Carlsbad Real Estate Advice 2 - Mylene Merlo - North County San Diego Real Estate Advisor

Property Tax Calculation for San Diego Real Estate – Tips for Homeowners

Property Tax is Boring. Read This Anyway. Why am I writing about property tax calculation? Because I’m not just your real estate broker, I’m your real estate advisor. I want you to have the freedom to make informed choices throughout your entire real estate experience: when you buy a home, while you live in it, and when you sell it. Almost everyone thinks that since real estate property tax is inevitable, there’s no good reason to

Mortgage Refinancing Closing Costs – How Much to Refinance My Home Loan?

Mortgage Refinancing Closing Costs Are you thinking about refinancing your home? Here’s what to expect regarding refinancing closing costs. Refinancing is cheaper than taking out the original purchase loan. Mortgage refinancing closing costs are lower than buyer closing costs. Refinancing is also quicker and easier. Compared to your original mortgage, you don’t need to submit as many documents to get approved for a refinance. For example, an FHA Streamline Refinance does NOT require employment verification,

Buyer Closing Costs – Buying a Home in California

When you plan to buy a home, one of the first things to know is how much cash you need to get started. This article outlines: Buyer closing costs depend on lots of things, including the type of loan, the type of property, the final sales price, and even your credit rating. You can print this Cost to Buy a House Worksheet to estimate your buyer closing costs. This worksheet includes the upfront costs, which are paid at

North County San Diego Real Estate Market Report – August 2024

Summer is winding down, but the real estate market is holding steady. For the first time in a while, last month’s median sales prices didn’t set any new records in North County. Still, you can see below that the median sales prices have been consistent throughout the year. Good news for home buyers: inventory has continued to rise slowly. Between late July and late August, the number of detached homes across six North County cities

Home Buying – New Commission Rules

Unless you have been boycotting all media lately (I wouldn’t blame you), you have heard that the rules have changed for buyer agent commissions. I won’t go into details about the class action lawsuits, but you can read more about the National Association of REALTORS® settlement here. Today’s home buyers should know: What are the new commission rules that I need to follow? There is only ONE new requirement for home buyers: Before an agent

San Diego Wildfires, Part 1 of 4: Myths and Reality

San Diego Wildfires: Myths If you live in San Diego County, you already know that wildfires are a common hazard. First, we need to dispel some common myths about wildfire. Second, we need to learn how to prevent wildfires, so that we can protect ourselves in the future. “San Diego Wildfires are Naturally Frequent.” Myth: San Diego Wildfires are nature’s way of clearing brush, so they’re necessary. Frequent wildfires have been happening for thousands, if

How Lower Mortgage Rates Can Help You Purchase or Refinance a Home

When Rates Fall, You Save Lower mortgage rates can save you thousands of dollars over the life of a loan. For home buyers, lower mortgage rates can also increase your buying power. Without a doubt, anyone who wants to buy or refinance a home needs to consider how mortgage rates will affect your loan. So how much is a big increase or decrease? When the news reports a 1/2 point drop in rates, is that

North County San Diego Real Estate Market Report – July 2024

I checked June 2024 sales numbers for six North County cities. Out of six cities, two set new sales price records! For detached home sales, San Marcos, and Escondido set new records for sales prices. Inventory has continued to rise slowly. Between late June and late July, the number of detached homes across six North County cities increased slightly. Given the low inventory over the past year, we are grateful for any signs of improvement.

How Much Does it Cost to Own a House?

Are you planning a budget for your existing home, or considering buying a home? There are plenty of mortgage calculators available online, but they don’t include all homeowner expenses. How much does it really cost to own a house? Use my Monthly Housing Costs Worksheet to help plan your monthly expenses. The Cost to Own a House – Not Just the Mortgage Homeownership can build net worth, provide financial stability, and even create a source of rental

Conventional Home Loan Programs – as low as 3% down

Conventional home loan programs are the most common loan programs used to buy a home. They make up around 60% of all mortgages. NOTE: You can also check your eligibility for two other popular loan programs, FHA Loan Programs and VA Loan Programs. FHA loans are insured by the Federal Housing Administration (FHA) and down payment starts at 3.5%. VA loans are insured by the Veteran’s Administration and offer no down payment, and no monthly mortgage insurance.

Property Tax Postponement Program for California Homeowners

Need some relief from property tax bills? If you are a homeowner in California and over 62, blind, and/or disabled, you may qualify for the Property Tax Postponement Program. (NOTE: If you are a military veteran with a service-connected disability, read about the Disabled Veterans’ Property Tax Exemption.) Eligible homeowners can postpone payment of current-year property taxes on their primary residence. Postponed amounts are secured by a lien against the property, and accrue interest at a rate of 5%.

North County San Diego Real Estate Market Report – June 2024

I checked May 2024 sales numbers for six North County cities. Out of six cities, three set new sales price records! For detached home sales, San Marcos, Oceanside, and Escondido set new records for sales prices. Inventory has continued to rise throughout the spring season. Between late May and late June, the number of detached homes across six North County cities increased by 18%. This is good news for home shoppers, who have struggled to

Reverse Mortgage Costs – Turn Your Home’s Equity Into Cash

Do you want to take out a reverse mortgage? First, consider how much it’s going to cost. Here are the basics, and costs, of reverse mortgages. This article covers: Reverse Mortgage Basics – loan requirements, how much you can borrow, and when to pay it back. Loan Options – there are different Reverse Mortgage programs to choose from. Reverse Mortgage Costs – fees, interest, insurance. Example of a reverse mortgage, and the costs associated with

Closing Costs for Cash Buyers in California

Are you an all-cash buyer? When you pay with cash, you can enjoy a negotiating advantage, a shorter escrow period, and you pay fewer escrow fees. Here’s a list of closing costs for cash buyers, and an example of the costs for a cash purchase of a $500,000 home. NOTE: These costs apply to California sales. If you are buying a home outside of California, these numbers probably don’t apply. Check with a local real estate company

Self Employed Buyers – How to Finance Your Home

If you’re self employed, how do you qualify to buy a home? How do you satisfy a lender without regular bi-weekly paychecks? Many self employed people are afraid that they can’t qualify for a mortgage, because they don’t receive a certain amount of income every two weeks. Here’s the good news: many self employed people can qualify to buy a home. If you identify as a sole proprietor, W-9 employee, freelancer, or independent contractor, your loan

North County San Diego Real Estate Market Report – May 2024

Sales prices are staying high. For detached home sales, Oceanside set a new record high sales price for April 2024, at $975,000. Inventory has continued to rise this spring. Between late April and late May, the number of detached homes across six North County cities increased over 11%. Carlsbad – $1,900,000 All-time high: $1,930,000 – April 2022 Encinitas/Cardiff-by-the-Sea – $2,375,000 All-time high: $3,100,000 – September 2023 San Marcos – NEW HIGH – $1,150,000 All-time high:

Where Can I Go to Get a Mortgage? – Mortgage Lenders 101

What are the different types of mortgage lenders out there? Whether you’re looking to buy or refi, there are plenty of companies competing for your business. While they all serve the purpose of financing a real estate purchase, they can look very different from each other. So how do you decide where to go and what to look for? Here’s a quick rundown on the different types of lenders, and how I, as a real

Home Buying and Credit Repair – How to Improve Your FICO Score

When planning to buy a home, one of the first questions to ask is: What is my mortgage FICO score? Here’s how your FICO score affects your ability to buy a home, and how to improve it. What is a “Mortgage” FICO Score? FICO scores vary, by credit agency and inquiry type. The FICO score that you can order online will be different from what a mortgage lender obtains. I have also heard that the

Pre Listing Checklist -Steps to Selling Your Home

6 Steps to Preparing Your Home for Listing in the MLS

Congratulations! You have signed a Residential Listing Agreement to list your home for sale. What’s next? Here’s my Listing Checklist for preparing your home for listing in the MLS. 6 Steps to Preparing Your Home for Listing in the MLS Property Details Seller Disclosures Cleaning & Staging Photography Appointment Schedule Open Houses For Sale Sign Property Details My first step in preparing your home for listing is gathering Property Details. As your listing agent, I want the

North County San Diego Real Estate Market Report – April 2024

Sales prices continue to climb. For detached home sales, both San Marcos and Vista set new record high sales prices for March 2024 sales. In Oceanside, the median sales price matched the record high set in July 2022. Inventory continues to stay low, but there was a significant jump between early March and late April. Many would-be home sellers are waiting for interest rates to drop, as they may have doubled since their last refi.

Buying a Multifamily Property in San Diego County – Duplex, Triplex, Quadriplex

Multifamily Property – Buy with only 5% down payment! Did you know that you can buy a multifamily property with only 5% down payment? If you live in one unit, and rent out the other units, you can use an owner occupied loan to purchase! Loan Limits for Multifamily Properties For properties that include more than one single-family residence, the 2024 San Diego loan limit is higher: Duplex (a home divided into two residences): $1,288,200Triplex

Rent increase limit – San Diego County rent cap law

Rent Increase Limit in San Diego County – updated for 2024 UPDATE: I have added new updates to the Tenant Protection Act – effective April 1, 2024, and updated the CPI, released April 10, 2024. Also, Fox 5 News interviewed me about the rent cap law – check out the interview here. The rent increase limit, or rent cap, became effective on January 1, 2020. And, even though this happened over FOUR YEARS ago, I

4806 1/2 Old Cliffs Road in Allied Gardens – SOLD!

Welcome to The Cliffs Mobile Home Park in Allied Gardens! UPDATE: We closed escrow in March, for $312,000! Built in 2017, this newer Golden West home offers three bedrooms and two full baths in a double-wide, 1325 square foot floor plan. 4806 1/2 Old Cliffs Road is located in a quiet area of the park. There are no neighbors directly behind. You can just enjoy the shade of lovely oak trees for your backyard. The

Buyer Escrow Timeline – What to Expect When Buying a Home

Buyer Escrow Timeline Congratulations! Your offer was accepted, and you have opened escrow on your new home. So what’s next? How long should everything take? Is there a general escrow timeline to follow? It usually takes between 30 to 60 days for an escrow to close. Sometimes the escrow timeline can be shorter or longer. You and the Sellers agree to an escrow timeline during the contract negotiation. Here’s a general escrow timeline for home buyers. While every

Carlsbad Real Estate Advice