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Wondering if it is a good time to buy at the beach?  The answer is YES YES YES!!! Check out these statistics if you had any doubt

2011   Mission Beach / Pacific Beach Total Sales

2011 Total
Sales - 533

2010 Total
Sales - 443

2011 Dec Single Family Home Sales - 16

2011 Dec Condo Sales - 23

Foreclosures for  2011 - 49

Foreclosures for 2010 - 71

1995 Median Single Family Home in 92109 was $249,000

2000 Median Single Family Home in 92109 was $450,000

2005 Median Single Family Home in 92109 was $880,000

2011 Median Single Family Home in 92109 is $675,000

 

Americans' attitudes on a variety of issues are marginally better than one month ago, according to results from Fannie Mae’s December National Housing Survey. Despite overall low levels of optimism among Americans, consumer sentiment trended in a positive direction in the final months of 2011. Americans who say the economy is on the right track rose by 6 percentage points since November, while the percentage who say the economy is on the wrong track dropped by 6 percentage points. When asked about housing, more Americans expect home prices to increase compared to November and, on average, Americans expect home prices to increase by 0.8 percent over the next year, up from an expected 0.2 percent increase last month. On the personal finance side, for the first time since February 2011 more respondents say their financial situation will get better over the next year than say it will stay the same. In turn, the share of consumers who say their income is significantly higher than it was a year ago rose 5 percentage points since last month.

This is not the case any longer. If you are looking to potentially short sale your home and have a first lien with Bank of America the short sale process has become much more efficient, streamlined and easy to deal with. As a short sale listing agent and negotiator I have worked with BOFA on upwards of 40 files/listings in the past year. If your aligned with a Realtor that knows upfront what is needed to make this process much smoother than you could possibly see short sale approval in 30-45 days.

This would apply to sellers with first liens and/or first and second liens with Bank Of America ( Not Fannie or Freddie Owned loans) that wish to do a traditional short sale, not a HAFA short sale.

Looking for more bang for your buck? CNN Money offers these top 5 home improvements to bring you the best return on your investment.

Job cost: $1,218
Value added: $1,243
Cost recouped: 102%
 
2. Garage Door replacement
Job cost: $1,291
Value added: $1,083
Cost recouped: 84%

Been thinking about buying?  New loan limits may have you ready to take that leap.  

Working in concert to meet a tight deadline, Congress and the White House have raised the FHA loan limit in high-cost real estate markets, making it easier to obtain an FHA loan on properties up to $729,750*.

Following passing votes in the House of Representatives and Senate, President Obama signed HR 2112, the Consolidated and Further Continuing Appropriations Act of 2012, into law, renewing the expired higher loan limits for Federal Housing Administration (FHA) and U.S. Department of Veterans Affairs (VA) loans for an additional two years, through December 31, 2013.

The limit to conforming loans was reduced to $625,500 on October 1, 2011, when a previous increase in conforming loan limits expired. With the passage of this legislation, the FHA loan limit has been restored to $729,750. While the loan limit has been increased for FHA loans, the increase does not affect limits for conventional loans backed by Fannie Mae or Freddie Mac.

Higher loan limits give borrowers another home-financing option to consider in high-cost areas of the country, such as California and New York. Borrowers could take out a jumbo loan, which typically requires a larger down payment. They now have the option of using an FHA loan with a lower 3.5% down payment requirement.

?Call me today if you want to get started on the path to owning a home.

This week I recieved a short sale approval letter from One West Bank (Formerly IndyMac Bank) that will pay my seller $10,095 at closing to complete the short sale.  More and more banks are offering sellers cash incentives to complete a short sale rather than let the property go to foreclosure.  Does your mortgage company possibly offer you an incentive?  To date I have seen both Chase and One West Bank offer such incentives in additon to the governments HAFA short sale program which also offers seller incentives at closing.

Want more information? Call me today!  ??Felicia Jerbasi ~ 858.414.1617

 

If you are looking to purchase an investment property now is the time. Rates this week for investment property purchases are at an all time low, making this your opportunity to become the landlord you have always wanted to be! As we head into the holiday seasons historically sales slow down which means prices will continue to drop - for any investors this is your golden opportunity.  Call me today to see what your options are!