Walker Beeken

The state of California has added another incentive for its residents to purchase real estate. Starting May 1, 2010 and running through the remainder of the calendar year, home buyers in California will receive a $10,000 tax credit if they purchase either their first home, or a new construction home. It gives people in California another reason to take advantage of record low interest rates and much better affordability. Click the link below to the press release to read more details about the tax credit.

Another $10,000 Tax Credit for California Home Buyers

Below is a link to an article from Sign on San Diego showing the real estate market trends from February 2009 to Febraury 2010 for 6 counties in Southern California. The article suggests that San Diego County may be ahead of the curve in terms of its recovery from the real estate bust. The median home price in San Diego County is up 13% in February 2010 from where it was in February 2009. The article also touches on the other factors that are are making the cost home ownership as low as it has been in decades.

San Diego County Median Home Price Up 13% Over Last Year

Below is a link to my monthly San Diego Real Estate Market Update for March 2010. We’re getting into the busy season, and there are a lot of great opportunities out there for move up buyers, as illustrated in the report. Also highlighted are new lending requirements and what effect employment has on the real estate market.

Please feel free to contact me with any questions or comments at 858-750-9013 or wbeeken@prusd.com.

Walker Beeken March 2010 Real Estate Newsletter – SD Market Report

I’ve linked below to my monthly San Diego real estate market update for February  2010. There is also a 2009 review and 2010 outlook.

Inventory is still very low below about $700,000 making it a seller’s market, where we’re seeing a lot of competition between buyers and multiple offers on many properties. This is taken to an extreme below about $400,000 where homes are selling very quickly as long as they are presented well and priced appropriately. It’s a totally different story above about $900,000 where it’s a buyer’s market with an abundance of inventory and not enough buyers.

There’s some good advice for buyers and sellers in the report too. Give it a read and please don’t hesitate to call me with any questions.

Walker Beeken February 2010 Real Estate Newsletter – SD Market Report

I’ve linked below to a press release from HUD regarding FHA temporarily waiving the 90 day flip rule. The release further explains the details for the policy, which begins February 1, 2010. The guidelines will be very strict, but the hope is that it will open up a larger pool of homes available to buyers out there who are looking to purchase a home using FHA financing. This rule should have a big effect here in San Diego County. With inventory already being so low at the first time home buyer price price ranges, it’s even more difficult when you have to rule out more properties due to the fact that they have been purchased in the past 90 days. Many of these properties were foreclosures that were purchased for a discounted price that investors are trying to flip for a profit. The FHA was making borrowers wait 90 days before becoming eligble to purchase one of these properties, but this waiver will now make them availble as long as the property meets the strict guidelines. Check out the link to read more about it.

FHA waives 90 day flip rule to try and help speed up resale of foreclosures

This column says that interest rates could be on the way up and that the opportunity to lock in a rate under 5% has probably passed us for good. If you’re a potential buyer (or you’re thinking of refinancing), make sure you’re keeping track of what is going on with interest rates and that you know what any increases mean when it comes to the loan amount you’re pre-approved for, and what your monthly payment might be.

Interest Rates On The Way Up?