Luxury Homes made more expensive by new zoning restrictions.
With some cities tightening zoning rules, unique homes that predate the code revisions may have an edge in the resale market.
Although the trend to build mega-mansions and mini-mega-mansions has subsided, various cities are enacting new zoning restrictions against them. It would seem that these new restrictions are actually boosting the resale values of the existing luxury homes.
First Time Home Buyer Online Education that Pays
Fannie Mae has a new online first time home buyer education course, the HomePath®Ready Buyer™ program, qualifying first-time homebuyers to receive up to three percent of the purchase price in closing cost assistance toward the purchase of a HomePath property, upon completion of an online homebuyer education course. Fannie Mae also will reimburse the $75 cost of the home buyer education course at the time of closing.
“Purchasing your first home can be an overwhelming process,” said Jay Ryan, Vice President of REO Sales, Fannie Mae. “We developed the HomePath Ready Buyer program to provide first-time homebuyers with the knowledge to make informed decisions as they navigate the complexities of the home buying process. Closing cost assistance provides a cushion many first-time buyers need to more confidently face the financial responsibilities of homeownership.” Read more
Real Estate – Millennials Prefer Suburbs
I’m sure this current survey showing that millennial’s prefer suburban living versus the downtown city lifestyle will cause much anxiety within the bureaucratic social engineering crowd.
Here in San Diego, there is no doubt that local government would love to have the majority of the populace be concentrated within the city boundaries. Sure, urban versus suburban living has its advantages as well as disadvantages. Bureaucrats and realtors could argue the pros and cons for an eternity. But, in my eyes. It boils down to the fact that beauty is in the eye of the beholder. Read more
Real Estate Market Feb 2015
The National Association of Realtors latest report on the housing market shows that home sales rose a modest 1.2% in February.
The home sales, inventory remains very tight and is limiting the selection of homes for first-time buyers. Last month the home sales inventory was down by half a percent. At this time of year the inventory of homes for sale should be averaging about 5.6%, according to the National Association of Realtors. Read more
Happy St Patrick’s Day
San Diego California real estate
Bob Schwartz San Diego real estate broker with over 30 years of residential real estate experience. – CA Lic. # 00706331
Put Bob’s 30 years of residential real estate experience to ensure that my clients achieve the best possible price marketing or selling residential real estate in the San Diego California real estate market! Read more
New California Real Estate Tax proposal
Well, saying that this is a new California real estate tax is not entirely accurate. What it is is a new proposal for a fee on all real estate sales in California.
Now, not being a lawyer, I’m not really sure what the difference is between a fee and a tax. But, the bottom line for this proposal is that if it is passed, every time a property transfers ownership, the state will collect this fee.
Pretty much my take on this is that every time California creates one of these new taxes or fees, they always start out low. Kind of like our gas tax and then slowly increase over the years. Read more
San Diego Home Prices
With today’s release of the S&P Case-Shiller Home Price Index report, which tracks residential home price appreciation in 20 major cities throughout the United States, San Diego home prices saw a 4.78% year over year appreciation for December 2014.
The S&P Case-Shiller Home Price Index report always has a lag time of two months. Some other notable facts in this report were that the highest year-over-year appreciation for December 2014 was seen in San Francisco, where they had a 9.3% increase. Coming in close second for best appreciation for the December 2012 year-over-year, was Miami at 8.4%. Read more
Rental cost show strong increases
According to an apartment research firm, January had one of the strongest national increases in rent seen since the post-recession period. According to this research firm January saw a very strong 4.9% annual rental increase as well as an equally strong 94.6% occupancy rate.
Naturally, here in California, we lead the nation in high rental amounts! Data from the January rental report also showed that some of the fastest growing rental increases were in Denver, Kansas City, Nashville, Portland, and Charlotte, North Carolina. Read more
Freddie Mac – 2015 Housing Market Outlook
A few highlights from this report:
Home prices to increase 3.9%. This is an increase from their prior report where they expected a 2015 home price increase of 3 1/2%.
A lower revised average 30 year fixed rate mortgage forecast of 3.9% for the year, versus their prior prediction of 4.2%.
Freddie Mac’s (Freddy Mac) chief economist stated:
“Despite the fact the yield curve has flattened, we remain optimistic about the course of the domestic U.S. economy over the next year. Read more