August homes sales see modest movement.

The housing numbers showed modest gains in the north county inland mini-market with single digit gains/losses for the most part. e.g. Scripps Ranch gained 4%, Mira Mesa gained 1%, Penasquitos gained 9%, Rancho Bernardo W gained 24%, Rancho Bernardo E dropped 7%, and Poway dropped 9%. Data derived from the association of Realtor's monthly snapshots for the local markets.

It took California seven years to recover after the recession of the early 1990s; our state is projected to add 400,000 to 500,000 residents per year over the next decade. The long term outlook for rental and first time housing remains favorable and remains as the basis for purchase decisions in the short term.

For Buying or Selling, You Need a Teacher that gives you straight answers. For more information on buying, selling, or renting out an income property in San Diego, please call Frank Rashid's cell phone at (858) 676-5250 or email him at rashid@rashidrealty.com. More to follow within the next couple of weeks.

Short Sales on the rise

We have been seeing an increasing number of successful short sales as banks are finally coming to the realization that it is more costly to go through a trustee sale or a foreclosure than to negotiate successful outcome on the short payoff. Perhaps there is a behind the scenes insurance picture that is slowly receding! Some of the loans that the banks were not negotiating earlier were insured so the bank losses were mitigated. In the trenches, we only get glimpses of the true picture when it comes to the mysterious workings of a bank system. As a result, we end up formulating empirical strategies to increase the odds of negotiating a successful outcome for our short sale home buyers. After all, we just need one good deal at a time!

Home loan mods are also becoming increasing frustrating for home owners because many of them are finding that the banks will shave of 20-30% of monthly payment and tack them on as deferred payments at the end of the loan! So after months of waiting, they home owners are finding this out. If you have a non-recourse primary home loan, the chances of negotating a successful short payoff with the lender is high. We work with a team of experienced short sale negotiators that have successfully accomplished the negotiation with the banks. Beware of fraud and definitely don't pay upfront money for a loan modification. There are many war stories out there. Please be careful.

At the invitation of NetIP (Network of Indian Professionals), I will be discussing short sales, investment opportunities and property management issues. Please RSVP if you are interested in attending. Space is going to be limited. Event will be held at 16363 Bernardo Center Dr on Saturday 18th Sept 1.00-2.15pm.

For Buying or Selling, You Need a Teacher that gives you straight answers. For more information on buying, selling, or renting out an income property in San Diego, please call Frank Rashid's cell phone at (858) 676-5250 or email him at rashid@rashidrealty.com. More to follow within the next couple of weeks.

Real Estate: What does the foremost economist have to say?

So last Friday, the San Diego Association of Realtors (SDAR) held a summit and the chief economist for the National Association of Realtors (NAR), Lawrence Yun, was a speaker. The predictions were generally conservative. "Housing starts figures have been low. Once the jobs figures come around, things will turn. 1.5 million jobs will be created annually over the next two years, with unemployment dropping to 8% by 2012 and 6% by 2015. Home prices are expected to remain steady but interest rates will climb out of the current low levels to around 6.2 by 2012." There was no concrete reason for these predictions that I could sink my teeth into. As always, foreword looking information can not be fully relied upon and everyone that predicts puts spin on data that validates their argument! I can assist unravel these for San Diego's micro-markets. Being in the trenches locally, I experience this first hand and am able to keep my finger on the pulse.

For Buying or Selling, You Need a Teacher that gives you straight answers. For more information on buying, selling, or renting out an income property in San Diego, please call Frank Rashid's cell phone at (858) 676-5250 or email him at rashid@rashidrealty.com. More to follow within the next couple of weeks.

15 year rates as low at 3.75%! Believe it! Can it last?

Last week mortgage interest rate 4.25% for 30 year and believe it, 3.75% for a 15 year fixed! This is the best time to buy and for all the right reasons, financials make it work, they make it believable and they make it the right thing to do. If you have been on the fence thinking of moving, this is a good time to do it and lock into a low interest rate on your target home. My sellers are doing this and taking advantage of this anomaly. Soon this should correct itself as rates go up again.

For Buying or Selling, You Need a Teacher (see Union Tribune article last weekend). For more information on buying, selling, or renting out an income property in San Diego, please call Frank Rashid's cell phone at (858) 676-5250 or email him at rashid@rashidrealty.com. More to follow within the next couple of weeks.

Bldg permits increase for San Diego County homes.

Finally the County has decided to issue house permits!! About time. San Diego county permits rose to their highest level in two years. This leads us to conclude that builders are going to create jobs and the economy is inching its way forward in a positive direction. Nevertheless, we are not out of the woods yet. This is still the second worst year for building permits (last year being the worst). San Diego median price hit a low in March 2009 ($326,830) and prices are now 21.7 percent higher than that low, still far off its peak of $622,380 in May 2006. (Data from C.A.R, California Association or Realtors). For more information on buying, selling, or renting out an income property in San Diego, please call Frank Rashid's cell phone at (858) 676-5250 or email him at rashid@rashidrealty.com. More on this within the next couple of weeks.

Summer is off to a great start

June has been a very successful month in terms of closings. Prices have responded to a change in marketplace. Average sales price were high and interest rates are still at a low...a 50 year low and that is encouraging the prices to hold. New opened business dipped in June. We are anticipating inventory levels to increase as short sale inventory builds up. Sellers will need to be educated to remain competitive. For more information on buying, selling, or renting out an income property in San Diego, please call Frank Rashid's cell phone at (858) 676-5250 or email him at rashid@rashidrealty.com. More on this within the next couple of weeks.

Positive Outlook is Refreshing...

We have gotten used to the news about Real Estate Market not being favorable so the change in print headlines is refreshing. California is leading the real estate market out of the recession with San Diego being one of the biggest leading areas. Union Tribune reported 14.7% increase in resale prices and activity over the past months have been brisk and being in the trenches, I could sense this urgency. Loan interest rate is cooperating even as lending standards remain tight. Once the tax credits expire, we should anticipate a slowdown. Foreclosure and short sale inventory is still allowing many investors/first time buyers to acquire great homes at good prices. For more information on buying, selling, or renting out an income property in San Diego, please call Frank Rashid's cell phone at (858) 676-5250 or email him at rashid@rashidrealty.com. More on this within the next couple of weeks.