Prices Up Again but November Real Estate Activity Appears to Stabilize. Real estate activity appeared to stabilize in the prime North San Diego County communities of Fallbrook and Bonsall as November selling prices increased despite persistently high inventories, Jerry Kalman, Prudential California Realty, reported today. "The average selling price of a single family home rose four percent to $699,446, or $285 per average square foot," he said. "Significantly, the price of homes that sold reflects a seven percent average discount off the original asking price." Kalman attributed the apparent approaching stability to sharp reductions in gasoline prices, which brought more buyers to the area; flattening long-term mortgage rates, and gradual absorption of homes on the market. "Of continuing concern is the sharp difference between the average prices of those that sold versus those still on the market. Entering December, 333 homes are on the market carrying an average listing price of $874,341, or $330 per sq.ft.," Kalman said. "This high inventory of unsold homes reflects a market time averaging 77 days, a week longer than those that closed escrow." According to Kalman, 78 new listings were added in November averaging $829,536, or $326 per square foot. Click here to read more.
Is title insurance a rip-off? More Q&A with Bob Bruss! Robert J. Bruss is a California lawyer and licensed real estate broker. Click here to read more.
Although most home-improvement projects are a quest to satisfy personal needs and desires, experts urge remodelers to consider resale value if there's a chance they may move within a few years. Determining how much any project will affect home value is inexact at best with appreciation already at a healthy clip in Southern California. Variables such as neighborhood standards, the condition of the rest of the house and the quality of the work will all play a role. Still, square footage in the form of a den, bigger kitchen, additional bathroom or bedroom is the most direct way to add to a house's resale price. Click here to read more.
Escrow is over but the old owner isn't out. It's a buyer's nightmare as plans are put on hold, costs pile up and tempers flare. It happens. Escrow closes. The new owners take title, but they can't get in because the sellers or their tenants refuse to leave. What's a buyer to do? Be flexible, experts advise, and if possible compromise on the move-in date. If that doesn't work, postpone taking possession until the sellers leave, then go to mediation to recoup any financial losses due to hotel bills, double moves or storage fees. As a last resort, turn to eviction, but count on a lengthy and costly legal process. Click here to read more.
Rental Smarts. Looking for a larger place and want to avoid paying double rent? Just made an offer to purchase your first home and need to give notice to the landlord of my month-to-month rental? How should you time your departure? Click here to read more.
Learn the truth about disclosure reports. Most states, such as California, have laws that require sellers to disclose undesirable property conditions. This includes any known defects, whether it is physical damage, roof or plumbing leakage, inoperability of any appliance or any condition that could affect a prospective buyer's interest in the property. Every seller must fill out a standard disclosure form, declaring all unfavorable conditions. Unfortunately, reliance upon this form for complete and accurate information is based upon two erroneous assumptions: that property owners are fully aware of conditions that warrant disclosure, and that they are willing to disclose known defects. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
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Cell: 909-446-2666
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tina.jan@coldwellbanker.com
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