Today I wanted to put a question out to all the BUYERS here in San Diego who have either recently purchased or are currently considering doing something. With the market being what it is currently, what is keeping you from buying ? What was it that made you go ahead and purchase now ? and finally what would have to happen to make you purchase now or in the next 30-60 days ?? Also in the spirit of the cult film High Fidelity- I would like you to list your TOP 5 reasons for making a purchase and or your TOP 5 reasons for NOT purchasing a property in today’s market…
I just finished reading about the lawsuit in Carlsbad between a Realtor and his clients..
This is the one that has been in the news regarding the husband and wife from the Bay Area who had intrusted their Realtor to make sure their home was a good “value”….
They bought the home and later found that others in the area had sold for “less”?? According to the article we are only talking about $150,000 less than some of their neighbors?? This is on a property that was over 1 million dollars ??
Apparently the jury didn’t feel the buyers had been mis-represented and unanimously decided in favor of the Realtor.
This is a topic that just came up in a recent discussion. This is open to Realtors as well as any Buyers of property. Please feel free to jump in with your comments or feedback.
As a Realtor here in San Diego I work with both Buyers and Sellers. When working with Buyers in today’s market, there are about 2-3 times the number of homes to view and or preview as was the case in years past.
Along with this comes the wide range of area that may be covered in these searches. From Oceanside to Otay Ranch and from Imperial Beach to Pine Valley, these searches could cover a lot of area. and Buyers typically want to see them ALL!!!
As you may be aware, the cost of owning a car, from purchase to repairs etc. has gotten pretty “spendy” these days. As I write this, the gas station near my office is currently selling REGULAR GRADE gas for $3.75/gal…
If you drive clients around for a few hours a day you could easily cover 20-30 miles of travel in a single day of showing. Over the course of a couple of weeks the costs could start to add up.
The inherrent issue here is. What if the Buyer doesn’t BUY ???
Would it be fair to ask the Buyer for compensation? The Realtors will say, “don’t even get in the car without a Buyer-Broker agreement” etc. etc. This is another topic in and of itself.
To the Buyers: Do you empathize with or feel an obligation to compensate your Agent in the event you don’t purchase a property ??
Is it simply, “OUR JOB” ?? Or should we strike a deal in which, YOU purchase and we are all square? Or if you don’t purchase within ??? period of time and you will cover our gas costs?
I am only posing the question as I watch Agent after Agent run out of the office with fevered anticipation that today will be the day their client will find the right home and write offers.
Here is a bit of information for those of you who may want to live in the delightful community of La Mesa……The City of La Mesa has once again set itself apart from many of it’s neighboring communities by offering a “FIRST TIME HOME BUYERS PROGRAM”.. Through assistance with DCCA, a loan program has been put together where first time home buyers may qualifiy for down payment and closing cost assistance on the purchase of a property with in the city of La Mesa.
There are certain criteria and guidelines that must be followed, but this is an excellent program and a great oppportunity to get into a property in today’s market. Since there are some criteria that needs to be started in advance and time is of the essence, you should contact me A.S.A.P. if you think you may qualifiy of if you would like some further information. You do not need to be a “current” resident of La Mesa to qualify, and there are NO MONTHLY PAYMENTS on the loan. The terms of the repayment of the loan are spelled out and available….
Please contact me if you have any questions.
Thank you: Kevin..619-540-8154
Well it looks like El Cajon doesn’t want to be left behind in the “affordable housing” race. There is a recent article in the San Diego Union Tribune which featured an article regarding a brand new program designed to help the “First Time Home Buyer”..
This “lottery” style approach will allow as many as ten families to opportunity to buy one of seven affordably priced homes. This is being offered by the El Cajon City Council, which will hold a lottery for the Wisconsin Cottages project. This is a 3.8 million dollar development project sponsored by the city’s Redevelopment Agency and the El Cajon Community Development Corporation. A non-profit organization that promotes investment in downtown El Cajon. From more than 80 applicants, 10 have been selected to be part of the drawing.
The selections will be drawn at the May 13th City Council meeting. The meeting will begin at 3:00 pm and the lottery will be held at the end..
The location is El Cajon City Hall, 200 E. Main Street
We see and hear a lot of terminology and leagalize within the Real Estate community. Fiduciary duty, Agency, front and back ratio’s, are only a few of the terms that may come up during a typical Real Estate transaction or discussion. With our local market remaining at the top of the interest list for most residents, the print media, typically reports data to us based on the “MEDIAN” price for a property. Why Median and not Average ?? What is the obsession with Median and how come it gets used so often yet rarely do they define it or talk much about its affects/effects on the consumer.
According to my, well worn Webster’s Pocket Dictionary. Median is very simply described as, “a (number or point) in the middle”.. As I write this my Real Estate Dictionary is out on loan so I am not able to see if a variation of definition is available but we can use the Webster version for our purposes. As it applies to Real Estate, the Median price for property represents the “midpoint” of a range of prices with 50% being ABOVE that point and 50% being BELOW. This is not an Average, which is an entirely different method of calculation altogether. The reason it’s important to remember the definition of Median is because you hear a lot of people commenting on how the Median price for a home is this or that without really qualifiying what that means. They simply ignore or forget that there is more to the story. In all fairness the Median is slippery in the sense that it can be heavily influenced by large or small sales prices and the preponderance of those within the range being used. For example, if a “Median” price of an area shows $600,000 it could be that there happend to be a lot of “high end” properties selling during that period. The other caveat is the number of sales used to creat the Median. A mid-point of 3 sales is not going to be as telling as a mid-point of 30..However, it still remains as the “benchmark” for the various number crunchers within the Real Estate community. Just remember that when you see local home prices being at a “Median” of this or that, there are just as many homes that have sold ABOVE that point as to the number that have sold BELOW.
What’s that I smell ?? Could that be a bit of change in the air ? From a couple of recent articles in the U.T. there appears to be some “positive” signs in the local housing market.
One article discusses the recent upswing in the permits issued for new construction. There were 224 permits issued in the month of April countywide. This is in comparison to 17 issued during the month of March. While that is a tremendous increase for a month over month period and many of the permits were for multifamily units there is still remains some work to be done.
Another article on the 20th was very interesting in the fact that it was on the FRONT PAGE of the U.T.
This and the fact that it was “upbeat” was a great sign as far as how our local media reports on the Real Estate market. This article shows that the “median” price for a home in San Diego actually move UP to $400,000 in April ’08 from a low of $395,000 in the month of March. Even more encouraging was the fact that the “SALES” (actual units sold) was up 33% over the March sales figures. As the Spring and Summer months continue this could be an excellent sign. The magic now remains if this is a 1 month anomaly or if we are starting a trend.
Only time will tell…
With most of the graduations (College and High School) coming to a close, we can turn our attention to getting Summer into full swing. This weekend offers one of our most long standing events, the Del Mar Fair (I refuse to call it by any other name) and one of the rarest of events, Professional Golfs coveted U.S. Open. While the Open is not rare in it’s frequency, (it’s an annual event) the fact that it is in San Diego is historic.
While these two events will probably consume most everyones attention over this particular weekend, I wanted to give you a short list of some other things you might want to put on your “to do” list for the next 6-8 weeks.
In Coronado you can rent, Segway Scooters, those “stand up” style two wheeled vehicles that allow you to cruise the city and not wear yourself out. Contact: Segway of Coronado, (888) 522-9011 or http://www.segwayofcoronado.com
If you happen to like to get “high” you might try, a ride in a Hot Air Balloon.. The place to do this is Del Mar, they have two different companies that offer sunset rides that are truely a sight to behold.
Contact: California Dreamin’, (800) 373-3359 or Skysurfer Balloon Company, (800) 660-6809..
There are also some activities for the “water bugs”. How about a trip around the La Jolla cove area from a Kayak?? A couple of different Kayak comanies offer lessons and guide you through some very interesting areas of La Jolla only visable from the water…
Contact: Hike,Bike,Kayak (866) 425-2925 or hikebikekayak.com or La Jolla Kayak (858) 459-1114 or lajollakayak.com
Finally, (and my personal favorite) our very own Del Mar Thoroughbred Club opens for its meet this July th and runs through September 3rd. This is really where our Summer kicks into high gear, once the opening day crowd has had it’s fun the rest of the meet is far more manageable especially during the week. Good Luck!!
There are many more things to do in San Diego over the course of the Summer but, I wanted to get you a few suggestions in case you were running short of ideas….
Don’t forget, the Summer is an excellent time to shop for a new home and I would be happy to help…
Kevin
By: Kevin Bacon on June 13, 2008 at 1:30 pm
Be careful out there….
For the most part the the Real Estate business is reasonably free of injury and harm. There is however an ocassional auto accident or injury as a result of slipping or bumping into something at a property. In extreme and rare cases Realtors fall victim of real danger including death. Such was the case about a year ago when a local Realtor was SHOT by an owner of a condo out in Lakeside. The news of this event traveled throught the Real Estate community far faster than the news could ever hope. As is typically the case with our profession the facts and details of the situation were rather cloudy.
Fast forward to today’s U.T. follow up article regarding the killer and circumstances around the event. Apparently the Killer, Michael Ray Jennison had argued with his agent James Magot and another man, James O’Kane. The argument between Jennison and Magot escalated to the point where they fought and wrestled on the floor of the condo and suddenly Jennison shot Magot. Apparently they were all discussing offers to purchase Mr. Jennison’s property and they began arguing over which offer was the best one to accept. This is a tragic ending to a situation that probably never should have come to fruition. I can’t think of a situation in Real Estate where there would be sufficent need for fighting much less the death of anyone.
Unfortunately we Realtors have little knowledge of the mental stability of many of those we work with or sit down with on any given day. I myself have sat across the table from some people who I later learned were not to be trusted under ANY circumstances. This was rather unnerving and only brings to light the hazards of a seemingly harmless industry.
Today I wanted to put a question out to all the BUYERS here in San Diego who have either recently purchased or are currently considering doing something. With the market being what it is currently, what is keeping you from buying ? What was it that made you go ahead and purchase now ? and finally what would have to happen to make you purchase now or in the next 30-60 days ?? Also in the spirit of the cult film High Fidelity- I would like you to list your TOP 5 reasons for making a purchase and or your TOP 5 reasons for NOT purchasing a property in today’s market…
By: Kevin Bacon on April 10, 2008
at 9:18 am
Looking for your thoughts……
I just finished reading about the lawsuit in Carlsbad between a Realtor and his clients..
This is the one that has been in the news regarding the husband and wife from the Bay Area who had intrusted their Realtor to make sure their home was a good “value”….
They bought the home and later found that others in the area had sold for “less”?? According to the article we are only talking about $150,000 less than some of their neighbors?? This is on a property that was over 1 million dollars ??
Apparently the jury didn’t feel the buyers had been mis-represented and unanimously decided in favor of the Realtor.
Have you heard of this case ?? Any thoughts ??
By: Kevin Bacon on April 11, 2008
at 9:50 am
Just a thought…..
This is a topic that just came up in a recent discussion. This is open to Realtors as well as any Buyers of property. Please feel free to jump in with your comments or feedback.
As a Realtor here in San Diego I work with both Buyers and Sellers. When working with Buyers in today’s market, there are about 2-3 times the number of homes to view and or preview as was the case in years past.
Along with this comes the wide range of area that may be covered in these searches. From Oceanside to Otay Ranch and from Imperial Beach to Pine Valley, these searches could cover a lot of area. and Buyers typically want to see them ALL!!!
As you may be aware, the cost of owning a car, from purchase to repairs etc. has gotten pretty “spendy” these days. As I write this, the gas station near my office is currently selling REGULAR GRADE gas for $3.75/gal…
If you drive clients around for a few hours a day you could easily cover 20-30 miles of travel in a single day of showing. Over the course of a couple of weeks the costs could start to add up.
The inherrent issue here is. What if the Buyer doesn’t BUY ???
Would it be fair to ask the Buyer for compensation? The Realtors will say, “don’t even get in the car without a Buyer-Broker agreement” etc. etc. This is another topic in and of itself.
To the Buyers: Do you empathize with or feel an obligation to compensate your Agent in the event you don’t purchase a property ??
Is it simply, “OUR JOB” ?? Or should we strike a deal in which, YOU purchase and we are all square? Or if you don’t purchase within ??? period of time and you will cover our gas costs?
I am only posing the question as I watch Agent after Agent run out of the office with fevered anticipation that today will be the day their client will find the right home and write offers.
What are your thought ??
Thanks, Kevin..
By: Kevin Bacon on April 17, 2008
at 10:43 am
Here is a bit of information for those of you who may want to live in the delightful community of La Mesa……The City of La Mesa has once again set itself apart from many of it’s neighboring communities by offering a “FIRST TIME HOME BUYERS PROGRAM”.. Through assistance with DCCA, a loan program has been put together where first time home buyers may qualifiy for down payment and closing cost assistance on the purchase of a property with in the city of La Mesa.
There are certain criteria and guidelines that must be followed, but this is an excellent program and a great oppportunity to get into a property in today’s market. Since there are some criteria that needs to be started in advance and time is of the essence, you should contact me A.S.A.P. if you think you may qualifiy of if you would like some further information. You do not need to be a “current” resident of La Mesa to qualify, and there are NO MONTHLY PAYMENTS on the loan. The terms of the repayment of the loan are spelled out and available….
Please contact me if you have any questions.
Thank you: Kevin..619-540-8154
By: Kevin Bacon on April 24, 2008
at 4:51 pm
WINNING THE LOTTERY, in El Cajon……..
Well it looks like El Cajon doesn’t want to be left behind in the “affordable housing” race. There is a recent article in the San Diego Union Tribune which featured an article regarding a brand new program designed to help the “First Time Home Buyer”..
This “lottery” style approach will allow as many as ten families to opportunity to buy one of seven affordably priced homes. This is being offered by the El Cajon City Council, which will hold a lottery for the Wisconsin Cottages project. This is a 3.8 million dollar development project sponsored by the city’s Redevelopment Agency and the El Cajon Community Development Corporation. A non-profit organization that promotes investment in downtown El Cajon. From more than 80 applicants, 10 have been selected to be part of the drawing.
The selections will be drawn at the May 13th City Council meeting. The meeting will begin at 3:00 pm and the lottery will be held at the end..
The location is El Cajon City Hall, 200 E. Main Street
By: Kevin Bacon on May 5, 2008
at 2:19 pm
What does “Median” mean ??
We see and hear a lot of terminology and leagalize within the Real Estate community. Fiduciary duty, Agency, front and back ratio’s, are only a few of the terms that may come up during a typical Real Estate transaction or discussion. With our local market remaining at the top of the interest list for most residents, the print media, typically reports data to us based on the “MEDIAN” price for a property. Why Median and not Average ?? What is the obsession with Median and how come it gets used so often yet rarely do they define it or talk much about its affects/effects on the consumer.
According to my, well worn Webster’s Pocket Dictionary. Median is very simply described as, “a (number or point) in the middle”.. As I write this my Real Estate Dictionary is out on loan so I am not able to see if a variation of definition is available but we can use the Webster version for our purposes. As it applies to Real Estate, the Median price for property represents the “midpoint” of a range of prices with 50% being ABOVE that point and 50% being BELOW. This is not an Average, which is an entirely different method of calculation altogether. The reason it’s important to remember the definition of Median is because you hear a lot of people commenting on how the Median price for a home is this or that without really qualifiying what that means. They simply ignore or forget that there is more to the story. In all fairness the Median is slippery in the sense that it can be heavily influenced by large or small sales prices and the preponderance of those within the range being used. For example, if a “Median” price of an area shows $600,000 it could be that there happend to be a lot of “high end” properties selling during that period. The other caveat is the number of sales used to creat the Median. A mid-point of 3 sales is not going to be as telling as a mid-point of 30..However, it still remains as the “benchmark” for the various number crunchers within the Real Estate community. Just remember that when you see local home prices being at a “Median” of this or that, there are just as many homes that have sold ABOVE that point as to the number that have sold BELOW.
By: Kevin Bacon on May 12, 2008
at 1:44 pm
The Times They Are A Changin ????
What’s that I smell ?? Could that be a bit of change in the air ? From a couple of recent articles in the U.T. there appears to be some “positive” signs in the local housing market.
One article discusses the recent upswing in the permits issued for new construction. There were 224 permits issued in the month of April countywide. This is in comparison to 17 issued during the month of March. While that is a tremendous increase for a month over month period and many of the permits were for multifamily units there is still remains some work to be done.
Another article on the 20th was very interesting in the fact that it was on the FRONT PAGE of the U.T.
This and the fact that it was “upbeat” was a great sign as far as how our local media reports on the Real Estate market. This article shows that the “median” price for a home in San Diego actually move UP to $400,000 in April ’08 from a low of $395,000 in the month of March. Even more encouraging was the fact that the “SALES” (actual units sold) was up 33% over the March sales figures. As the Spring and Summer months continue this could be an excellent sign. The magic now remains if this is a 1 month anomaly or if we are starting a trend.
Only time will tell…
By: kev4sandiedgo on May 21, 2008
at 3:00 pm
With most of the graduations (College and High School) coming to a close, we can turn our attention to getting Summer into full swing. This weekend offers one of our most long standing events, the Del Mar Fair (I refuse to call it by any other name) and one of the rarest of events, Professional Golfs coveted U.S. Open. While the Open is not rare in it’s frequency, (it’s an annual event) the fact that it is in San Diego is historic.
While these two events will probably consume most everyones attention over this particular weekend, I wanted to give you a short list of some other things you might want to put on your “to do” list for the next 6-8 weeks.
In Coronado you can rent, Segway Scooters, those “stand up” style two wheeled vehicles that allow you to cruise the city and not wear yourself out. Contact: Segway of Coronado, (888) 522-9011 or http://www.segwayofcoronado.com
If you happen to like to get “high” you might try, a ride in a Hot Air Balloon.. The place to do this is Del Mar, they have two different companies that offer sunset rides that are truely a sight to behold.
Contact: California Dreamin’, (800) 373-3359 or Skysurfer Balloon Company, (800) 660-6809..
There are also some activities for the “water bugs”. How about a trip around the La Jolla cove area from a Kayak?? A couple of different Kayak comanies offer lessons and guide you through some very interesting areas of La Jolla only visable from the water…
Contact: Hike,Bike,Kayak (866) 425-2925 or hikebikekayak.com or La Jolla Kayak (858) 459-1114 or lajollakayak.com
Finally, (and my personal favorite) our very own Del Mar Thoroughbred Club opens for its meet this July th and runs through September 3rd. This is really where our Summer kicks into high gear, once the opening day crowd has had it’s fun the rest of the meet is far more manageable especially during the week. Good Luck!!
There are many more things to do in San Diego over the course of the Summer but, I wanted to get you a few suggestions in case you were running short of ideas….
Don’t forget, the Summer is an excellent time to shop for a new home and I would be happy to help…
Kevin
By: Kevin Bacon on June 13, 2008
at 1:30 pm
Be careful out there….
For the most part the the Real Estate business is reasonably free of injury and harm. There is however an ocassional auto accident or injury as a result of slipping or bumping into something at a property. In extreme and rare cases Realtors fall victim of real danger including death. Such was the case about a year ago when a local Realtor was SHOT by an owner of a condo out in Lakeside. The news of this event traveled throught the Real Estate community far faster than the news could ever hope. As is typically the case with our profession the facts and details of the situation were rather cloudy.
Fast forward to today’s U.T. follow up article regarding the killer and circumstances around the event. Apparently the Killer, Michael Ray Jennison had argued with his agent James Magot and another man, James O’Kane. The argument between Jennison and Magot escalated to the point where they fought and wrestled on the floor of the condo and suddenly Jennison shot Magot. Apparently they were all discussing offers to purchase Mr. Jennison’s property and they began arguing over which offer was the best one to accept. This is a tragic ending to a situation that probably never should have come to fruition. I can’t think of a situation in Real Estate where there would be sufficent need for fighting much less the death of anyone.
Unfortunately we Realtors have little knowledge of the mental stability of many of those we work with or sit down with on any given day. I myself have sat across the table from some people who I later learned were not to be trusted under ANY circumstances. This was rather unnerving and only brings to light the hazards of a seemingly harmless industry.
By: Kevin Bacon on August 22, 2008
at 12:16 pm