate Transactions is on the Rise!

March 31, 2016 by

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We take our affiliate business relationships seriously and are happy to partner with Oakwood Escrow as our preferred escrow office. We share a mutual interest in protecting our clients as a top priority!

Read this story and please take proper precautions in your real estate transactions. If you need help or advice we are always available to answer your questions!

 

THE SCENARIO
Oakwood Escrow along with two local real estate agents, a local Title Company, a local buyer and a local seller were all a part of a recent WIRE FRAUD attempt.
THE FACTS
* The INTERNET THIEF sent the buyer FAKE WIRE INSTRUCTIONS
* The BUYER sent his $300,000 to the INTERNET THIEF’S account thinking he was sending it to OAKWOOD.
* OAKWOOD practices DAILY 3 WAY RECONCILIATIONS on all trust accounts.  Oakwood does this to make sure the money our clients trust us with is SAFE.
* Because of this practice OAKWOOD caught the FRAUD within hours.
* OAKWOOD has a very intense security protocol and an EMERGENCY CALL TREE that immediately was put into action.
* Because of the quick action of all parties involved we were able to FREEZE the account of the INTERNET THIEF and we were able to get ALL MONEY RETURNED!
 
THE RESULTS
* The property was recorded and the buyer was handed their keys!
 
* The seller received his proceeds and both agents were paid their commissions!
 
* Oakwood encourages you to KNOW who you are doing business with. 
 
*  Make sure the people you use for settlement services are as secure as a bank and have the policies and procedures in place to stop and or correct these type of problems when they occur. 
 
* Oakwood is PROUD to report this incident.  We are PROUD that we protected our clients and we are PROUD to bring this matter to the attention of the community we serve.  
 
 
BE AWARE!
 WIRE FRAUD is on the rise.  The FBI is reporting that there is1 case a day in Southern California of Wire Fraud! 
 
 There have been many Escrow Companies hit just within the last 6 months in San Diego, unfortunately for many of them they were not able to recover the money.  KNOW WHO YOU ARE DOING BUSINESS WITH, it makes a difference.
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1 Million Borrowers Regained Equity Last Year

March 14, 2016 by

home photoSpread the good news: The nation increased its number of financially secure households by a significant amount in 2015. By the end of the fourth quarter, about 46.3 million – or 91.5 percent – of all properties with a mortgage had equity, according to CoreLogic’s most recent analysis, released this week.

“The number of home owners with more than 20 percent equity is rising rapidly,” says Anand Nallathambi, president and CEO of CoreLogic. “Higher prices driven largely by tight supply are certainly a big reason for the rise, but continued population growth, household formation, and ultra-low interest rates are also factors. Looking ahead in 2016, we expect home equity levels to continue to build, which is a good thing for the long-term health of the U.S. economy.”

The majority of residential properties with positive equity tend to be at the higher end of the housing market, according to CoreLogic. Ninety-five percent of homes valued at $200,000 or higher have equity, compared to 87 percent of homes below the $200,000 mark.

Despite recent gains, many home owners are still “under-equitied,” according to CoreLogic’s report. More than 50 million residential properties with a mortgage – or 18.9 percent – have less than 20 percent equity in their properties, and 1.2 million home owners – or 2.3 percent – have less than 5 percent equity.

Some home owners still don’t have any equity. About 4.3 million home owners with a mortgage, around 8.5 percent, owe more on their home than it is currently worth as of the fourth quarter of 2015. That marks a slight increase from 8.3 percent in the prior quarter, but a 19 percent year-over-year decrease from 2014.

Source: CoreLogic via Realtor.org

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12426 Holland Rd Poway, CA 92064

March 9, 2016 by

***New Listing Alert!***

3Bed…1.5Bath…1,131 sq. ft….$429,900! (SOLD!)

Bring Offers! Investors welcome! Great opportunity to own a home in the prestigious Poway Unified School District. Large usable corner lot with potential to add square footage. Fixer home to be sold in as-is condition. All information and measurements on property are unverified by listing broker and agent. Buyer and buyers agent to verify all information before COE. Do not disturb occupants!

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How Low Will Mortgage Rates Go?

February 15, 2016 by

Housing-MarketFor the sixth consecutive week, mortgage rates were on a downward spiral as the 30-year fixed-rate mortgage hovers near its 2015-low of 3.59 percent, Freddie Mac reports.

“The 30-year mortgage rate dropped another 7 basis points this week to 3.65 percent,” says Sean Becketti, Freddie Mac’s chief economist. “This week’s drop leaves the mortgage rate just 6 basis points above last year’s low of 3.59 percent. In a falling rate environment, mortgage rates often adjust more slowly than capital market rates, and the early-2016 flight-to-quality has run true to form. The 30-year mortgage rate has dropped 36 basis points since the start of the year, while the yield on the 10-year Treasury has dropped 59 basis points over the same period. If Treasury yields were to hold at current levels, mortgage rates might well sink a little further before stabilizing.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 11:

  • 30-year fixed-rate mortgages: averaged 3.65 percent, with an average 0.5 point, dropping from last week’s 3.72 percent average. Last year at this time, 30-year rates averaged 3.69 percent.
  • 15-year fixed-rate mortgages: averaged 2.95 percent, with an average 0.5 point, falling from 3.01 percent last week. A year ago, 15-year rates averaged 2.99 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.83 percent, with an average 0.4 point, dropping from last week’s 2.85 percent average. A year ago, 5-year ARMs averaged 2.97 percent.

Source: Freddie Mac and Realtor.org

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Homeowners Reap Remodeling Benefits Whether Selling or Staying, Say Realtors®

December 11, 2015 by

(December 9, 2015) — Homeowners preparing to sell often make improvements, both big and small, to their homes that can help yield positive results and garner top dollar from buyers. According to a new report from the National Association of Realtors®, remodeling projects can also bring major benefits to homeowners who choose to remain in their homes.

“Realtors® know that certain home upgrades and remodels can be beneficial to get more buyer eyes on a property, potentially bring in more offers or gain more equity from a home,” said NAR President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. “But remodeling projects are just as valuable to homeowners who simply want to get more joy out of their dwellings. Regardless of the situation, Realtors® know what remodeling projects bring the biggest bang for the buck and what projects are most likely to improve a homeowner’s impression of their current place.”

According to NAR’s 2015 Remodeling Impact Report, which uncovers the reasons homeowners choose a remodel and the increased happiness certain projects bring once completed, 64 percent have experienced increased enjoyment in their home after completing a remodeling project. Additionally, 75 percent of respondents said they felt a major sense of accomplishment when thinking of their completed project. Fifty-four percent of respondents felt happy about the changes to their home, and 40 percent felt satisfied. As for their reasons to complete a remodeling project, 38 percent of homeowners said they wanted to upgrade worn-out surfaces, finishes and materials; 17 percent wanted to add features and improve livability; and 13 percent believed it was time for a change.

Realtors® named kitchen upgrades, complete kitchen renovations, bathroom renovations and new wood flooring as the interior projects that most appeal to potential buyers. Similarly, Realtors® also ranked projects based on expected value at resale (without accounting for project price); the projects that ranked the highest in this category were complete kitchen renovations, kitchen upgrades, bathroom renovations and the addition of a bathroom.

When looking at the interior projects that yield the biggest financial results upon resale, Realtors® ranked hardwood flooring refinishes (100 percent of project cost recovered upon resale), insulation upgrades (95 percent recovered), new wood flooring (91 percent recovered), and converting a basement to a living area (69 percent recovered) as projects to consider.

Exterior projects are also important for both sellers and homeowners looking to increase satisfaction with their current home. Realtors® said new roofing, new vinyl windows, new garage doors and new vinyl siding are most appealing to potential buyers and are highly valued upon resale (both considering project price and disregarding project price). Upon resale, Realtors® said new roofing would recover 105 percent of its project cost, a new garage door would recover 87 percent, new vinyl siding would recover 83 percent, and new vinyl windows would bring back 80 percent of their cost. As for exterior projects that bring the most happiness for those not necessarily intending to sell, homeowners said new fiber-cement siding, new fiberglass or steel front doors, new roofing, and new garage doors brought the most satisfaction.

The 2015 Remodeling Impact Report, the first of its kind from NAR that examines personal satisfaction from remodeling projects, surveyed Realtors®, consumers who have completed their own remodeling projects, and members of the National Association of the Remodeling Industry.

“Remodeling projects can greatly improve both the value of and satisfaction with one’s home, which are great things no matter the reason for a project,” said Judy Mozen, president of the National Association of the Remodeling Industry. “This report highlights the best projects to consider in either situation and showcases just how much of a difference a good and professional remodel can make in real numbers.”

Salomone said the report not only assists homeowners who are preparing to sell in choosing the best projects to attract buyers, but it also helps those looking to get more personal satisfaction out of their homes. “Realtors® know that remodeling projects aren’t just done to get more money for a home once it’s time to sell – a home is your sanctuary, the place you raise your family and where you make lifelong memories, which is why the report can also help consumers decide which projects could enhance their current quality of life and happiness,” he said.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

The National Association of the Remodeling Industry is the medium for business development, a platform for advocacy and the principal source for industry intelligence. NARI connects homeowners with its professional members and provides tips and tricks so that the consumer has a positive remodeling experience.

-From: Realtor.org

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