Money Monday: Shopping for Interest Rates

While interest rates have remained at low levels, many analysts are predicting that mortgage rates will be heading upward. With this in mind smart homeowners are rushing to lock in the low rates. The following tips will help interested homebuyers in shopping for the best rate.

mortgage rates and property taxes

How to shop: If you simply call up and ask a lender for interest rates the lender can tell you almost anything. One lender might offer a floating rate, while the next would offer you a forty day rate. Instead, before you call up you need to know two things: how many points you want to pay and how long you want to lock in the rate. You also want to call all the lenders on the same day. This way you will get a common basis of comparison for the different quotes.

Getting a reliable quote: Beware of lenders who promise unreasonable low rates. This does not mean that lenders are unreliable; however there is an incentive for the lender to fudge the quote in order to gain your business (the bait). Then when you go in to fill out the paper work the lender will change the rate on you (the switch).

How to Really Shop for a Lender: The best way is to get a referral, then shop other lenders. Do it properly, telling the lenders how much you are willing to pay in points and how long you want to lock in the rate. Make all your calls on the same day. Tell the lender you have filled out an application and that you will fax it in, so the rate has to be something he can deliver.

San Diego County Events for August 19 – 21

Such a variety of events going on this weekend! Head over to the Chula Vista HarborFest or enjoy a movie in the park with the family, or expand your literary side by attending the TwainFest!

San Diego county events this weekendSummer Movies in the Park: Inside Out

Enjoy the movie “Inside Out” at the Summer Movies in the Park. There will be food trucks and a concession stand, along with games and music prior to the film.

When: Friday, August 19 | 8 – 10pm
Where: Waterfront Park | 1600 Pacific Highway, San Diego, CA 92101
Cost: Free
More information: www.summermoviesinthepark.com/moviecalendar/inside-out-g-waterfront-park


TwainFestTwainFest_flyer_2016_letter_size

Twainfest is a FREE celebration of Mark Twain and other writers of the 19th century.  Great fun for all ages.

Hear works by Walt Whitman, Emily Dickinson, Harriet Beecher Stowe, Paul Laurence Dunbar, Edgar Allan Poe and others, read aloud by San Diego actors.

When: Saturday, August 20 | 11am – 5pm
Where: Old Town San Diego State Historical Park | 4002 Wallace St, San Diego, CA 92110
Cost: Free
More information: TwainFest


Sip N’ Ship Beer Festival

A beer festival in an un-paralleled historical location right on San Diego Bay. Let your taste buds experience various craft beer vendors while you enjoy live music. Curb your hunger with assorted food trucks on site.

Attendees will be able to walk about the vessels and sample beers from many breweries at different locations throughout the museum.

When: Saturday, August 19 | 1pm – 5pm
Where: Maritime Museum of San Diego | 1492 N Harbor Dr, San Diego, CA 92101
Cost: $35+
More information: Sip N’ Ship Beer Festival


Chula Vista HarborFest

This year’s annual HarborFest will have everything you could possibly want at a FREE, all ages celebration! Save the Date! It will take place on Saturday, August 20, 2016 from 10 a.m. to 6 p.m. in Bayside Park at the Chula Vista Marina. Enjoy the crisp ocean air and sweet summer sun. Prepare to get your groove on and dance, dance, dance in front of THREE stages: the Latin Beats Stage, HarborFest Main Stage and Chula Vista Community Stage!

When: Saturday, August 20 | 10am – 6pm
Where: Bayside Park, Chula Vista Marina | 999 Bayside Pkwy., Chula Vista, CA 91910
Cost: Free
More information: chulavistaharborfest.com

Exposure is the Name of the Game

Exposure is the key to selling your home fast and getting top dollar.

selling your home

With good exposure your home will be viewed by more people, thereby increasing the chances of an offer on your home. If you are looking to sell your home quickly then it is definitely in your interest to contact a REALTOR®, as it is unlikely that you will be able to generate as much exposure as an experienced professional.

Why is it that a REALTOR® is able to generate so much more exposure than the average homeowner? Part of the explanation can be found in the fact that most REALTORS® have marketing plans that consist of print ads, an online presence, and a network of clients interested in real estate. A second reason is that for many REALTORS® this is a full time job and they are willing to put all their experience and time to the sale of your home. The final reason is that the REALTOR® has access to the Multiple Listing Service (MLS) and through this is able to network with every agent in your market area. As soon as you list your home with a REALTOR® this information is disseminated to all agents in the market, who are then able to match it to buyers that they are working with; maximizing your exposure and minimizing the time it takes to sell your home.

Money Monday: Many full-time workers face housing affordability problems

Source: Harvard

While statistics on the gap in affordable housing clearly indicate the magnitude of the problem, they mask the extent of the difficulties that certain low-wage workers often face in obtaining a unit they can afford, particularly in major metro areas.

housing market

Making sense of the story

  • Data from the Bureau of Labor Statistics indicate that in many markets, most full-time cashiers, retail and sales persons, and food preparation workers would have been unable to afford even a modest one-bedroom apartment.
  • The fair market rent of a two-bedroom apartment was even further out of reach for these workers: as high as $2,062 in San Francisco and over $1,400 Washington, DC, Boston, New York, and Los Angeles.
  • Other occupations where median annual wages were inadequate for households to afford a
    modest one-bedroom apartment include—but are not limited to—EMTs and paramedics,
    childcare workers, security guards, and several types of healthcare support occupations.
  • All of these jobs are vital to local economies, and support a variety of businesses and services required for healthy, growing communities.
  • Wage stagnation among low-income households is certainly part of the problem. Between 2001 and 2014, the median real household income for renters in the bottom quintile fell 9.9 percent, while income for households in the top quintile was up 3.1 percent.
  • To make ends meet, many low-wage households must reduce expenditures on food and
    healthcare, move to areas which are less accessible and require longer commute times, or double up with family or roommates.
  • Nearly a third of the nation’s 7 million renters earning less than $35,000 in 2014 had minors
    living at home, and fully half of these families reported being severely cost-burdened in the same year—paying more than half of their incomes for housing.

Read the full story: housingperspectives.blogspot.com/2016/08/many-full-time-workers-face-housing.html

San Diego County Events for August 12 – 14

Festivals featuring food, music, performances, and more are going on this San Diego weekend!

San Diego county events this weekend¡Latin Food Fest!

The four-day ¡Latin Food Fest! events include a kick-off party, two-day ultimate tasting experience, and private chef’s dinner – so that each guest will have endless opportunities to indulge!

Celebrate the Campanile Foundation’s Latin culinary celebration at Embarcadero Marina Park North, in Downtown San Diego.

When: Friday – Monday, August 12 – 15, 2016
Where: Embarcadero Marina Park North | 400 Kettner Blvd, San Diego, CA 92101
Cost: $45+
More information: Latin Food Fest!


Oceanside International Film Festival 2016

North County San Diego’s largest film festival will show films from the U.S., Spain, Greece, Singapore, Ireland, Turkey, United Kingdom, Malaysia, Canada, Denmark, Switzerland, and Australia. The lineup is divided into family-friendly and mature audiences days, and consists of special screening blocks to suit everybody’s tastes.

When: Friday – Sunday, August 12 – 14, 2016
Where: Star Theatre & Sunshine Brooks Theatre, Oceanside, CA
Cost: $10 – $50
More information: osidefilm.org


Bravo International Music Academy Competition Final

After a two-week intensive classical music program where 90 of the world’s most promising musicians have come together to work with world-renowned artists here in San Diego, you are invited to attend the Competition Final for free.

When: Friday, August 12 | 7pm
Where: Smith Recital Hall: SDSU | 5500 Campanile Drive, San Diego
Cost: Free
More information: music.sdsu.edu


San Diego International Youth Arts Festival

A celebration in which youth arts organizations and schools showcase their talents and share their rich cultural heritage with the San Diego community.

When: Saturday, August 13, 2016 | 4pm
Where: Crivello Hall at Francis Parker School | 6501 Linda Vista Road, San Diego, CA 92111
Cost: Free
More information: www.facebook.com/SanDiegoInternationalYouthArtsFestival


Summer Food Truck Festival and Campout

Spend an evening on the farm with family and friends at the annual Summer Food Truck Festival & Campout. 9 of San Diego’s favorite food trucks will be here. Enjoy live music from Calico Ridge on the Bates Stage from 5:00 – 9:00. Snow’s Pony rides, petting corral, face painting and a scavenger hunt make this a fun event for the entire family. Reservations are required (for a fee) if you want to campout.

When: Saturday, August 13, 2016 | 4 – 9pm
Where: Bates Nut Farm in Valley Center | 15954 Woods Valley Rd, Valley Center, CA 92082
Cost: Free
More information: Summer Food Truck Festival and Campout

Save

Save

Money Monday: Renters are increasingly paying more for less

“New apartments hitting the rental market in 2016 are 8% smaller than they were 10 years ago, according to a recent report from online rental marketplace RentCafe.

for rent

“Meanwhile, rents for all apartments on the market have risen 7% in the last five years.

“This year, the average square footage of all new apartments, including studios, one-bedroom and two-bedroom apartments, was 934 square feet. Just a decade ago, the new units coming online offered an average of 1,015 square feet.

“The national average for rent this year is $1,296 compared to $977 in 2011…”

Read more from CNN here, or read the quoted report from RentCafe here.

If you’re thinking of buying a home instead of renting (especially after reading about this), then please contact me to see how I can help! 

Contact me!

John A Silva | (619) 890-3648 | Email

San Diego County Events for August 5 – 7

San Diego County has several events and activities happening this weekend! Check out Chula Vista’s lemon festival, Oceanside’s Art Walk, a burger battle, and more.

San Diego county events this weekendSing Along With Broadway!

If you love Broadway, then you’ll want to come to this semi-sing-along event Friday evening along the San Diego bay! This is one concert in San Diego Symphony’s Bayside Summer Nights Concert series.

When: Friday & Saturday, August 5 & 6 | Starting at 7:30pm
Where: Embarcadero Marina Park South | 200 Marina Park Way, San Diego, CA 92101
Cost: $20+
More information: purchasing.sandiegosymphony.org/single/psDetail.aspx?psn=5544


First Friday: Oceanside Art Walk

Downtown Oceanside is coming alive with vibrant arts, performances, music, poetry, activities, food, and fun for all ages, all free.

When: Friday, August 5 | 5 – 8pm
Where: Downtown Oceanside
Cost: Free
More information: www.oceansideartwalk.org


4th Annual San Diego Burger Battle

Bull BBQ is on a nationwide hunt to find the country’s best burgers. On Saturday, August 6th, the competition comes to San Diego. Over 20 competitors will throw down for bragging rights to the title of “Best Burger in San Diego”.

When: Saturday, August 6 | 11am – 4pm
Where: Carddine Home Resort Products | 1144 Los Vallecitos Blvd., San Marcos, CA 92069
Cost: Free to first 200 online registrars
More information: www.eventbrite.com/e/4th-annual-san-diego-burger-battle-tickets-26384247996


Visit the Chula Vista Olympic Training Center

Visit the Chula Vista Olympic Training Center; on Saturday, one-hour guided tours are available to the public, ansd visitors can also take self-guided tours through the facility. The OTC is dedicated to developing America’s Olympic athletes, and features numerous sport venues and support facilities for archery, beach volleyball, BMX, canoe/kayak, cycling, field hockey, rowing, rugby, soccer, softball, tennis, track & field, triathlon, and cross-training abilities for various winter sports.

When: Saturday, August 6 | 9am – 4pm
Where: Chula Vista Olympic Training Center (OTC) | 2800 Olympic Parkway, Chula Vista, CA
Cost: Free
More information: www.chulavistaconvis.com/things-to-do/us-olympic-training-center


Chula Vista Lemon Festival

Pucker up for the sweetest sour event of the year, the Third Avenue Village Association’s Lemon Festival presented by Wal Mart. Returning for its 20th year, the Lemon Festival brings crates full of summer fun to Chula Vista’s Original Neighborhood, spanning Third Avenue from E to G Street. Celebrate Chula Vista’s reign as the Lemon Capital of the World with live bands, hundreds of vendor booths, Festival Fun Zone, craft beer garden and everything lemon.

When: Sunday, August 7 | 10am – 5pm
Where: Third Avenue, from E to G streets, Chula Vista, CA
Cost: Free
More information: thirdavenuevillage.com

Update on California’s Pending Home Sales – July 2016

California pending home sales post third straight annual June

Source: C.A.R.

urban real estate prices, most live in suburbsLed by the San Francisco Bay Area, California pending home sales continued their June to post three straight months of annual increases, according to the CALIFORNIA OF REALTORS® (C.A.R.).

Making sense of the story

  • Statewide pending home sales rose in June on an annual basis, with the Pending Index (PHSI) increasing 3.2 percent from 123.4 in June 2015 to 127.3 in signed contracts. With pending sales on a rising trend in the past couple increase should portend for higher closed transactions in July and August.
  • California pending home sales declined 7.0 percent on a monthly basis compared primarily due to seasonal factors. When adjusting pending sales for typical pending sales were down 3.2 percent from May and up 3.0 percent from June 2015.
  • After trailing behind Southern California and the Central Valley since the the San Francisco Bay Area led the regions, with pending sales increasing across the state.
  • For the Bay Area as a whole, pending sales were up 5.1 percent from June percent from May. The June increase in Bay Area pending sales suggests the region, which had been trailing behind 2015 in closed sales, primarily and tight inventory.
  • Pending home sales in Southern California as a whole rose 3.2 percent from percent from May, thanks to year-over-year gains of 5.5 percent in Los Angeles percent in San Bernardino County, and 1.3 percent in San Diego County.
  • Pending sales in Central Valley posted a gain of 2.6 percent from the previous down 9.3 percent on a month-to-month basis.
  • Orange County experienced a 6.0 percent decrease from the previous year.

Read the full story: http://www.car.org/newsstand/newsreleases/2016releases/june2016pending