Tag Archives: CAR

Pre-Happy Independence Day 2014! A San Diego Real Estate Lawsuit has been settled

A San Diego Real Estate Lawsuit has been settled

buyers and sellers real estate disclosuresThis very interesting case is a mixed bag of “he said, she said” accusations and statements. All in all, when selling your home it always pays to DISCLOSE EVERYTHING  of past and present conditions, whether “latent” or “evident” and when buying a home, have thorough inspections while reviewing all paperwork from seller carefully.

In this specific case, the buyer sues the seller and agents for negligence and failure to disclose, withdraws suit to seller and buyer agent and keeps statutory failure to tell seller of defects in home since agent was selling same home for 2nd time after current seller bought home. Agent is awarded sanctions or damages for attorney fees in counter suit against buyer for incorrect lawsuit since the disclosures were provided to buyer by agent.

The following article was provided by California Association of Realtors, Real Legal Department. Continue reading

Home sellers are feeling good about real estate prices

Up from the previous year, sellers in 2013 are feeling pretty good about the current level of home prices.

43% of sellers think that real estate prices will move up in a year (while in 2012 only 9% thought that way). With time, home sellers tend to think that home prices are even more likely to rise; 58% of sellers in 2013 Continue reading

California’s Water Crisis and Laws

Water year 2013 (Oct. 1, 2012 – Sept. 30, 2013) was recorded as the driest year in California history, and 2014 is projected to be worse.faucet

Currently, 99 percent of California is abnormally dry. As a result of dry weather conditions and this year’s snowpack at 24% of the normal average, major river systems have had significant loss in surface water and ground water levels throughout the state have dropped dramatically. With two-thirds of the rainy season behind us, there is little chance for the water supply to recover. Continue reading

What Buyers Want in a Neighborhood

Easy access to the freeway. Close to work. Lots of trees. These are just a few of the neighborhood desires that surveyed home buyers said were important. Read the California Association of Realtors “one cool thing” infographic on “What do you want in a neighborhood?” below Continue reading

Good news for California homeowners facing short sales

short saleUnder regular tax rules, when a lender forgives a debt — that is, relieves the borrower from having to pay it back — the amount of the debt is taxable income to the borrower.

A homeowner who has $100,000 in mortgage debt forgiven through a short sale, for example, would have to pay income tax on the $100,000.

Continue reading

Current Real Estate Market Statistics

“C.A.R. closely monitors and analyzes trends in the residential real estate industry; the table below contains the latest reported existing home sales series, median home prices, unsold inventory index, median time on market, first-time buyer housing affordability index, and the latest mortgage rates” (www.car.org). Click here for PDF version Here’s the most current Market @ A Glance stats from the California Association of Realtors:market at a glance

How to get help with your down payment

refinancing your home

“Did you know there are programs out there that can help homebuyers with their down payments?

Consumers in San Diego County and throughout California can see if they’re eligible for any of them through a new web tool that scours for public and private aid…

…The California Association of Realtors, a real estate trade group, this week introduced a new tool that aims to make that process easier.

To access the down-payment tool, visit mortgage.car.org

Read U~T San Diego’s article in full here: How to get help with your down payment”.

California home prices are at a 4-year high

Persistently declining for-sale home inventory helped push the median price of California homes up to its highest level in four years in August, according to a report by the CALIFORNIA ASSOCIATION OF REALTORS®.

Closed sales of existing single-family homes in the Golden State also saw gains, rising 2.3 percent on an annual basis in August to a seasonally adjusted annualized rate of 511,240 units. That’s a 3.4 percent decline from July, but the fifth straight month to see a year-over-year increase.

“A lack of inventory remains an issue, as the housing supply fell more than 30 percent from last year,” said LeFrancis Arnold, the Association’s president, in a statement.

“Inventory levels are at the lowest levels we’ve seen in seven years, and we are starting to see the supply shortage conditions having a negative impact on sales in the Central Valley and the Inland Empire, where REO (real estate owned) properties are in short supply.”

For-sale inventory fell to a supply of 3.2 months at the current sales pace in August, down from a revised 3.5 months in July and a revised 5.2 months in August 2011, C.A.R. said. A supply of six months is considered to be a “normal” market where buyer and seller demand is roughly equal. Last month, only homes selling for more than $1 million were in normal territory with a supply of 6.1 months. Homes under $300,000 had the lowest inventory, with a supply of 2.8 months.

home prices up in real estateIt took a median 41.1 days to sell a single-family home in August, down from 43.2 days in July and a revised 52.5 days a year ago.

The median price of an existing single-family home rose for the sixth straight month in August, up 15.5 percent year over year to $343,820. That’s a 3 percent increase from July, the largest annual price jump in more than two years, and the highest median since August 2008.

“The median price is gaining in part because of a shift in the mix of what is selling,” said CAR Chief Economist Leslie Appleton-Young in a statement. “The increasing share of sales in higher-priced coastal markets at the expense of the inventory-scare distressed markets has been the primary factor in fueling the statewide median price.”

Higher-priced markets with a “robust economy” are experiencing strong demand and posting double-digit year-over-year price increases, but sales were stagnant or declined in lower-priced markets that rely more on distressed properties, Appleton-Young said.

Sales of homes under $200,000 saw a 13.6 percent year-over-year decrease in August, while sales in every other price range rose. Homes above $500,000 saw the biggest jump, nearly 30 percent.