Todd's Real Estate Blog

More good news for consumers, our members, and the housing market recovery. Following the Senate's favorable vote yesterday, the U.S. House of Representatives just voted 403 to 12 to extend the home buyer tax credit, expanding the parameters to include existing homeowners and not just first-time buyers. As you may know, C.A.R. and our partners at NAR have worked for months urging Congress and the Senate to extend and expand this crucial piece of legislation. We expect President Obama to sign the legislation in short order.

As it now stands, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances.

Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The legislation maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

Nationwide, more than 1.4 million first-time home buyers were given the opportunity to become homeowners as a result of the Federal Tax Credit for First-time Home Buyers.  We expect that number to increase dramatically in the months ahead with this new legislation in place. Thank you to our members who called, wrote, and e-mailed their congressional representatives and voiced their support for the home buyer tax credit. Your voices were heard - today's vote is a direct result of your actions and involvement.

Join us the third Wednesday of every month from 6:00pm to 8:00pm for MISSION NIGHTS in San Diego to stroll through our neighborhood of Mission Hills meet your local merchants and enjoy a sampling of great food, wine, snacks and beverages.   What better way to spend a Wednesday evening than a leisurely walk through the business district of Mission Hills meeting new neighbors and exploring your favorite restaurants, shops, boutiques and cool lounges.  Enjoy live music, free food, dinner and drink specials, discount coupons and live demonstrations-all free to the public. And don't forget the parking meters are free after 6pm too.   For a current schedule and map, please check out the website at ww.MissionNights.com. 

For more information on Mission Hills and Hillcrest in San Diego, please visit my site at www.ArmstrongEstates.com.

The official launch of my real estate website as Armstrong Estates has been a tremendous success.  San Diego real estates websites are not all created equal.  With state-of-the-art search tools, free foreclosure lists and a marketing plan second to none, Todd's San Diego clients have created a huge buzz and resulted in over 5,000 website hits in the last 2 days.  That's great news for sellers currently listed with Armstrong & Associates.  It means tons of exposure to their homes.  Visitors have been spending the majority of the time previewing the dozens of pictures of Todd's listings.   Check us out now at www.ArmstrongEstates.com for more information on how Todd and his team can sell your home in this tough market.

Todd Armstrong and Associates is proud to announce the opening of their newly designed and updated website at www.ArmstrongEstates.com.  New features include state-of-the-art Search Engine for San Diego real estate, foreclosure lists and the ability to search for homes with your cell phone.

While most agents are cutting back, Todd has increased his marketing budget and taken on more clients than ever before.  One of my most knowledgable real estate teams in Mission Hills and Hillcrest, his team services all facets of the metro areas of San Diego to include downtown San Diego, Mission Hills, Banker's Hill, Hillcrest, North Park, South Park, University Heights and Normal Heights.  Take a peek at all homes for sale in San Diego at www.ArmstrongEstates.com

How much money can I expect to get back from my remodeling project?  This is a great question and I can help you answer your question with a COST versus VALUE guide specific to San Diego.  Ever wonder what you can expect to get back with a bathroom remodel or a light kitchen remodel?  I can send you the 2008-2009 San Diego Cost vs Value report for FREE.  This is a great list of the most popular remodeling or home improvement projects and what you can expect to re-coup in costs. How much value does it add to your home?  Get all these questions answered and more.  Just go HERE and in the comments section, just say, "Send me my Free Costs vs Value Report" 

We found a home we love, now what?

We submit an offer right away!  Since we already talked with the lender and have a pre-approval letter in hand, we can move forward and actually submit the offer.  To get a blank copy of the California Residential Purchase Agreement so you have time to thoroughly read and write down any questions you may have just contact me here.  We will sit down with you and explain the entire contract and answer your questions. 

There are many things to consider when writing an offer and we will go over each one independently with you because each scenario is different.  However, there are steps in the process that will always be the same.  Things like Escrow, Title, Home Inspections and such.  I will give a brief overview of the entire process from start to finish so you can get an idea of the flow of the transaction.  During the transaction we will provide you with a calendar with all the important deadlines to remember to make it easier for you to plan your move. 

The California Residential Purchase Agreement or RPA is written to protect you, the seller and the brokers in the transaction.  It allows you sufficient time you to do your due diligence with inspections, appraisals, financing and other important items.  With our in depth knowledge of the contracts, we are always looking out for your best interests. 

Things you need when you are ready to write the offer: 

• A good faith deposit check - 1 to 3% of the purchase price but it can vary.  Escrow will deposit this check in the escrow account.  
• How long of an escrow period do you want?  30 days is the norm but we can go shorter or longer.  Or you can choose an actual closing date.  
• What title company do you want to use? I can provide some recommendations.  The seller usually pays for the title insurance.  
• Which termite company do you want to use?  I can make recommendations.  The seller usually picks up the tab for the wood destroying pest inspection, repair and treatment of any infestation. 
• What escrow company do you want to use? Again, I can provide some recommendations from previous business.  Escrow fees are usually split between the buyer and seller.  It falls under closing costs. 
• What Home inspector do you want to use? I can give you a few to choose from.  Be prepared to pay the property inspector on the day of the inspection.  Depending on the square footage, a home inspection will run you from $250 for a small condo and up to $3000 for very large homes. 
• Your lender will set up for the appraisal so we don't have a choice on this.  As the buyer, you will be paying for the cost of the appraisal.  Costs typically run 400 to 500 dollars.  Usually the payment is taken out during escrow from your closing costs. 
• You will also need to decide on how much money you want to put as a "down payment".  If you are  going 100% financing as with a VA loan then you don't have to worry about this.  Offers with larger down payments are always stronger than an offer with 100% financing.  
• We will also ask for a one-year home warranty from a company of your choice.  I can make recommendations on companies.  The seller usually picks up the tab for the home warranty. 

Property Highlights

Property Description

TOP FLOOR 2-STORY PENTHOUSE in Hillcrest, San Diego. One of a kind. BEST VIEWS in The Egyptian. Expansive South, East & West Views abound to Mexico, Balboa Park, Downtown and more. Features: Santos Mahogany Wood floors, Custom kitchen w/ built-in stainless steel appliances, floor-to-ceiling windows, 2 master suites & a HUGE top floor Terrace. Close to Balboa Park.  Walk to the San Diego Zoo. Monthly HOA $505.

Excellent location in the heart of Hillcrest...walk to great local cafes, restaurants, bakeries, shops, nightlife & weekend farmers market. Coffee lovers, choose from Urban Grind or Starbucks...just steps from the front door! Solidly built by City Mark Development, they preserved the orginal facade of the Fox Egyptian Theater, a historic movie theater inspired by Arte Moderne architecture. It features 80 urban residences in San Diego's most vibrant community. Also features solar panels on the roof for the commerical businesses below. Price is $569,000

Hi everyone. I wanted to give you some quick numbers on the Mission Hills, Banker's Hill and Hillcrest detached home market.  Ok, I know you are asking, what the heck is market absorbtion rate?  Simply defined, it's the amount of time it takes for the current inventory to be sold or absorbed by the market. Example:  If there are 100 homes on market right now AND no new properties came on the market, the Market Absorption Rate is the amount of time it would take to sell all 100 homes. 

For the entire zip code of 92103 for ALL Detached Homes the current Absorbtion Rate is a whopping 9 months.  That means the average Days on the Market for detached homes is 267 days. 

"Normal Market" conditions exist when the Absorption Rate is between 5-6 months.

"Sellers Market" conditions exist when the Absorption Rate is lower.  (1-4 months)

"Buyers Market" conditions exist when the Absorption Rate is higher.  (7+ months)

You might be asking yourself,  "Why does the MLS report a much lower number for Days on the Market?

Because the MLS calculates the average DOM as the average days on market for the listings that actually sold.  What it leaves out of its calculation altogether are homes that were withdrawn, listings that expired, listings that were withdrawn for a day and then re-listed to restart the clock, or those that were never put in the MLS until they sold (like new construction where they might list only one home in a subdivision, but actually have 20 for sale).  And all of those affect the reported DOM.

As you can clearly see its a VERY GOOD Buyer's Market. This is an overall average for EVERY detached home that has SOLD in the last year in the zip code of 92103.  You think this number is high?  Get this, the homes SOLD above $1,000,000 in our neighborhood have a Days on the Market average of 754 Days. If you own a luxury home in Mission Hills, Banker's Hill or Hillcrest, please give me a call and I'll show you how we can decrease these numbers in your favor and get your home SOLD in the shortest amount of time possible. 

Now is the time to invest in San Diego luxury properties!  The top five zip codes in San Diego are Rancho Santa Fe, 92067, La Jolla, 92037, Del Mar, 92014, Coronado, 92118 and Mission Hills, 92103 and Million Dollar price drops are becoming more and more common. 

Yes, even the luxury market is not immune to this gloomy economy.  Many people are still wondering what to do with the money they pulled out of the stock market. In my opinion, it is the prime opportunity to invest in luxury properties in San Diego.  Rancho Santa Fe was just ranked #9 as one of the priciest zip codes in America.  It is also noted for one of the top school districts in the nation.  To find out more about Rancho Santa Fe, just click HERE. 

Take advantage of the deals that are out there right now.  I would highly recommend finding your home via my home buyer website at www.FreeHomeSearches.com and when you find the perfect investment home, just call or email me and I'll set up the showing and assist you in writing an offer. Please contact me here if you have any further questions. 

No. 9 Rancho Santa Fe, Calif.

92067, San Diego County

Median home price: $2.47 million

Known by locals as, "The Ranch", Rancho Santa Fe is widely regarded as one of the most covenanted neighborhoods in America that includes the top school system in the U.S.  Some of the best private golf clubs, country clubs and horseback riding in the country is offered here. See more below:

See more about Rancho Santa Fe at my website here.  Search for Rancho Santa Fe foreclosures.  There are several Million Dollar price drops in the Ranch.  Use my state of the art home search tool to find your next dream home in one of America's best neighborhoods.  Click here to start your search!