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: It’s time to postpone tree trimming until October. Also, for a limited time, you can apply for a FREE irrigation system checkup. This free service will offer tips to reduce both outdoor and indoor water usage. Finally, the second installment of property taxes is due by April 10 – you can download my worksheet to help you calculate future property tax liability.
What’s Happening in the North County San Diego Real Estate Market?
I don’t have much to report this month, which means the market is very stable. The number of homes for sale hasn’t changed in the past month, and the prices haven’t really gone up or down. The only difference between January and February is how much time it takes to sell a home. In February, most homes went into escrow within two weeks.
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Interest Rates
Fixed 30 year mortgage rates have stayed under 4% in 2016. Recently, some FHA rates dropped below 3.5%. VA and FHA rates are usually 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, and some of these conventional loans are available with no mortgage insurance to pay. All of these programs can be used for new purchases, or for refinancing.
STILL TIME TO GO SOLAR: 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 San Diego Housing Commission provides loans and grants to help first-time home buyers. The California Housing Finance Agency (CalHFA) also 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 March 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.
