If you’re planning to buy or sell North County San Diego real estate, start keeping track of market trends. My real estate market report will inform you about market conditions in Coastal North County San Diego, and how they have changed over the past year.
Homeowners: don’t forget to get your free rain barrel, and to schedule your tree trimming before spring. Also, you may have received your property tax bill for your 2nd installment of the 2015-2016 fiscal year. You can read up on Property Tax Calculation – I include a worksheet to help you understand your tax bill, and plan for future years.
What’s Happening in the North County San Diego Real Estate Market?
The short answer is, not much… it’s a very stable market. Between December and January, the prices haven’t really increased or decreased. The only real changes are that there is more inventory, and that homes are taking a little longer to sell. Still, most properties are going into escrow within a month.
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Interest Rates
Fixed 30 year mortgage rates have recently hit 9-month lows. Most borrowers qualify for rates below 4%. In early January, one of my clients locked in an interest rate of 3.75% for a fixed-rate VA loan. VA and FHA rates tend to be lower than conventional loan rates.
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Mortgage Limits in 2016 – Conventional, VA, FHA
Effective January 1, 2016, the mortgage limit for conventional, FHA, and VA loans in San Diego County has increased to $580,750.
Loan Program Update
FHA Loan Programs provide a way to buy a home with only 3 1/2% down payment. VA Loan Programs continue to offer $0 down payment mortgages to eligible military active duty and veterans. Conventional loans are available with only 3% down payment. All of these programs can be used for new purchases, or for refinancing.
If you’re interested in financing energy upgrades, such as solar panels, there are a number of options to choose from. You can read my article that lists 7 Ways to Finance Green Upgrades.
SOLAR UPDATE: The 30% tax credit will not expire this year! Federal tax code allows for a one-time 30% Residential Energy Credit to purchase home solar photovoltaic systems. The credit may include any repairs necessary to install the panels, including roofing repairs. Check with your tax professional. This 30% incentive will be available through December 31, 2019, before tapering to 10% in 2022. If you’re interested in going solar, read my Solar for Homeowners article series.
Down Payment Assistance
The California Housing Finance Agency (CalHFA) offers down payment assistance to low to moderate income Californians. HomePath offers a down payment assistance program called the HomePath Ready Buyer Program. Also, check out the Down Payment Resource Directory, an online search tool to identify more down payment assistance programs.
Consult the Real Estate Market Report for Your Area
My Real Estate Market Report covers the areas of Carlsbad, Encinitas/Leucadia/Cardiff-by-the-Sea, San Marcos, and Vista.
Download the February 2016 Market Report
What’s Next?
Selling Your Home
Are you curious about how much your home is worth? Are you considering buying a home in a certain neighborhood? If you’re interested in a particular property or area, contact me for a specific market analysis. In addition to my Real Estate Market Report, I also provide information about seller closing costs, to give you a good idea of the true cost of buying or selling real estate, depending on the property.
If you’re thinking of selling, you can also use my Seller Net Proceeds Worksheet, to estimate your bottom line. You can also read about the seller disclosure process.
Buying a Home
If you’re thinking of buying, you can use my Cost to Buy a House Worksheet and my Monthly Housing Costs Worksheet, to help you budget and plan for the future. I recently created a worksheet to help you estimate your Mortgage Approval Amount. You can also read about the Cost to Buy a House and the Cost to Own a Home. If you are a cash buyer, read about Closing Costs for Cash Buyers.
For information about mortgages, you can read my articles about Choosing a Lender, How to Get Preapproval, and How Much Home You Can Qualify to Buy. If you’re interested in buying a fixer property and hiring contractors to make repairs and renovations, you should consider a Renovation Loan. These loans finance both the property and the renovations, in one single mortgage payment. Renovation loans can be used to finance energy upgrades, like insulation and solar panels. You can also read about 7 Ways to Finance Energy Upgrades.
In 2015, the Consumer Financial Protection Bureau (CFPB) released a new toolkit to guide consumers through the process of shopping for a mortgage and buying a home. The Home Loan Toolkit is a helpful tool to help you plan your purchase. The CFPB also has a website called “Owning a Home,” full of online tools and resources for prospective home buyers.
Effective October 3, 2015, the loan disclosure forms have changed nationwide. These changes are designed to help home buyers clearly understand the terms of the mortgage and the escrow and other closing costs. The CFPB offers guides to the Loan Estimate and the Closing Disclosure.
Any questions? Send me a message.
