February 16, 2012
An estimated 28,111 new and resale houses and condos were sold statewide last month. That was down 25.5 percent from 37,734 in December, and up 1.5 percent from 27,706 for January 2011. A decline from December to January is normal for the season. On a year-over-year basis sales have increased the past six months. California sales for the month of January have varied from a low of 19,145 in 2008 to a high of 47,138 in 2004, while the average is 31,717. DataQuick's statistics go back to 1988.
The median price paid for a home last month was $236,000, down 4.1 percent from $246,000 in December, and down 1.3 percent from $239,000 for January a year ago. The median has decreased on a year-over-year basis for the last 16 months. The bottom of the current cycle was $221,000 in April 2009, while the peak was $484,000 in early 2007.
Distressed property sales – the combination of foreclosure resales and “short sales” – continued to make up more than half of California’s resale market.
Of the existing homes sold last month, 34.5 percent were properties that had been foreclosed on during the past year. That was up from a revised 33.9 percent in December and down from 40.4 percent in January a year ago. The all-time high was in February 2009 at 58.5 percent.
Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 21.4 percent of resales last month. That was up from 19.6 percent in December and up from 18.7 percent in January 2011. Two years ago short sales made up an estimated 18.1 percent of the resale market.
The typical mortgage payment that home buyers committed themselves to paying last month was $893. That was the lowest since $882 in February 1999. Adjusted for inflation it was the lowest since at least 1988 .
Indicators of market distress continue to move in different directions. Foreclosure activity is high, but well below peak levels. Financing with multiple mortgages is low, down payment sizes are stable, and cash and non-owner occupied buying remain at or near record levels, DataQuick reported.
Source: DataQuick; DQNews.com
Monday, February 27, 2012
Monday, January 9, 2012
Home Bargains Abound, But Willing Lenders Are Rare Breed
By Annamaria Andriotis
Faced with finicky lenders, would-be home buyers are increasingly turning to Dad, Grandma or rich Uncle Barton—even perfect strangers they met online. While these solutions are understandable, given the abundant bargains on the market, they also present significant risks.
This year, one-third of first-time home buyers received a cash gift or a loan for a down payment from family or friends, according to the National Association of Realtors. That is up from a historical average of 27%.
Meanwhile, so-called peer-to-peer lending sites Prosper and Lending Club say demand for home-related financing is on the rise. And Weemba, a social-networking site, launched a platform in September to connect lenders directly with prospective home buyers and other borrowers.
Driving the demand, say financial advisers, is that despite rock-bottom mortgage rates around 4%, traditional lenders remain reluctant to provide mortgages to anyone with less than stellar credit. And in certain markets lenders are requiring down payments of more than 20% of the home's purchase price.
Scott Nguyen, a human-resources analyst, was denied a mortgage by several banks before getting a $15,000 loan from his mother and sister to use as a down payment on a home in Costa Mesa, Calif. Mr. Nguyen says he has agreed to pay off the loan on a monthly basis over three years, and will end up paying $3,000 in interest.
"Without my mom and my sister's help, I don't think I would have been able to buy the house that I did," he says.
In so-called intrafamily loans, the borrower often saves on interest since parents are likely to charge less than the banks, says Michael Garry, a fee-only financial planner in Newtown, Pa. And parent lenders can earn a higher return from their child's interest payments than they would on a certificate of deposit or money-market fund. Under federal law, on a loan of more than nine years, parents in most cases must charge at least roughly 2.8%.
Of course, intrafamily loans can upset the family dynamic.
Jonathan Bergman, a certified financial planner at Palisades Hudson Financial Group in Scarsdale, N.Y., recommends that parents be clear about how repayment will work. In some cases, it may even make sense to hold back on future monetary gifts or inheritance if it isn't repaid. "The power of the parents' purse is strong," he says.
Consumers who want to look beyond the family can apply at online sites like Lending Club and Prosper. If approved for a loan after a screening by the companies, applicants may then receive money from investors.
At Miami-based Weemba, some 3,000 registered users have started posting loan proposals during the past couple months. Thirty companies including banks and credit unions—up from just a dozen in September—review the applicants and directly contact those they are interested in.
However, these alternative routes to financing can be expensive for borrowers. Rates at Lending Club run from around 7% to 28%, and at Prosper from roughly 7% to 35%. The companies say these rates, which are fixed, are higher than traditional mortgage rates in part because their loans are unsecured.
For Buying or Selling, it helps to have a guide 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.
Faced with finicky lenders, would-be home buyers are increasingly turning to Dad, Grandma or rich Uncle Barton—even perfect strangers they met online. While these solutions are understandable, given the abundant bargains on the market, they also present significant risks.
This year, one-third of first-time home buyers received a cash gift or a loan for a down payment from family or friends, according to the National Association of Realtors. That is up from a historical average of 27%.
Meanwhile, so-called peer-to-peer lending sites Prosper and Lending Club say demand for home-related financing is on the rise. And Weemba, a social-networking site, launched a platform in September to connect lenders directly with prospective home buyers and other borrowers.
Driving the demand, say financial advisers, is that despite rock-bottom mortgage rates around 4%, traditional lenders remain reluctant to provide mortgages to anyone with less than stellar credit. And in certain markets lenders are requiring down payments of more than 20% of the home's purchase price.
Scott Nguyen, a human-resources analyst, was denied a mortgage by several banks before getting a $15,000 loan from his mother and sister to use as a down payment on a home in Costa Mesa, Calif. Mr. Nguyen says he has agreed to pay off the loan on a monthly basis over three years, and will end up paying $3,000 in interest.
"Without my mom and my sister's help, I don't think I would have been able to buy the house that I did," he says.
In so-called intrafamily loans, the borrower often saves on interest since parents are likely to charge less than the banks, says Michael Garry, a fee-only financial planner in Newtown, Pa. And parent lenders can earn a higher return from their child's interest payments than they would on a certificate of deposit or money-market fund. Under federal law, on a loan of more than nine years, parents in most cases must charge at least roughly 2.8%.
Of course, intrafamily loans can upset the family dynamic.
Jonathan Bergman, a certified financial planner at Palisades Hudson Financial Group in Scarsdale, N.Y., recommends that parents be clear about how repayment will work. In some cases, it may even make sense to hold back on future monetary gifts or inheritance if it isn't repaid. "The power of the parents' purse is strong," he says.
Consumers who want to look beyond the family can apply at online sites like Lending Club and Prosper. If approved for a loan after a screening by the companies, applicants may then receive money from investors.
At Miami-based Weemba, some 3,000 registered users have started posting loan proposals during the past couple months. Thirty companies including banks and credit unions—up from just a dozen in September—review the applicants and directly contact those they are interested in.
However, these alternative routes to financing can be expensive for borrowers. Rates at Lending Club run from around 7% to 28%, and at Prosper from roughly 7% to 35%. The companies say these rates, which are fixed, are higher than traditional mortgage rates in part because their loans are unsecured.
For Buying or Selling, it helps to have a guide 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.
Tuesday, December 27, 2011
5 tips to stay on top of home maintenance
Where to find reliable contractors
By Dian Hymer
Inman News®
You're not alone if your roof is leaking and you're kicking yourself for not having called a roofer during the summer months. Most people have a limited concept of preventative maintenance. This can lead to big problems that end up being more expensive than if you had routine maintenance in place.
Many buyers don't understand that home maintenance goes with homeownership. When you rent, someone else usually pays for repairs. As a homeowner, you're responsible for keeping your home in good condition.
Unless you're handy at home repairs, it can be costly to maintain a home properly. But there is a benefit at the end of the line. Buyers pay more for homes that are well-maintained and show a pride of ownership.
It can be a hassle to properly maintain your home unless you organize and prioritize the projects that need to be done. You also need to set a schedule and stick to it.
Most home maintenance can be done annually: roof maintenance (including gutters and downspouts); sealing exterior cracks; weatherproofing; a furnace and air conditioning inspection; and inspecting and cleaning the drainage system.
Mark these events on your calendar so that they can be scheduled for about a month before you'd like to have the work done. If you wait until just before the rainy season to start your annual maintenance, you could have trouble finding good contractors to help you.
Don't wait until your roof is leaking to repair or replace it. There will be collateral damage to the interior of the house. Your homeowners insurance company might pay to repair the interior damage, less the amount of your deductible, but it won't pay to replace the roof. Too many claims could be grounds for not renewing your policy.
HOUSE HUNTING TIP: Assemble a crew of contractors and tradespeople who can help you with your home maintenance. It's not always easy to find reliable people who do good work. You'll end up frustrated and having to do more oversight if you work with people who don't show up or do the job right.
Ask your real estate agent or acquaintances who own homes in the area to recommend tradespeople to you. If the seller is happy with people who have worked on the property, ask for a list of names and contact information when you close the sale.
Homeowners who haven't the time or expertise to determine what needs to be done to keep their home in good shape could ask the home inspector that inspected the house for them to do a reinspection periodically to point out areas that need attention.
One of the keys to good home maintenance is to take care of critical items as soon as they become apparent. For instance, don't postpone repairing a plumbing pipe leak. Have it repaired as soon as you notice it.
Don't assume that because your house is new that you won't have any maintenance issues. If the gutters back up on any house, even a new house, water can leak into the house or down the inside of the walls. This, left unchecked, can lead to a major repair to the framing. If repaired right away, you may just need to seal and touch up the paint.
Likewise, even though you just had the exterior painted, you still may have areas that will need touch up every year or so, especially if they receive intense sun exposure.
THE CLOSING: Don't go for the cheapest contractor or building materials just to save money. If an inferior-quality job has to be redone sooner than anticipated, your savings will dwindle.
For Buying or Selling, it helps to have a guide 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.
By Dian Hymer
Inman News®
You're not alone if your roof is leaking and you're kicking yourself for not having called a roofer during the summer months. Most people have a limited concept of preventative maintenance. This can lead to big problems that end up being more expensive than if you had routine maintenance in place.
Many buyers don't understand that home maintenance goes with homeownership. When you rent, someone else usually pays for repairs. As a homeowner, you're responsible for keeping your home in good condition.
Unless you're handy at home repairs, it can be costly to maintain a home properly. But there is a benefit at the end of the line. Buyers pay more for homes that are well-maintained and show a pride of ownership.
It can be a hassle to properly maintain your home unless you organize and prioritize the projects that need to be done. You also need to set a schedule and stick to it.
Most home maintenance can be done annually: roof maintenance (including gutters and downspouts); sealing exterior cracks; weatherproofing; a furnace and air conditioning inspection; and inspecting and cleaning the drainage system.
Mark these events on your calendar so that they can be scheduled for about a month before you'd like to have the work done. If you wait until just before the rainy season to start your annual maintenance, you could have trouble finding good contractors to help you.
Don't wait until your roof is leaking to repair or replace it. There will be collateral damage to the interior of the house. Your homeowners insurance company might pay to repair the interior damage, less the amount of your deductible, but it won't pay to replace the roof. Too many claims could be grounds for not renewing your policy.
HOUSE HUNTING TIP: Assemble a crew of contractors and tradespeople who can help you with your home maintenance. It's not always easy to find reliable people who do good work. You'll end up frustrated and having to do more oversight if you work with people who don't show up or do the job right.
Ask your real estate agent or acquaintances who own homes in the area to recommend tradespeople to you. If the seller is happy with people who have worked on the property, ask for a list of names and contact information when you close the sale.
Homeowners who haven't the time or expertise to determine what needs to be done to keep their home in good shape could ask the home inspector that inspected the house for them to do a reinspection periodically to point out areas that need attention.
One of the keys to good home maintenance is to take care of critical items as soon as they become apparent. For instance, don't postpone repairing a plumbing pipe leak. Have it repaired as soon as you notice it.
Don't assume that because your house is new that you won't have any maintenance issues. If the gutters back up on any house, even a new house, water can leak into the house or down the inside of the walls. This, left unchecked, can lead to a major repair to the framing. If repaired right away, you may just need to seal and touch up the paint.
Likewise, even though you just had the exterior painted, you still may have areas that will need touch up every year or so, especially if they receive intense sun exposure.
THE CLOSING: Don't go for the cheapest contractor or building materials just to save money. If an inferior-quality job has to be redone sooner than anticipated, your savings will dwindle.
For Buying or Selling, it helps to have a guide 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.
Tuesday, December 20, 2011
6 Reasons to Google Your Address
With virtually any type of information imaginable online, it makes sense to do regular internet searches for your home’s address. There are at least six compelling reasons it makes sense to do so, especially if it’s an address you’re thinking of renting, buying or selling. Smart homeowners would do well to search for their addresses, too, and here’s why:
1. To See If Megan’s Law Registrants Live Nearby
There is plenty of information available to the public regarding registered sex offenders in their neighborhoods. Nearly every state that has a Megan’s law-type sex offender registry has an online version that serves up the names, addresses, sex-offense history, and even photos in many cases, of convicted sex offenders. Googling your address and “Megan’s law”-- or even your city or ZIP code and “Megan’s law” -- will turn up a quick list of nearby registrants.
2. To Find Crime Reports and Data For Your Home and Environs
City, county and state law enforcement agencies all post crime data online, but a Google search for your address or city and “crime reports” is most likely to turn up your local police office’s crime map. Or, you can check out Trulia Crime Maps for a crime map of recent incident reports for the whole city, ZIP code or neighborhood. The map is color-coded to represent the intensity of crimes in each area.
3. To Detect Scammers Trying to Rent or Sell Your House
Internet scammers have taken to ripping off home information and putting together fake listings offering other people’s homes for rent or lease-to-own. They often list the home on extremely cheap and easy terms, then ask the would-be-buyer or tenant to please wire or send the deposit money overseas. These scams often come to light only after the homeowner or current resident notices bargain-hunters checking out the place. If you start getting an inordinate amount of foot traffic to your home, or someone knocking on your door asking if they can see the place, you may want to Google your address. If you find a fraudulent listing, identify yourself as the home’s rightful owner and ask the offending site to take the scam posting down - stat!
4. To See What Your Neighbor’s Place Sold For and Possibly Lower Your Property Taxes
In real estate, the value of your home is largely driven by what is similar or how much nearby homes have sold for. If you search your address, Trulia will first surface some sort of image of your home, a map, the basic property details from the public records (see No. 5, below), and recent sales data for your own home before listing out the comps - homes with similar numbers of beds, baths and square feet near yours, and what they recently sold for. If you see a pattern of homes selling for lower than your home’s assessed value, you can use those comps to petition your county to lower your own property taxes!
5. To See Your Home’s Property Records Your home’s records online are populated from the public records about your home, which are either so old they don’t include upgrades and additions, or they’re just flat out wrong. If you Google your address, or search for it on Trulia, and find that your home’s description is riddled with errors, contact your county public record agency to correct them and edit your home facts on Trulia. This is particularly important if you’re planning to sell your home anytime soon.
6. To See Your Home’s Google Street View When you’re selling your home, it’s especially critical to see everything that prospective home buyers will see. That means checking out how your home’s listing looks on all the online real estate sites (yes, even on Trulia), checking out the flyer - even stopping by to check out any staging your broker or agent did if you’ve already moved out. One thing even the most savvy sellers don’t check out is the way Google Street View depicts your home. If you’re about to sell your home, and you notice that the street view is outdated, mention it to your agent, and ask them to make a note of that fact in the listing information.
© 2011 Trulia.com · All Rights Reserved
For Buying or Selling, it helps to have a guide 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.
1. To See If Megan’s Law Registrants Live Nearby
There is plenty of information available to the public regarding registered sex offenders in their neighborhoods. Nearly every state that has a Megan’s law-type sex offender registry has an online version that serves up the names, addresses, sex-offense history, and even photos in many cases, of convicted sex offenders. Googling your address and “Megan’s law”-- or even your city or ZIP code and “Megan’s law” -- will turn up a quick list of nearby registrants.
2. To Find Crime Reports and Data For Your Home and Environs
City, county and state law enforcement agencies all post crime data online, but a Google search for your address or city and “crime reports” is most likely to turn up your local police office’s crime map. Or, you can check out Trulia Crime Maps for a crime map of recent incident reports for the whole city, ZIP code or neighborhood. The map is color-coded to represent the intensity of crimes in each area.
3. To Detect Scammers Trying to Rent or Sell Your House
Internet scammers have taken to ripping off home information and putting together fake listings offering other people’s homes for rent or lease-to-own. They often list the home on extremely cheap and easy terms, then ask the would-be-buyer or tenant to please wire or send the deposit money overseas. These scams often come to light only after the homeowner or current resident notices bargain-hunters checking out the place. If you start getting an inordinate amount of foot traffic to your home, or someone knocking on your door asking if they can see the place, you may want to Google your address. If you find a fraudulent listing, identify yourself as the home’s rightful owner and ask the offending site to take the scam posting down - stat!
4. To See What Your Neighbor’s Place Sold For and Possibly Lower Your Property Taxes
In real estate, the value of your home is largely driven by what is similar or how much nearby homes have sold for. If you search your address, Trulia will first surface some sort of image of your home, a map, the basic property details from the public records (see No. 5, below), and recent sales data for your own home before listing out the comps - homes with similar numbers of beds, baths and square feet near yours, and what they recently sold for. If you see a pattern of homes selling for lower than your home’s assessed value, you can use those comps to petition your county to lower your own property taxes!
5. To See Your Home’s Property Records Your home’s records online are populated from the public records about your home, which are either so old they don’t include upgrades and additions, or they’re just flat out wrong. If you Google your address, or search for it on Trulia, and find that your home’s description is riddled with errors, contact your county public record agency to correct them and edit your home facts on Trulia. This is particularly important if you’re planning to sell your home anytime soon.
6. To See Your Home’s Google Street View When you’re selling your home, it’s especially critical to see everything that prospective home buyers will see. That means checking out how your home’s listing looks on all the online real estate sites (yes, even on Trulia), checking out the flyer - even stopping by to check out any staging your broker or agent did if you’ve already moved out. One thing even the most savvy sellers don’t check out is the way Google Street View depicts your home. If you’re about to sell your home, and you notice that the street view is outdated, mention it to your agent, and ask them to make a note of that fact in the listing information.
© 2011 Trulia.com · All Rights Reserved
For Buying or Selling, it helps to have a guide 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.
Monday, December 12, 2011
Calculate 'paybacks' before buying furnace
First, consider home's energy efficiency
By Paul Bianchina
Inman News™
Cold weather's upon us again, and you may be looking at changing or upgrading your old heating system to better deal with winter's chill. But what type of furnace should you get? There's actually quite a bit that will go into making that all important decision, and here are some things worth considering.
Understanding paybacks
Throughout the process of selecting a new heating system, and even when considering energy upgrades as discussed below, you'll be faced with the concept of "paybacks." It's an important thing to understand, especially if you're feeling pressured by a salesperson to choose a particular product.
Let's say you currently pay an average of $200 a month to heat your home for an average of seven months of the year, or $1,400 per year. Now let's say that a new, high-efficiency furnace, along with some upgraded insulation, will heat your home for $90 a month, or $630 a year.
That's a savings of $770 annually. If the new furnace and insulation cost $5,000, it would take you about 6 1/2 years for the savings to pay back the investment.
Paybacks aren't difficult to understand, as long as you're able to get the necessary numbers. This is something that your heating contractor and utility company should be able to help you with.
Deal with your home's energy efficiency first
How efficient any heating system is going to be at keeping your home warm is dictated by how energy efficient the home is in the first place. You can have a small home, but if it's drafty and poorly insulated, you'll need a much larger furnace than might otherwise be required in order to keep it heated. That means more upfront cost and higher operating costs.
So before you consider your new heating system, if possible you should complete any required energy upgrades your home needs. Your best bet is to have an energy audit done. The auditor will make a thorough inspection of the house, and will make specific recommendations for upgrades to insulation, windows, weatherstripping, and other components that will make it more energy efficient. Your utility company or heating contractor can often arrange for or recommend energy auditors in your area.
Fuel considerations
Next, you'll want to consider what type of fuel to use for the new heating system. Common choices include electricity, natural gas, propane and heating oil. Quite often, you'll opt for what the house currently has, but that's not always the best choice.
For example, you may currently have an electric furnace, but if natural gas is available in your area, you may find that to be more efficient. However, in your payback calculations you'll need to take into consideration the cost of having the gas line brought to your house, which may or may not be covered by the gas company.
Or you may be considering replacing an oil-burning furnace with propane, but in your payback calculations remember to weigh in the costs of having the oil tank removed and the new propane tank installed. With buried propane tanks, you also have the costs of excavating to consider.
Rating furnace fuel efficiencies
All electric furnaces work on electric resistance, so 100 percent of the energy they consume goes towards heating the house; the inefficiencies with electricity would occur in the power generation process itself, and in losses that occur as the power moves through the transmission lines.
The efficiency of oil furnaces has improved quite a bit in recent years. Changes in burner designs have resulted in efficiencies going from around 60 percent to something more like 80 percent today. However, these higher efficiencies often require upgrades to the chimney if you're planning to reuse the old one, so that's something that needs to be taken into consideration as well.
Most of today's natural gas and propane furnaces achieve efficiency ratings of 85 percent to 95 percent or more. So little heat is wasted with these units that they can actually be vented with plastic vent pipes. As you'd expect, with each step up in efficiency you also step up in initial cost, so that's something to take into consideration with your payback calculations.
Heat pumps and air conditioning
To add to the mix, you'll want to consider whether you want air conditioning. If so, be sure that the contractors are aware of that when they put their estimates together. Even if you don't want to add it now, if you're considering it in the future, you need to make sure the new heating system is compatible with it.
Another option worth considering is a heat pump. Heat pumps work like a refrigerator in reverse, drawing heat from the outside air and transferring it to your home. A reversing valve allows the process to work in the opposite direction as well, drawing heat from the house and exhausting it to the outside, so a heat pump gives you both heat and air conditioning.
Heat pumps generally work best in relatively moderate climates and can be very energy efficient to operate in those conditions. However, when the outside air temperatures drop too low, there's not a lot of ambient heat to draw from, and their efficiency drops quite a bit. Heat pumps can have a significantly higher initial cost, so you need to compare paybacks carefully.
Pulling it all together
For a project this complex and potentially costly, I'd strongly recommend getting at least two estimates. Ideally, the contractors should be bidding equipment from two different, recognized manufacturers, which will give you an additional opportunity to compare costs, efficiencies and paybacks.
Be sure you verify that all licenses, bonds, insurance, and other requirements are in place and in compliance with whatever your state requires. Finally, a good heating contractor should be able to offer energy advice for your home, and should be able to give you specific payback information for the cost of any system they're bidding.
For Buying or Selling, it helps to have a guide 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.
Friday, December 9, 2011
With mortgages at 4%, demand for home-purchase loans rises
-- E. Scott Reckard
With 30-year mortgage rates still averaging a rock-bottom 4%, applications to purchase homes rose after Thanksgiving to the highest level in four months.
Freddie Mac's weekly report on home lender offerings, released Thursday, showed the typical rate for a 30-year loan at 3.99%, the sixth straight week at or slightly below 4%. Last year at this time, the 30-year fixed loan averaged 4.61%.
Fifteen-year fixed-rate home loans, a popular option for people refinancing homes, averaged 3.27%, down from last week's 3.3%. A year ago, the 15-year loan averaged 3.96%, Freddie Mac said.
The big government-backed mortgage buyer asks lenders what rates they are offering to borrowers with good credit and 20% down payments or 20% equity if they are refinancing. The rates are for loans of up to $417,500 with the borrowers paying about 0.75% of the loan amount in lender fees and points.
The typical mortgage rate for larger "jumbo" loans was running about a third of a percentage point higher, according to another report this week, this one from the Mortgage Bankers Assn. Jumbo loans are priced higher because lenders can't sell them to Freddie Mac and Fannie Mae, the other big government-sponsored mortgage buyer.
Offering a bit of hope for housing at a time when foreclosures are drawing angry protests and government investigations, the mortgage bankers said applications for loans to buy houses reached the highest level since early August.
Refinances still made up about three-quarters of all applications for home loans, however.
For Buying or Selling, it helps to have a guide 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.
Wednesday, November 30, 2011
Tips for Yard Maintenance
Are you having difficulty keeping your yard looking healthy, but encounter dying grass or dead spots? Here are a few solutions to the problem.
Lack of fertilizer: if your grass is not fertilized correctly year round it will not use the water it gets and no amount of watering will cure this. If your yard is made up of a mixture of clay and a small but of topsoil, the topsoil becomes exhausted of nutrients very quickly and needs to be replenished. Try using a turf builder, such as Scotts Turf Builder ($13/bag @ Home Depot) and feed about 1/8th of a bag every 6 weeks. If you want to plant seed, approximately the top two inches of clay soil needs to be aerated (loosened) and/or apply a soil penetrant, then add top soul. Then add seed and cover with top soil. The soil needs to be kept moist until the grass has grown. Sometimes it’s just easier to re-sod problem areas.
Sprinklers: poorly maintained sprinklers may not water all the areas of your lawn correctly. The water pressure can change; try testing your sprinklers and adjust periodically. Your current irrigation system may be 30+ years old. There are new sprinklers that you can buy that can more effectively water you lawn. Or, try the old standby! Use a hose that is attached to a sprinkler and spray the problem areas. Many plants benefit from deep infrequent watering. Try multiple starts per day and water.
Rabbits: Rabbits eat the grass in certain spots and as they eat the grass in that area they also defecate and urinate which acidifies the soil and kills the grass. The rabbits usually come out in the very early morning around 4 am to 6 am. Please check for rabbits destroying your yard. If you find that rabbits are the cause, get some Vitamin B1 transplant fertilizer from Home Depot and spray on your lawn each time after you mow. This will make the grass taste bad to the rabbits. B1 is about $5/gallon and you can use about 3 tablespoons in a gallon of water.
For Buying or Selling, it helps to have a guide 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.
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