Golden Hill, San Diego, Real Estate Market Trends, Single-family Homes, Mid Year Analysis, 2006
Posted on 22. Jan, 2010 by admin in general
The Golden Hill region is located near Downtown San Diego County, California. The community is located between Interstates 5 and 15, just south of the famous Balboa Park.
For the period observed (January through July 2006 compared against January through July 2005), the number of homes sold remained relatively consistent. Approximately 74 single-family homes sold in 2006 and 76 homes sold in 2005.
One method to analyze pricing trends for a particular community is to evaluate the median and average price of homes for a particular month, and compare that data against the same period last year. What follows is a comparison of the median price and average price of homes for the past seven months (January through July 2006), compared against the data for the corresponding time period in 2005.
The median price of homes represents the point at which half the homes are above a particular price point, and half the homes are below a particular price point. The average price of homes is calculated by adding up the sales price of all homes sold in a particular month, and dividing that value by the number of homes sold.
The median price of homes in July 2006 was $572,000, compared to $425,000 in July 2005, which represents a 34.6% increase. The average price of homes in July 2006 was $551,875, compared to $466,636 in July 2005, which represents a 19.5% increase. Approximately 8 homes sold in July 2006 and 11 in July 2005. In summary, there was an upward price trend in July 2006 compared to the same period last year.
The median price of homes in June 2006 was $451,500, compared to $540,000 in June 2005, which represents a 16.4% drop. The average price of homes in June 2006 was $457,600, compared to $514,846 in June 2005, which represents an 11.1% decline. Approximately 10 homes sold in June 2006 and 13 in June 2005. In summary, there was a downward price trend in June 2006 compared to the same period last year.
The median price of homes in May 2006 was $500,000, compared to $430,000 in May 2005, which represents a 13.9% increase. The average price of homes in May 2006 was $545,067, compared to $465,727 in May 2005, which represents a 10.5% increase. Approximately 15 homes sold in May 2006 and 11 in May 2005. In summary, there was an upward price trend in May 2006 compared to the same period last year.
The median price of homes in April 2006 was $442,500, compared to $510,000 in April 2005, which represents an 8.3% drop. The average price of homes in April 2006 was $448,071, compared to $512,067 in April 2005, which represents a 10.9% decline. Approximately 14 homes sold in April 2006 and 15 in April 2005. In summary, there was a downward price trend in April 2006 compared to the same period last year.
The median price of homes in March 2006 was $415,250, compared to $437,500 in March 2005, which represents an 8.2% decrease. The average price of homes in March 2006 was $451,886, compared to $428,375 in March 2005, which represents a 5.5% increase. Approximately 14 homes sold in March 2006 and 12 in March 2005. The data was mixed for March 2006, as the median price dropped and the average price increased from the same time last year.
The median price of homes in February 2006 was $452,500, compared to $512,500 in February 2005, which represents a 6.7% drop. The average price of homes in February 2006 was $483,128, compared to $503,625 in February 2005, which represents a 1.7% decline. About 8 homes sold in February 2006 and 8 in February 2005. In summary, there was a downward price trend in February 2006 compared to the same period last year.
The median price of homes was $455,000 in January 2006, compared to $500,000 in January 2005, which represents a 9% decline. The average price of homes in January 2006 was $446,280, compared to $467,483 in January 2005, which represents a 1.3% drop. Approximately 5 homes sold in January 2006 and 6 in January 2005. In summary, there was a downward price trend in January 2006 compared to the same period last year.
So what does the data tell us? Well, the data above does not reveal a consistent pattern. The home prices for May and July 2006 were up year-over-year in the range of 10% to 35% from the same period last year. However, prices were down 1% to 16% during January, February, April and June 2006, compared to the same time last year. The data for March 2006 was mixed, with the median price dropping 8.2%, and the average price increasing 5.5% for the same time last year. Given the ups and down described above, a longer period of evaluation is needed to determine if a clear pattern emerges. Contact an experienced Realtor to obtain additional insights about the pricing trends in the Golden Hill real estate market.
College Grove, San Diego, Real Estate Market Trends, Single-family Homes, Mid Year Analysis, 2006
Posted on 21. Jan, 2010 by admin in general
The College Grove region (also know as the College Area) is located in central San Diego County, California. The community is located off Interstate 8 just east of Interstate 15. San Diego State University is located within the borders of the College Grove area.
The real estate and homes for sale in College Grove fall into the low to mid-income categories. The number of homes sold in a particular year is relatively high. For example, during the period from January through July 2006, approximately 211 single-family homes sold. Approximately 268 homes sold for the same period in 2005.
One method to analyze pricing trends for a particular community is to evaluate the median and average price of homes for a particular month, and compare that data against the same period last year. What follows is a comparison of the median price and average price of homes for the past seven months (January through July 2006), compared against the data for the corresponding time period in 2005.
The median price of homes represents the point at which half the homes are above a particular price point, and half the homes are below a particular price point. The average price of homes is calculated by adding up the sales price of all homes sold in a particular month, and dividing that value by the number of homes sold.
The median price of homes in July 2006 was $545,000, compared to $497,000 in July 2005, which represents a 9.2% increase. The average price of homes in July 2006 was $583,476, compared to $528,602 in July 2005, which represents a 10% increase. Approximately 25 homes sold in July 2006 and 38 in July 2005. The data provides evidence that there was an upward price trend in July 2006 compared to the same period last year.
The median price of homes in June 2006 was $475,000, compared to $506,500 in June 2005, which represents a 5.9% drop. The average price of homes in June 2006 was $492,427, compared to $516,078 in June 2005, which represents a 4.1% drop. Approximately 38 homes sold in June 2006 and 40 in June 2005. The data provides evidence that there was a downward price trend in June 2006 compared to the same period last year.
The median price of homes in May 2006 was $522,000, compared to $518,500 in May 2005, which represents a 0.7% increase. The average price of homes in May 2006 was $544,812, compared to $537,085 in May 2005, which represents a 1.4% increase. Approximately 30 homes sold in May 2006 and 46 in May 2005. The data provides evidence that there was slight upward price trend in May 2006 compared to the same period last year.
The median price of homes in April 2006 was $520,000, compared to $495,000 in April 2005, which represents a 5.1% increase. The average price of homes in April 2006 was $523,421, compared to $524,306 in April 2005, which represents a 0.2% drop. Approximately 41 homes sold in April 2006 and 47 in April 2005. The data for April 2006 was mixed, as the median price showed a moderate increase from last year, while the average price had a slight drop.
The median price of homes in March 2006 was $515,000, compared to $489,000 in March 2005, which represents a 5.3% increase. The average price of homes in March 2006 was $564,690, compared to $499,856 in March 2005, which represents a 13.4% increase. Approximately 41 homes sold in March 2006 and 44 in March 2005. The data provides evidence that there was an upward price trend in March 2006 compared to the same period last year.
The median price of homes in February 2006 was $472,500, compared to $465,000 in February 2005, which represents a 0.50% increase. The average price of homes in February 2006 was $502,600, compared to $476,932 in February 2005, which represents a 4.6% increase. Approximately 20 homes sold in February 2006 and 25 in February 2005. The data provides evidence that there was an upward price trend in February 2006 compared to the same period last year.
The median price of homes was $530,950 in January 2006, compared to $483,000 in January 2005, which represents a 9.9% increase. The average price of homes in January 2006 was $528,416, compared to $551,904 in January 2005, which represents a 3.20% drop. Approximately 16 homes sold in January 2006 and 28 in January 2005. The data for January 2006 was mixed, as the median price showed a moderate increase from last year, while average prices dropped.
So what does the above data tell us? Overall, there was a 21.3% decline in the number of homes sold during this period from 2006 to 2005. Four months out of seven (February, March, May and July) demonstrated increases in both median and average prices from the same period last year. The magnitude of the increase ranged from half a percent to 10%. The months of April and January had mixed findings, with average prices decreasing slightly (less than 3.2%), and median prices increasing 5% to 10%. In contrast, the June data showed a downward trend in both median and average prices with a range of 4% to 6%.
The data above suggests that although there are monthly variations, on balance, homes in the College Grove area continue to demonstrate price gains. Continued monitoring of sale data in subsequent months is needed to identify enduring market trends.
Be sure to consult your Realtor on other factors that influence home pricing before buying or selling real estate in College Grove.
Del Cerro, San Diego, Real Estate Market Trends, Single-family Homes, Mid Year Analysis, 2006
Posted on 21. Jan, 2010 by admin in general
The community of Del Cerro is located in central San Diego County, California. The community is located off Interstate 8 at the College Ave exit.
The real estate and homes for sale in Del Cerro fall into the low to moderate income-categories. The number of homes sold in a particular year is relatively high. For example, during the period from January through July 2006, approximately 137 single-family homes sold. Approximately 142 homes sold for the same period in 2005.
One method to analyze pricing trends for a particular community is to evaluate the median and average price of homes for a particular month, and compare that data against the same period last year. What follows is a comparison of the median price and average price of homes for the past seven months (January through July 2006), compared against the data for the corresponding time period in 2005.
The median price of homes represents the point at which half the homes are above a particular price point, and half the homes are below a particular price point. The average price of homes is calculated by adding up the sales price of all homes sold in a particular month, and dividing that value by the number of homes sold.
The median price of homes in July 2006 was $632,000, compared to $590,000 in July 2005, which represents a 6.2 increase. The average price of homes in July 2006 was $680,557, compared to $620,571 in July 2005, which represents a 9.9% increase. Approximately 21 homes sold in July 2006 and 20 in July 2005. In summary, there was an upward price trend in July 2006 compared to the same period last year.
The median price of homes in June 2006 was $557,500, compared to $545,500 in June 2005, which represents a 2.1% increase. The average price of homes in June 2006 was $622,327, compared to $613,060 in June 2005, which represents a 0.80% increase. Approximately 13 homes sold in June 2006 and 30 in June 2005. In summary, there was an upward price trend in June 2006 compared to the same period last year.
The median price of homes in May 2006 was $620,000, compared to $615,000 in May 2005, which represents a 0.8% increase. The average price of homes in May 2006 was $652,730, compared to $604,844 in May 2005, which represents a 2.7% increase. Approximately 30 homes sold in May 2006 and 16 in May 2005. In summary, there was an upward price trend in May 2006 compared to the same period last year.
The median price of homes in April 2006 was $560,000, compared to $680,000 in April 2005, which represents a 17.6% decline. The average price of homes in April 2006 was $597,593, compared to $726,804 in April 2005, which represents a 17.8% drop. Approximately 27 homes sold in April 2006 and 23 in April 2005. In summary, there was a downward price trend in April 2006 compared to the same period last year.
The median price of homes in March 2006 was $557,000, compared to $635,000 in March 2005, which represents a 12.3% drop. The average price of homes in March 2006 was $639,667, compared to $655,836 in March 2005, which represents a 2.5% drop. Approximately 21 homes sold in March 2006 and 25 in March 2005. In summary, there was a downward price trend in March 2006 compared to the same period last year.
The median price of homes in February 2006 was $594,750, compared to $530,000 in February 2005, which represents a 12.2% increase. The average price of homes in February 2006 was $664,679, compared to $565,882 in February 2005, which represents an 18.5% increase. Approximately 14 homes sold in February 2006 and 18 in February 2005. In summary, there was an upward price trend in February 2006 compared to the same period last year.
The median price of homes was $595,000 in January 2006, compared to $512,500 in January 2005, which represents a 16.1% increase. The average price of homes in January 2006 was $713,909, compared to $575,470 in January 2005, which represents a 24.1%. Approximately 11 homes sold in January 2006 and 10 in January 2005. In summary, there was an upward price trend in January 2006 compared to the same period last year.
So what does the data tell us? Well, the data above does not reveal a consistent pattern. Early in the year (January and February 2006), home prices were up year-over-year in the range of 12% to 24%. However, prices were down 2% to 17% during March and April 2006, compared to the same time last year. And then, for the last three months (May, June and July 2006), moderate price gains were observed ranging from 1% to 10%. Given the ups and down described above, a longer period of evaluation is needed to determine if a clear pattern emerges. Contact an experienced Realtor to obtain additional insights about the pricing trends in the Del Cerro real estate market.
Clairemont, San Diego, Real Estate Market Trends, Single-family Homes, Mid Year Analysis, 2006
Posted on 13. Jan, 2010 by admin in general
The community of Clairemont (sometimes called Clairemont Mesa) is located in central San Diego County, California. The community is located off Interstate 5 at Balboa Ave and is within the 92117 Zip code.
The real estate and homes for sale in Clairemont fall into the moderate-income category for San Diego County. The number of homes sold in a particular year is relatively high. For example, during the period from January through July 2006, approximately 183 single-family homes sold. Approximately 226 homes sold for the same period in 2005.
One method to analyze pricing trends for a particular community is to evaluate the median and average price of homes for a particular month, and compare that data against the same period last year. What follows is a comparison of the median price and average price of homes for the past seven months (January through July 2006), compared against the data for the corresponding time period in 2005.
The median price of homes represents the point at which half the homes are above a particular price point, and half the homes are below a particular price point. The average price of homes is calculated by adding up the sales price of all homes sold in a particular month, and dividing that value by the number of homes sold.
The median price of homes in July 2006 was $560,000, compared to $562,500 in July 2005, which represents a 0.9% drop. The average price of homes in July 2006 was $575,114, compared to $585,602 in July 2005, which represents a 2.4% drop. Approximately 21 homes sold in July 2006 and 26 in July 2005. The data provides evidence that there was a downward price trend in July 2006 compared to the same period last year.
The median price of homes in June 2006 was $555,000, compared to $570,000 in June 2005, which represents a 2.6% drop. The average price of homes in June 2006 was $586,758, compared to $584,415 in June 2005, which represents a 0.4% increase. Approximately 30 homes sold in June 2006 and 34 in June 2005. The data for June 2006 was mixed, as median prices declined and average prices rose slightly from the same period last year.
The median price of homes in May 2006 was $550,000, compared to $562,000 in May 2005, which represents a 2.3% drop. The average price of homes in May 2006 was $584,012, compared to $582,000 in May 2005, which represents a 0.3% increase. Approximately 33 homes sold in May 2006 and 37 in May 2005. The data was mixed in June 2006, as median prices declined and average prices rose slightly from the same period last year.
The median price of homes in April 2006 was $564,000, compared to $565,000 in April 2005, which represents a 0.20% drop. The average price of homes in April 2006 was $584,722, compared to $612,897 in April 2005, which represents a 4.6% drop. Approximately 32 homes sold in April 2006 and 36 in April 2005. The data provides evidence that there was a downward price trend in April 2006 compared to the same period last year.
The median price of homes in March 2006 was $558,000, compared to $545,000 in March 2005, which represents a 1.5% increase. The average price of homes in March 2006 was $589,161, compared to $576,227 in March 2005, which represents a 3.60% increase. Approximately 29 homes sold in March 2006 and 39 in March 2005. The data provides evidence that there was an upward price trend in March 2006 compared to the same period last year.
The median price of homes in February 2006 was $560,000, compared to $525,000 in February 2005, which represents a 7.4% increase. The average price of homes in February 2006 was $582,435, compared to $571,708 in February 2005, which represents a 2.50% increase. Approximately 17 home sold in February 2006 and 29 in February 2005. The data provides evidence that there was an upward price trend in February 2006 compared to the same period last year.
The median price of homes was $585,000 in January 2006, compared to $525,000 in January 2005, which represents a 10% increase. The average price of homes in January 2006 was $634,524, compared to $542,708 in January 2005, which represents a 16.9% increase. Approximately 21 homes sold in January 2006 and 25 in January 2005. The data provides evidence that there was an upward price trend in January 2006 compared to the same period last year.
So what does the above data tell us? Overall, there was a 19% decline in the number of homes sold during this period from 2006 to 2005. The pricing trends early in the year (January, February and March) were in the upward direction for both median and average prices, which showed increases year-over-year ranging from 1.5% to 16.9%. However, since then, the pricing trend has been downward or mixed depending on the month. For example, April and July demonstrated downward median and average prices ranging from around half a percent up to 5%. For May and June, the median price was down around 2% from the previous year, and the average price was slightly up around half a percent. These findings suggest that at best, prices have leveled off, and at worst, are starting to decline. Continued monitoring of sale data in subsequent months is needed to identify enduring market trends.
Be sure to consult your Realtor on other factors that influence home pricing before buying or selling real estate in Clairemont.
Real Estate Glossary
Posted on 12. Jan, 2010 by admin in general
Real Estate Includes real property, leaseholds or a business either with or without the building, fixtures, stock-in-trade, goods or chattels in connection with the operation of the business. Agency Relationship This is the fiduciary relationship resulting when one person (or brokerage firm) called the agent represents the interests of another person, called the principal, when dealing with others. In a real estate transaction, an agency relationship is formed between the brokerage firm (including all its licensees) and the principal. Agreement of Purchase and Sale (Offer to Purchase) A contract by which one party agrees to sell and another agrees to purchase. A contract with no conditions attached is referred to as a firm offer. A contract with conditions is referred to as a conditional offer. Amortization The gradual retirement of a debt by means of partial payments of the principal amount at regular intervals. Appraisal The act or process of estimating the value of a particular property. Appraisal, if done for mortgage lending purposes, may not necessarily match the sale price of the property. Approved Lender A lending institution (bank or trust company) authorized by the Government of Canada through CMHC to make loans under the terms of the National Housing Act. Only approved lenders can negotiate mortgages that require CMHC mortgage loan insurance. Appurtenance Something which is outside the real property itself, but belongs to the land and is joined thereto. It adds to greater enjoyment of the land. Ex. A right-of-way is an appurtenance. Assessed Value A valuation placed upon property by the Province, as a basis for municipal taxation. Assessed value may or may not have any relationship to market value. Blended Payment A mortgage payment that includes principal and interest. The payment total remains the same, although the principal portion increases over time and the interest portion decreases. Broker or Salesperson An intermediary between the buyer and the seller who is licensed to carry out real estate activities. Building Codes Regulations established by local governments providing for structural requirements for building. Building Line A line fixed at a certain distance from the front and/or sides of a lot, beyond which no building can project. Building Permit A certificate that must be obtained from the municipality by the property owner/contractor before a building can be erected or repaired. The building must be inspected and passed by a municipal building inspector. Canada Mortgage and Housing Corporation (CMHC) The federal CMHC is the Canadian Crown Corporation which administers the National Housing Act. CMHC services include providing housing information and assistance to consumers and insuring home purchase loans for lenders. For further inquiries, call 1-800-668-2642.Personal property which is tangible and moveable such as electrical appliances, blinds, light fixtures, etc. Client A buyer or seller who forms an agency relationship with a real estate broker, usually through a realtor. Agents owe clients their primary allegiance, including good faith and full disclosure, competence, obedience and accounting. Also called a principal. Closing Costs Costs, in addition to the purchase price of the home, such as legal fees, land transfer tax, adjustments, and disbursements that are payable on the closing date. On average, closing costs range from 1.5%-4% of a home’s selling price. Closing Date The date specified in the Agreement of Purchase and Sale when the purchaser delivers the balance of money due and the seller delivers a deed and vacant possession for the property (unless otherwise agreed). Also referred to as Date of Completion, Possession Date, or closing. (except in Manitoba & Quebec). In B.C. the Possession Date is legally 1 to 3 days after the closing.Collateral Mortgage A mortgage which secures a loan by way of promissory note. The money that is borrowed can be used to buy a property or for another purpose such as home renovation or a vacation. Commission Remuneration A dollar amount paid to an agent on the successful sale or lease of property, usually as a percentage of the purchase amount. There are many different factors that determine a real estate commission. Real estate companies, areas, distance, type of market, motivation, and the price range of properties can all play factors in commission rates. Our research indicates total commissions vary usually between 4% and 8% of the purchase price. Your realtor will be able to explain your local area rates in greater detail.Commitment Letter/Mortgage Approval Written notification from the mortgage lender to the borrower that approves the advancement of a specified amount of mortgage funds under specified conditions.
Condition A condition in a contract, which calls for the happening of some event or performance of some act, within a stated period of time, before the agreement becomes firm and binding on all parties. A condition could be a house inspection, the sale of an existing house, or the arrangement of a mortgage. Conditional Offer/Conditions of Sale An Offer to Purchase that is subject to specified conditions, such as ‘subject to home inspection’, ‘subject to financing’, or ‘subject to sale of buyer’s existing home’. There is usually a stipulated time limit within which the specified conditions must be met. Covenant A clause in a legal document, which, in the case of a mortgage, gives the parties of the mortgage a right or an obligation. For example, a covenant can impose the obligation on a borrower to make mortgage payments in certain amounts on certain dates. A mortgage document consists of covenants agreed to by the borrower and the lender. Conventional Mortgage Loan A mortgage loan up to a maximum of 75% of the lending value of the property. Mortgage loan insurance is not usually required for this type of mortgage. Customer A third party in a legal transaction. Realtors owe customers the ethical duty to be honest, the legal duty not to misrepresent, and to exercise due care when answering inquiries or giving information. Date of Completion The date specified in the agreement of purchase and sale, when the purchaser is to deliver the balance of money due and the vendor to deliver a duly executed deed and vacant possession of the property (unless otherwise agreed). Deed An instrument in writing, suitably executed and delivered, that conveys title or an interest in real property. Default Normally a failure to make mortgage payments (defaulting on the loan) which may give cause to the mortgage holder to take legal action to possess (foreclose) the mortgaged property. Deposit Payment of money or other valuable consideration as pledge for fulfillment of contract. Discharge of Mortgage A document signed by the lender and given to the borrower when a mortgage loan has been repaid in full. Down Payment The portion of the house price the buyer pays from personal resources before securing a mortgage. It generally ranges from 5%-25% of the purchase price. Dual Agency Occurs when the same agent has an agency relationship with more than one party to the same real estate transaction. The agent must advise the vendor and the purchaser of the dual aspect of representation and must provide full and timely disclosure to all parties of all pertinent information. Easement A right acquired for access to, access over, or for use of another person’s land for a specific purpose, such as a driveway or public utilities. Encroachment The unauthorized extension of boundaries of land, for example a fence line encroaching on a neighbor’s land. Encumbrance Outstanding claim or lien recorded against property or any legal right to the use of the property by another person who is not the owner. Equity The difference between the price that a home is worth and the total debts, liens, mortgages etc. registered against it. Ethics Rules of behavior made and accepted by business to provide fair and moral practice. Exclusive Listing The giving of sole right to offer the described property for sale according to the terms of the agency agreement. Fiduciary Duties The duties required by an agent (the brokerage firm and its representatives) acting for the principal in an agency relationship. They include loyalty, disclosure, confidentiality, diligence, accounting and obedience. Fixtures Permanent improvements to property that may not be removed upon the sale of the property such as built-in cupboards, furnace, central air conditioning, pool, windows, etc. “If it is screwed in, it stays . . . if it hangs it goes”.Foreclosure A legal procedure in which the lender takes ownership of the property, normally when the borrower defaults on their mortgage loan. Gross Debt Service Ratio (GDS Ratio ) This is the percentage of the borrower’s gross monthly income that can be used for monthly payments of principal, interest, taxes, heating costs and half of any condominium maintenance fees. Typically 30 to 33% of total income. High Ratio Mortgage A mortgage loan in excess of 75% of the “lending” value of the property. This type of mortgage must be insured, usually through CMHC or UMAC, against payment default. Holdback An amount of money withheld by the lender, often during the progress of construction of a house to ensure that construction is satisfactory at different stages. This can also refer to an amount of money held back by a buyer (through their lawyer) until the fulfillment of an obligation or promise is made by the seller. Home Inspection Structural examination and inspection of a home by a qualified home inspector. Interest The cost of borrowing money. Interest Adjustment Date (IAD) A date from which interest on the mortgage advance is calculated for your regular payments. This date is usually one payment period before regular mortgage payments begin. Interest due from the date your mortgage is advanced to IAD is due on closing. Interest Rate The percentage that is charged for the use of borrowed money. Irrevocable Incapable of being recalled or revoked. Unchangeable, unalterable. EXAMPLE? Lending Value In the eyes of the bank, either the purchase price or market value of a property, whichever is less? Lien A legal right given to the creditor to keep or sell property as security for a debt. Listing An oral or written agreement between a property owner and a broker authorizing the broker to offer the owner’s real property for sale or lease. Loan-to-Value Ratio The ratio of the loan to the lending value of a property, expressed as a percentage. For example, the loan-to-value ratio of a loan for $80,000 on a home that costs $100,000 is 80%. Market Value The highest price, in terms of money that the property will bring to a willing seller if exposed for sale on the open market while allowing a reasonable time to find a willing purchaser buying with the knowledge of all the uses. Neither party may be acting under necessity, compulsion or peculiar and special circumstances. Maturity Date The last day of the term of the mortgage agreement. On this day the mortgage loan must be either paid in full or the agreement (term) renewed. Mortgage Security for a loan on the property that you own. It is your personal guarantee to repay the loan as well as a pledge of the property as security for the loan. Mortgage Loan Insurance If you have a high-ratio mortgage (more than 75% of the purchase price), your lender will require mortgage loan insurance. This insurance premium will cost between 0.5% and 3.75% of the amount of the mortgage (additional charges may apply). The CMHC is an insurance provider. Mortgage Payment A regularly scheduled payment that is normally blended to include both principal and interest. Mortgagee The lender (bank) who provides the mortgage loan. Mortgagor The borrower who pledges the property as security for the loan. Multiple Listing Service An arrangement among brokers who are real estate board members, whereby each broker shares information regarding his listings with the other members, how may negotiate the transaction. Net Worth Your total financial worth, calculated by subtracting your total liabilities from your total assets. Offer to Purchase or Agreement of Purchase and Sale A written contract setting out the terms under which the buyer agrees to buy. When accepted by the seller, it forms a legally binding contract subject to the terms and conditions stated in the document. Option A right given by the owner of property to another (for valuable consideration) to buy certain property within a limited time at an agreed price. PIT Principal, interest, and taxes- payments which are due on a regular basis under the terms of mortgage agreements. Since these taxes change from year to year, this portion of the PIT amount will change accordingly. PITH Principal, interest, taxes, and heating- costs used to calculate the Gross Debt Service Ratio (GDS). Power of Sale The right of a mortgagee to force the sale of the property without judicial proceedings should default occur. Prepayment Clause A clause inserted in a mortgage, which gives the mortgagor the privilege of paying the mortgage debt in advance of the maturity date, on stipulated terms. Principal Amount In mortgage law, this term refers to the debt or amount outstanding, as distinguished from interest. Real Estate Broker A real estate company. Realtor A real estate representative who is a member of an organization of persons engaged in the business of buying and selling real estate, such as the Canadian Real Estate Association. Refinance To pay off a mortgage or other registered encumbrance and arrange for a new mortgage, sometimes with a different lender. Restrictive Covenant A limitation placed upon the use of property, contained in the deed. Right-of-way The right to pass over another’s land, more or less frequently, according to the nature of the easement. Second Mortgage An additional mortgage on a property that already has a mortgage. Special Assessment An assessment that is not customarily levied and which is made against only those specific parcels of property directly benefiting there from. Statement of Adjustments A statement prepared by the solicitor for the vendor setting out, in balance sheet form, the credits to the purchaser (purchase price, prepaid taxes, prepaid insurance, etc.) and the credits to the purchaser (deposits, arrears in taxes prior to the date of closing, etc.), and the balance due on closing. Survey The accurate mathematical measurement of land and buildings thereon, made with the aid of instruments. The resulting document, normally a sketch, illustrates property boundaries and measurements, specifies the location of buildings on property, and indicates any easements or encroachments. Term The length of time during which a mortgagor pays a specific interest rate on the mortgage loan. The entire mortgage principal is usually not paid off at the end of this term because the amortization period is normally longer than the term. Title The means of evidence by which the owner of land has lawful ownership thereof. A freehold title gives the holder full and exclusive ownership of land and buildings for an indefinite period if time. In condominium ownership, land and common elements (grounds) of buildings are owned collectively by all unit owners, while the residential units belong exclusively to the individual owners. A leasehold title gives the holder a right to use and occupy land and buildings for a defined period of time. Total Debt Service Ratio (TDS) The percentage of gross monthly income required to cover all monthly payments for housing and all other debts, such as car payments and other personal loans. Vendor A seller of real property. Vendor Take Back Mortgage (VTB) Mortgage financing arranged between the seller and buyer of the property. The seller becomes the ‘bank’ or mortgagee and holds a first or second mortgage to the property. Zoning By-law A By-law passed by a municipality prohibiting the use of land in certain areas for any purpose other than as set out in the By-law.
Alpine, San Diego, Real Estate Market Trends and Community Information, August 2006
Posted on 10. Jan, 2010 by admin in general
COMMUNITY INFORMATION
Alpine is a community situated in the eastern region of San Diego County within the state of California. There are approximately 19,227 residents in this Zip code (91901) and 6,597 households. The median age of residents is 38.92 years.
TEMPERATURE
The temperature in Alpine is relatively moderate. The warmest time of year occurs in August during which temperatures reach an average high of 76°F. The coldest time of year occurs in January with average temperatures falling to 54°F.
HOME AND REAL ESTATE PRICES
The housing options in Alpine include single-family homes and properties, condominiums, townhouses, and apartments. The price of housing is as follows:
·One bedroom townhouse/condominium start in the low $200,000s.
·Two bedroom townhouse/condominium start in the low $200,000s.
·Three bedroom townhouse/condominium start in the mid $300,000s.
·Two bedroom single-family homes start in the mid $300,000s.
·Three bedroom single-family homes start in the mid $400,000s.
·Four bedroom single-family homes start in the high $500,000s.
REAL ESTATE MARKET TRENDS
As with most products and services in the United States, price shifts in the real estate industry are subject to the forces of supply and demand. Whether it’s a buyers market or a seller’s market, it is useful to evaluate home sales data for the most recent month available (June 2006), compared against the same period in the previous year (June 2005).
The median price of single-family homes in June 2006 was $597,500, which represents a 10.2% decline from the previous year. The number of homes sold in June 2006 was 17, which was down 37% from the previous year.
Homebuyers and home sellers should keep in mind that the data above is simply a snapshot in time. Therefore, the data must be evaluated over a longer duration to understand enduring market trends.
Bonita, San Diego, Real Estate Market Trends and Community Information, August 2006
Posted on 10. Jan, 2010 by admin in general
COMMUNITY INFORMATION
Bonita is situated in the southern region of San Diego County within the state of California. There are approximately 18,396 residents in this Zip code (91902) and 5,986 households. The median age of residents is 40.45 years.
TEMPERATURE
The temperature in Bonita is relatively moderate. The warmest time of year occurs in July during which temperatures reach an average high of 70°F. The coldest time of year occurs in January with average temperatures falling to 57° F.
HOME AND REAL ESTATE PRICES
The housing options in Bonita include single-family homes and properties, condominiums, townhouses, and apartments. The price of housing is as follows:
·One bedroom townhouse/condominium start in the mid $200,000s.
·Two bedroom townhouse/condominium start in the low $300,000s.
·Three bedroom townhouse/condominium start in the low $400,000s.
·Two bedroom single-family homes start in the high $400,000s.
·Three bedroom single-family homes start in the mid $500,000s.
·Four bedroom single-family homes start in the low $600,000s.
REAL ESTATE MARKET TRENDS
As with most products and services in the United States, price shifts in the real estate industry are subject to the forces of supply and demand. Whether it’s a buyers market or a seller’s market, it is useful to evaluate home sales data for the most recent month available (June 2006), compared against the same period in the previous year (June 2005).
The median price of single-family homes dropped from $849,990 in June 2005 to $782,500 in June 2006, which represents a 7.9% decline. However, more homes sold in June 2006 (20 homes) than in June 2005 (7 homes). The average time to sell a home increased slightly from 68 days in June 2005 to 69 days in June 2006. The ratio between the asking price to the sales price increased over the past 12 months. On average, sellers obtained 93.6% of their asking price in June 2005, and 94.5% of their asking price in June 2006.
Homebuyers and home sellers should keep in mind that the data above is simply a snapshot in time. Therefore, the data must be evaluated over a longer duration to understand enduring market trends.
Carlsbad, San Diego, Real Estate Market Trends and Community Information, August 2006
Posted on 09. Jan, 2010 by admin in general
COMMUNITY INFORMATION
Carlsbad is situated in the northern coastal part of San Diego County within the state of California. There are approximately 87,540 residents in this community and 34,052 households. The median age of residents is 38.89 years.
TEMPERATURE
The temperature in Carlsbad is relatively moderate. The warmest time of year occurs in July during which temperatures reach an average high of 69. The coldest time of year occurs in December with average temperatures falling to 55F.
HOME AND REAL ESTATE PRICES
The housing options in Carlsbad include single-family homes and properties, condominiums, townhouses, and apartments. The price of housing is as follows:
·One bedroom townhouse/condominium start in the mid $200,000s.
·Two bedroom townhouse/condominium start in the high $200,000s.
·Three bedroom townhouse/condominium start in the high $300,000s.
·Two bedroom single-family homes start in the mid $300,000s.
·Three bedroom single-family homes start in the high $300,000s.
·Four bedroom single-family homes start in the mid $500,000s.
REAL ESTATE MARKET TRENDS
As with most products and services in the United States, price shifts in the real estate industry are subject to the forces of supply and demand. Whether it’s a buyers market or a seller’s market, it is useful to evaluate home sales data for the most recent month available (June 2006), compared against the same period in the previous year (June 2005).
The median price of single-family homes dropped from $783,900 in June 2005 to $749,900 in June 2006, which represents a 4.3% decline. Fewer more homes sold in June 2006 (49 homes) than in June 2005 (95 homes). The average time to sell a home increased from 39 days in June 2005 to 58 days in June 2006.
The median price of condominiums and townhomes decreased from $481,000 in June 2005 to $434,500 in June 2006, which represents a 9.7% decline. Fewer units sold in June 2006 (36 units) than in June 2005 (84 units). The average time to sell a unit increased from 43 days in June 2005 to 58 days in June 2006.
Homebuyers and home sellers should keep in mind that the data above is simply a snapshot in time. Therefore, the data must be evaluated over a longer duration to understand enduring market trends.
Carmel Valley, San Diego, Real Estate Market Trends, School & Community Information, August 2006
Posted on 09. Jan, 2010 by admin in general
COMMUNITY INFORMATION
Carmel Valley is a master-planned community located in northern San Diego County within the state of California. The community of Carmel Valley within San Diego is not to be confused with the Carmel Valley region in Northern California.
Carmel Valley lies within the 92130 Zip Code. There are approximately 34,471 residents in this Zip code and 12,387 households. The median age of the population is 35.16 years.
TEMPERATURE
The temperature in Carmel Valley is relatively moderate. The warmest time of year occurs in August during which temperatures reach an average high of 72°F. The coldest time of year occurs in December with average temperatures falling to 56° F.
HOME AND REAL ESTATE PRICES
The housing options in Carmel Valley include single-family homes and properties, condominiums, townhouses, and apartments. The price of housing is as follows:
·One bedroom townhouse / condo starts in the high $200,000s
·Two bedroom townhouse / condo starts in the high $300,000s.
·Three bedroom townhouse / condo starts in the low $500,000s
·Three bedroom single-family house starts in high $500,000s
·Four bedroom single-family home starts in low $700,000s
REAL ESTATE MARKET TRENDS
As with most products and services in the United States, price shifts in the real estate industry are subject to the forces of supply and demand. Whether it’s a buyers market or a seller’s market, it is useful to evaluate home sales data for the most recent month available (June 2006), compared against the same period in the previous year (June 2005).
The median price of single-family homes reached $1,080,000 in June 2006, which was a 13.74% increase over June 2005. In contrast, the median price of condominiums and townhomes decreased to $580,000, which was a 7.2 decline from the year before.
Homebuyers and home sellers should keep in mind that the data above is simply a snapshot in time. Therefore, the data must be evaluated over a longer duration to understand enduring market trends.
SCHOOL INFORMATION
There are two School Districts that serve residents of Carmel Valley. The Solana Beach School District covers the elementary schools in the northern part of Carmel Valley, and the Del Mar Union School District covers the southern region.
Students in Carmel Valley schools undergo annual testing to evaluate their academic performance. The results of these tests are combined by the California Department of Education into a composite score known as the Academic Performance Index (API), which has a range of 200 to 1000. The statewide goal for schools is to achieve a score of 800 or above.
Based on the most recent data available as of July 31, 2006, the highest-ranking elementary school in the Carmel Valley area was Sage Canyon Elementary (API = 963), followed by Torrey Hills School (API=950), Carmel Creek Elementary
(API=946), Solana Pacific Elementary (API=945), Ashley Falls Elementary (API=943), and Carmel Del Mar Elementary (API=917). Carmel Valley Middle School earned an API of 931. For high schools, Canyon Crest Academy had an API=842, and Torrey Pine High had an API =821.
Chula Vista, San Diego, Real Estate Market Trends and Community Information, August 2006
Posted on 08. Jan, 2010 by admin in general
COMMUNITY INFORMATION
Chula Vista is situated in the southern region of San Diego County within the state of California. There are approximately 194,939 residents in this community and 62,394 households. The median age of residents is 32.89 years.
TEMPERATURE
The temperature in Chula Vista is relatively moderate. The warmest time of year occurs in August during which temperatures reach an average high of 72°F. The coldest time of year occurs in December with average temperatures falling to 57°F.
HOME AND REAL ESTATE PRICES
The housing options in Chula Vista include single-family homes and properties, condominiums, townhouses, and apartments. The price of housing is as follows:
·One bedroom townhouse/condominium start in the high $100,000s.
·Two bedroom townhouse/condominium start in the high $200,000s.
·Three bedroom townhouse/condominium start in the mid $300,000s.
·Two bedroom single-family homes start in the high $300,000s.
·Three bedroom single-family homes start in the low $400,000s.
·Four bedroom single-family homes start in the high$400,000s.
REAL ESTATE MARKET TRENDS
As with most products and services in the United States, price shifts in the real estate industry are subject to the forces of supply and demand. Whether it’s a buyers market or a seller’s market, it is useful to evaluate home sales data for the most recent month available (June 2006), compared against the same period in the previous year (June 2005).
The median price of single-family homes dropped from $610,000 in June 2005 to $595,000 in June 2006, which represents a 2.5% decline. Fewer more homes sold in June 2006 (127 homes) than in June 2005 (171 homes). The average time to sell a home increased from 47 days in June 2005 to 66 days in June 2006.
The median price of condominiums and townhomes decreased slightly from $382,250 in June 2005 to $382,000 in June 2006, which represents a .1% decline. Fewer units sold in June 2006 (46 units) than in June 2005 (80 units). The average time to sell a unit increased from 52 days in June 2005 to 85 days in June 2006.
Homebuyers and home sellers should keep in mind that the data above is simply a snapshot in time. Therefore, the data must be evaluated over a longer duration to understand enduring market trends.