Todd's Real Estate Blog

San Diego Home Prices are inching UP!

Todd Armstrong (Woods Real Estate Services) — Tue, 17 Nov 2009 11:00:15 -0600

Tuesday, November 17, 2009 at 12:05 a.m.

San Diego County marked an economic milestone last month when home prices exceeded year-ago levels for the first time in 40 months, MDA DataQuick reported yesterday.

The increase was small - less than a percentage point - and it might be temporary.

But industry observers said the symbolism was important.

"It's a reflection of a market that has stabilized in many areas," DataQuick analyst Andrew LePage said.

The overall median of $325,000 was unchanged from August and September, but it was $1,500 higher than the $323,500 reported in October 2008. It was the first annual increase since June 2006.

That follows a near free-fall in price drops, when for 13 straight months - from May last year to May this year - year-over-year declines exceeded 20 percent; January's was the biggest, down 34.7 percent. Economists focus on year-over-year changes to eliminate seasonal differences. The median price over that period plummeted from $380,000 to $280,000 before starting to rise again.

What changed?

"Government has a lot to do with stabilizing a lot of the market," LePage said.

He cited low mortgage rates, at or below 5 percent, with helping to make affordability the best in years.

When lenders nearly collapsed under the weight of subprime mortgage defaults, the Federal Housing Administration stepped in to insure loans, whose ceilings were raised to cover most loans in most areas. Meanwhile, the U.S. Treasury took over Freddie Mac and Fannie Mae, the two federally chartered companies that buy loans and sell to them to investors.

Finally, Congress approved and recently extended and expanded homebuyers' tax credits to nudge shoppers off the fence.

"If something rocks the boat here - a rate spike, tougher qualifying standards for the FHA because it's had some problems, new waves of foreclosures - then there goes your price stability," LePage said. "So the market is on this precarious perch again. A lot of things that have been driving sales may not be here next year."

Peter Dennehy, senior vice president at the Sullivan Group Real Estate Advisors market analysis firm, said sales tell more about the market than prices.

There were 3,671 sales in October, up 6.3 percent from September and 2 percent higher than a year ago. It was the most active October since 2006. October sales are often less than in September.

"Overall prices are up a little and volume for the year is higher," Dennehy said. "That's probably a good thing."

He said a monthly sales pace of 3,500 homes is healthy, but what is not normal is the dominance of first-time buyers and investors, who are often bidding against each other on low-cost foreclosure homes. Of all resales last month, 34.5 percent involved homes foreclosed on in the previous 12 months, DataQuick said.

"We are in a sellers' market for certain types of product and certain locations," Dennehy said. "Quite clearly, when you have a market where there are 30 to 40 offers per house like you do in some parts of the county, that's a sellers' market."

What needs to happen now to achieve a real housing recovery, he said, is more sales activity in higher-priced neighborhoods. Transactions have remained low because buyers often cannot get financing and sellers have not reduced prices enough.

"It's still a very fragmented market recovery and a market that needs to have broad-based participation," Dennehy said.

At the neighborhood level, there is no clear trend. Low-priced areas are not necessarily rising in value in response to overbidding demand, and high-priced ones aren't necessarily falling because of lackluster demand.

For example, high-priced Mission Hills/Hillcrest and Cardiff saw increases, up 32.2 percent to $750,000 and 20.9 percent to $665,000, respectively.

Similarly, low-priced Golden Hill was down 23 percent to $180,000 on 13 home sales, and City Heights was off 18.8 percent to $195,000 on 25 homes.

Robert Brown, an economist at Cal State San Marcos, focused on the inventory of distressed properties - foreclosure, bank-owned and short-sales, which involve sellers and their lender selling for less than the mortgage balance.

"The number of distressed properties, while still high, seems to be sustained a bit, leveling off and even falling in some ZIPs," Brown said.

The figures from the San Diego Association of Realtors suggest a coming shortage with 8,291 active listings yesterday and 6,350 in pending status. The total is down 13 percent from year-ago levels.

But observers said they cannot predict the future if a new wave of foreclosures floods the market because distressed owners cannot get their loans modified. That would send prices lower again.

"There's still pain in the housing market, as far as people being upside-down in their loans and mortgages," said Kelly Cunningham, economist at the National University System Institute for Policy Research.

But the overall housing picture appears to be turning around.

"We've been looking for that for some time," he said. "Certainly, it does show solid evidence that the market has started to turn a corner. It's not getting worse and it even shows some improvement."

As he has warned in recent months, Cunningham said concerns should now be turning to the long-term supply of housing, if construction continues to remain as low as it has been this year. Through September, single-family housing permits totaled 1,323, one-third of the comparable figure in 2006.

"At some point, when we're building so little new construction, that suggests we'll have in a few years a severe housing shortage because of so little in the pipeline," Cunningham said.

Get the latest Real Estate News at ArmstrongEstates.com!

Todd Armstrong (Woods Real Estate Services) — Fri, 06 Nov 2009 09:32:09 -0600

Did you know that you have access to one of the top real estate market and news sources in the United States? Well you do and the best part, it's FREE for my clients. It is a $149.00 value!

Inman News is the leading source of independent real estate news, information, advice, research, opinion and commentary for industry professionals and consumers alike. Pay me a visit at www.ArmstrongEstates.com.

Get the latest news on technology, real estate laws, pricing, appraisals, home inspections and hundreds of other real estate related topics. You are just one click away.

$8,000 Home Buyer Credit Extended!

Todd Armstrong (Woods Real Estate Services) — Thu, 05 Nov 2009 16:48:36 -0600

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.

Ever wonder who owns the businesses in our neighborhood of Mission Hills, San Diego?

Todd Armstrong (Woods Real Estate Services) — Thu, 22 Oct 2009 14:25:46 -0500

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.

Armstrong Estates Response Overwhelming in San Diego!

Todd Armstrong (Woods Real Estate Services) — Tue, 06 Oct 2009 23:31:41 -0500

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.

Launch of www.ArmstrongEstates.com. Your choice for Metro San Diego Luxury Real Estate

Todd Armstrong (Woods Real Estate Services) — Thu, 01 Oct 2009 23:10:35 -0500

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

FREE San Diego Remodeling Costs versus Value Report for 2008-2009

Todd Armstrong (Woods Real Estate Services) — Sun, 13 Sep 2009 10:38:09 -0500

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?

Todd Armstrong (Woods Real Estate Services) — Wed, 09 Sep 2009 09:37:17 -0500

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.

Luxury Penthouse with Private Rooftop Terrace at a Rock Bottom Price!

Todd Armstrong (Woods Real Estate Services) — Mon, 07 Sep 2009 09:45:37 -0500

Property Highlights

Private Rooftop Terrace	Penthouse
City, Bay Sunset Views	Large 2 Story Luxury Condo
Dual Master Suites	Gourmet Kitchen
Full Laundry Room	2 Secure Parking Spaces
Mahagony Wood Floors	Walk to everything

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

What makes this a Buyer's Market in Mission Hills and Hillcrest? Its the Market Absorbtion Rate!

Todd Armstrong (Woods Real Estate Services) — Sun, 06 Sep 2009 09:16:52 -0500

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.

Million Dollar Price Reductions in San Diego Real Estate Market!

Todd Armstrong (Woods Real Estate Services) — Tue, 11 Aug 2009 10:05:03 -0500

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.

Rancho Santa Fe Ranks #9 in Forbes "Most Expensive Zip Codes in America".

Todd Armstrong (Woods Real Estate Services) — Tue, 28 Jul 2009 02:07:41 -0500

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!

Search all homes for sale in San Diego from your personal cell phone.

Todd Armstrong (Woods Real Estate Services) — Fri, 17 Jul 2009 04:44:03 -0500

PRESS RELEASE:

7/17/09, San Diego-One of the top real estate agents in San Diego announced today that cell phones can be turned into the ultimate house-hunting tool. Todd Armstrong with Woods Real Estate Services is providing consumers with a mobile application called Homes for Sale that makes it possible to search all local property listings from their mobile device, regardless of whether it is listed by Todd Armstrong or another broker/agent. Homes for Sale can be downloaded to virtually any cell phone by visiting http://www.smarteragent.com/hs/armstrong

With Homes for Sale, consumers can be in any neighborhood and view detailed home information at the touch of a button. The GPS technology in the mobile phone, when available, locates users and pulls up addresses and information on property listings in their immediate area. Sales price, square footage, tax information, beds/baths, interior and exterior features and pictures become available instantly in the palm of their hand.

Consumers can also search by address, community, city or zip code when GPS is not available, or if they want to search for real estate in a particular area other than their current location.

The "Call to See" feature within the Homes for Sale application will connect users to Todd Armstrong if they have further questions or want to schedule a tour of the property.

"After seeing this technology used as a home buyer's tool, it was a no brainer; I immediately signed up for the service and offer it to my clients free of charge. We all live busy lives and if I can have tools that allow me to provide a better service to my clients, then I'm all for it. My home buyers love this service." Todd Armstrong

When downloading the application from Todd's website, www.DwellSanDiego.com, consumers will find a Armstrong & Associates tool which provides instructions on how to send the application to their personal cell phone.

Homes for Sale by Smarter Agent is available as a fully downloadable application and premium mobile web version on 95% of cell phones. The fully downloadable application is free to download on Sprint devices, BlackBerry devices across all carriers, the iPhone, and Google's Android G-1. The premium mobile web version is free to access.

Todd has been representing buyers and sellers in San Diego for the past 10 years. From multi-million dollar, elite properties to modest condos, Todd has negotiated his way to a highly successful real estate career. See more about Todd Armstrong & Associates at www.DwellSanDiego.com.

Over 300 Homes in the San Diego MLS for under $100,000!

Todd Armstrong (Woods Real Estate Services) — Fri, 26 Jun 2009 05:11:34 -0500

...and some as low as $45,000!

Yep you read this correctly. As of yesterday, 6/26/09, there are over 300 homes listed for sale in San Diego for under $100,000. There are several homes listed under $50,000. Who would have thought that one of the most expensive markets in America would finally deflate and become affordable again to the masses. Check out all the homes for sale in San Diego at www.FreeHomeSearches.com.

Ready to jump into the San Diego market? Contact me before you do anything. There are alot of things you need to know about "Short Sales" and "Foreclosures". There is a definite strategy you need to follow in order to get your offer accepted. Most "distressed properties are receiving "mulitple offers" and you need an agent that knows the market and knows how to structure an offer in order to have the best chance of being accepted. Your offer needs to stand out against the other dozen buyers who are competing with you. Check out more about Armstrong & Associates at www.DwellSanDiego.com. Let's find you the "deal of the century". Let's find you a great first home or investment property!

Lower your Property Tax Bill !

Todd Armstrong (Woods Real Estate Services) — Wed, 24 Oct 2007 20:03:52 -0500

Is your home worth less than what you paid for it? In this down market, there are many homeowners upside down in their mortgages or they lost all of their equity.

If this is the case it's a simple call to the County Tax Assessor to have your property re-assessed at the new lower appraised value. This alone could save thousands of dollars in property taxes in San Diego. Have a real estate agent give you a "fair market value" or pay for a professional home appraisal and simply submit to the County Tax Assessor and ask to lower your property taxes since your home is no longer worth what it was previously assessed for. I recently completed an estimated "home value" based on SOLD comps and my client was able to lower his bill. It works, but you have to ask.