Carlsbad Real Estate Advice 4 - Mylene Merlo - North County San Diego Real Estate Advisor

North County San Diego Real Estate Market Report – December 2024

Throughout 2024, we have seen a stable market, although it has been slow and often frustrating for home buyers. The high rates are keeping many would-be sellers from losing their below 3% mortgages. At the same time, the 7% rates are limiting choices for would-be buyers. Looking at November 2024 sales numbers, and, same as last month, North San Diego County hasn’t set any new price records. Still, prices remain high, and inventory has dropped

Mortgage Waiting Periods After a Bankruptcy, Foreclosure, or Short Sale

Mortgage Waiting Periods After a Bankruptcy, Foreclosure, or Short Sale How long do you have to wait before you can get a new mortgage? Mortgage waiting periods depend on what type of loan you want to use for your next home. The good news is, you may only need to wait as little as 2 years! To that end, here’s a breakdown of the waiting periods, based on the event. Mortgage Waiting Periods After Bankruptcy

North County San Diego Real Estate Market Report – November 2024

Happy Thanksgiving! I just checked October 2024 sales numbers, and this is the first time in a while that North San Diego County hasn’t set any new price records. Still, prices remain high, and inventory has dropped by almost 10% in the last month. At the same time, today’s inventory is 45% higher from one year ago. Compared to September sales, the number of days on market for October sales was slightly lower. Earlier this

How Home Staging Works – Before and After Photos

Is home staging really worth it? Why do so many people recommend staging when selling your home? Does it really make that big of a difference? Here are some examples of before and after photos, so you can decide for yourself. Is Home Staging Really Worth It? Staging isn’t cheap. Many home sellers pay between $2,500 – $10,000 to professionally stage their home. Why are they willing to front that considerable expense? Is it really

Renovation Loans – Buying and Renovating a Fixer Property

One of real estate’s best-kept secrets is the Renovation Loan. Renovation loans can help buyers afford to buy and rehab a home. Both the purchase price and the renovation costs are tied into one single mortgage. Your loan is closed in as-is condition, utilizing the after-improved value. Renovation Loans aren’t just for home buyers – if you currently own a home, you can refinance your home with a Renovation Loan, to pay for improvements. Here’s what renovation

North County San Diego Real Estate Market Report – October 2024

Happy Halloween! The weather is finally showing signs of cooling off, just in time for the beginning of the holiday season. As usual, though, the San Diego real estate market doesn’t show any signs of slowing down or cooling off. Last month, Carlsbad and San Marcos set NEW records for detached home sales prices! In spite of high sales prices, one number has changed over the past two months. The number of days on market

Mortgage Affordability Calculation – How Much Home Can I Afford?

Mortgage Affordability Calculation – The First Step for Home Buyers Almost all home buyers begin with the same question: How Much Home Can I Afford? Only your lender can give you a definitive answer, but Nick Richardson at JMJ Mortgage has provided a simple formula to get you started. Use the 43% Rule for a quick mortgage affordability calculation. You can also use my Mortgage Approval Estimate Worksheet to help you determine how much home you can buy. Lenders Approve a Total

Natural Gas Fireplaces – Cheaper, Cleaner, more Energy Efficient

Wood Burning vs. Natural Gas Fireplaces After growing up with wood burning fireplaces, I was surprised to learn that natural gas fireplaces are the cheaper, cleaner, and more energy-efficient option. If you have a wood burning fireplace with a gas starter, consider making the change to natural gas. Reasons to Stop Burning Wood Here are some reasons why you should stop burning wood: It isn’t good for the earth. Wood burning emits a lot of

What to Expect When Selling Your Home – Seller Escrow Timeline

Seller Escrow Timeline Congratulations! You have accepted an offer for the sale of your home, and opened escrow. 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 is shorter. Sometimes it’s longer. You and the Buyers agree to a timeline during the contract negotiation. Here’s a general escrow timeline for home

North County San Diego Real Estate Market Report – September 2024

Fall is already here, and the real estate market continues to hold steady. Last month, August sales prices set a new all-time record for Oceanside detached homes. The number of days on market in North County is still low. Most homes sell within two weeks of listing in the MLS. But what about interest rates? The good news is that the Federal Reserve dropped the federal funds rate by .5% last week. However, that doesn’t

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

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

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

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