Mortgage Rates Drop Slightly

Investors wary of the current economic situation due to ongoing trade disputes resorted to the bond market, causing the 10-year treasury yield to decrease. A combination of low mortgage rates, a strong job market and modest wage growth should spur homebuyer interest and also serve as an incentive for homeowners looking to refinance.

Monthly Market Overview North San Diego County April 2019

For much of the country, the first quarter of 2019 provided several disruptive weather patterns that contributed to less foot traffic toward potential home sales. Coupled with low affordability, higher prices and an inventory situation in its infancy of recovering from record lows – not to mention several more days of wintry weather in April – slower sales persisted across most residential real estate markets.

However, buyers are beginning to return in force this spring. For well-priced homes in desirable locations, competition is fierce.

  • Closed Sales decreased 6.4 percent for Detached homes and 10.3 percent for Attached homes.
  • Pending Sales increased 11.2 percent for Detached homes and 5.7 percent for Attached homes.
  • The Median Sales Price was down 4.0 percent to $694,150 for Detached homes and 2.4 percent to $459,500 for Attached homes.
  • Days on Market increased 32.1 percent for Detached homes and 38.1 percent for Attached homes.
  • Supply increased 11.5 percent for Detached homes and 35.3 percent for Attached homes.

Although hiring and wage gains have been below expectations, the national unemployment rate held firm at 3.8 percent. A historically low unemployment rate can provide reassurance to wary consumers. But in order for sales to increase on a grand scale, buyers will need more spending power, or sellers will need to reduce prices to land where buyers are most active. Neither situation is likely to occur in 2019, and yet inventory is straining to keep pace in the most competitive price ranges.

Apr-Monthly

Guide to Residential Styles

Every house has a style. Sometimes it has two or more; because of renovations and new, eclectic mixes, fitting a home into one specific category can be daunting or even impossible. Thankfully, there’s no need to memorize complicated architectural terminology. REALTOR® Magazine has compiled a convenient compendium of common styles. Delve in and learn to highlight the details that give a home character, history, and romance.

California Ranch

Ranch

Sometimes called the California ranch style, this home in the Modern family, originated there in 1930s. It emerged as one of the most popular American styles in the 1950s and 60s, when the automobile had replaced early 20th-century forms of transportation, such as streetcars.

Now mobile homebuyers could move to the suburbs into bigger homes on bigger lots. The style takes its cues from Spanish Colonial and Prairie and Craftsman homes, and is characterized by its one-story, pitched-roof construction, built-in garage, wood or brick exterior walls, sliding and picture windows, and sliding doors leading to patios.

See the other types of homes HERE.

9 Homes on the National Register of Historic Places for Sale Right Now

Quite a few homes have landed on the National Register of Historic Places thanks to notable past residents. Others make the list because of a legendary builder. Whatever the reason, each home on the register has been deemed worthy of preservation and protection—in the national interest.

Created in 1966, the National Register now includes more than 92,000 properties that are part of the fabric of the country’s shared heritage. Owners of such a special property must agree to certain limitations on how much of the structure can be changed, in order to preserve its historic value. Purchasing one means owning a piece of, and place in, American history.

If you’d like to be a steward of one of these historic residences, several are available as we speak. To aid your hunt, we’ve pinpointed nine homes on the National Register you can buy right now. Take a look, and step back in time—and into one of these lovely abodes.

See the homes Here

What are HOA Assessments?

A: Ownership of a unit in a condominium project or other residential common interest development (CID) includes compulsory membership in the project’s homeowners’ association (HOA). The HOA is in charge
of managing and operating the entire project.

The obligations you undertake when you purchase a unit in a CID, and the HOA’s documentation of those obligations, fall into two classifications:

  • Use restrictions contained in the HOA’s:
  • Articles of incorporation;
  • By-laws;
  • Covenants, Conditions and Restrictions (CC&Rs) of record;
  • Age restriction statements; and
  • Operating rules.
  • Financial obligations to pay assessments as documented in annual reports which include:
  • Pro forma operating budgets;
  • A Certified Public Accountant’s (CPA’s) financial review;
  • An assessment of collections and the
  • Collections enforcement policy;
  • An insurance policy summary;
  • A list of construction defects; and
  • Any notice of changes made in assessments not yet due and payable.

There are two types of assessment charges to fund the expenditures of the HOA:

  1. Regular assessments fund the operating budget to pay for the cost of maintaining the common areas. Regular assessments are set annually and are due and payable in monthly installments.
  2. Special assessments are levied to pay for the cost of repairs and replacements that exceed the amount anticipated and funded by the regular assessments. Special assessments are generally due and payable in a lump sum on a date set by the HOA when making the assessment or added to the regular assessment monthly installments for a specified amount of time.

Annual increases in the dollar amount levied as regular assessments are limited to a 20% increase in the regular assessment over the prior year. An increase in special assessments is limited to 5% of the prior year’s
budgeted expenses.

It is recommended you review all readily available HOA information with your agent before making an offer. With this information, you and your agent are able to better determine the price you will pay for the unit and whether or not you have the ability (and desire) to carry the cost of ownership after acquisition.

Mortgage Rates Continue to Climb

Despite the recent rise in mortgage rates, both existing and new home sales continue to show strength – indicating the lagged effect of lower rates on housing demand. This, along with improved affordability, should push housing activity higher in the coming months.