Fine Homes

Jeanette Fisher asked:


For decades, California has been known as a land of lots of cars and long commutes–commutes that turn freeways into endless parking lots. But with the price of gas heading above $3.00 a gallon, even Californians are beginning to look into the possibility of living closer to downtown areas.

The trend toward revitalizing downtown areas isn’t new. Witness the rebirth of such downtowns as Detroit, Michigan, or Portland, Oregon. But Californians seemed to buck that trend, continuing to move farther and farther from their jobs and commuting on congested, pollution-spewing freeways for hours on end. But that may be coming to an end, because the Golden State seems to be experiencing the rebirth of many of its downtown areas, as well.

Such areas as Hollywood, South Bay, and San Fernando are seeing building booms in their downtown areas, and even downtown Los Angeles, the automobile capital of the world, has begun to emerge from the ashes of neglect and apathy. The boom is being drive by high gasoline prices and less willingness on the part of people to commute long distances in heavy traffic.

In Los Angeles, the area around CBS Television City is growing by leaps and bounds, including a new upscale mall and several nicely designed multifamily structures that fit in well with the elaborate mansions that still dominate the area north on Beverly Boulevard. The actual boom began in 2004, when gas prices began to rise rapidly.

Suddenly, both small and large builders began to realize that consumer sentiment concerning urban living was beginning to change quickly in California. So builders in Los Angeles, Burbank, and Long Beach began to rethink the concept of urban residential living and went to work to fill the growing demand for livable spaces closer to downtown areas. In 2005, the boom really took off, including a 325 percent increase in new attached housing units in various Southern California downtown areas in just one year.

Numbers like that were bound to attract more builders to cash in on the trend. That was the case in places like Inglewood, where the urban building boom is now in full swing, driven by people who no longer want to fight California’s world-famous traffic–especially people who work at Los Angeles Airport (LAX).

So it appears that California is being forced to join the rest of the nation in revitalizing its downtown areas, which will be a boon to everyone involved–including Planet Earth, which will see less pollution as Californians take to the highway in fewer and fewer numbers.

Copyright © 2006 Jeanette J. Fisher

Rebecca Welch asked:


There are many advantages to town house floor plans, particularly for renters and urban dwellers. Years ago, this type of floor plan was known as a “row house.” Townhouses are generally multi-story units that are attached to units on either side give you neighbors living closely together similar to apartment style housing. Once found in abundance in large cities, townhouses can be found all over the country.

Town house floor plans offer more advantages than apartments in several ways. Because they are multiple units arranged in a row, townhouses generally have a single entry per unit and therefore allow for more privacy than living in an apratment building. They also tend to have more square footage of living space per unit than apartments although townhouses are smaller than duplexes. Town house floor plan designs are also more varied than apartments.

Most townhouses are arranged in typical fashion with living spaces on the bottom floor and sleeping spaces on the top floor. The number of bedrooms can vary from one to three and the number of bathrooms generally varies from one to two and a half bathrooms per unit.

While the number of bedrooms and bathrooms can vary, almost all townhouse floor plans have garages,patios and at least one walk-in closet. Kitchen can be traditional, galley style, or in the case of a very large floor plan, an island kitchen. It is also possible to have a fireplace with openings toward both the living room and kitchen giving it an old world feel.

Although townhouses are also known as “row houses”, some current configurations include one unit per side and others have two side-by-side units facing front and two more units on the back side. Whatever your choice, town house floor plans offer a wide variety of options for singles, couples and small families.

Real Estate Advisor asked:


San Diego is the sixth most populated County in the Nation, and is one of the more expensive places to buy real estate. There are, however, regions within San Diego that have affordable housing.

The data below provides a summary of the availability of three-bedroom condos/townhomes at various price points within the County. Individuals considering buying San Diego real estate should evaluate the list below to find properties that fall within their desired price range.

NEIGHBORHOODS WITH CONDOS/TOWNHOMES IN THE $200,000 TO $300,000

The neighborhoods listed below may have three-bedroom condos/townhomes in the $200 to $300k price range.

El Cajon, Escondido, Lakeside, Logan Heights, Ocean Beach, Oceanside, Rancho San Diego, Santee and Spring Valley.

NEIGHBORHOODS WITH CONDOS/TOWNHOMES IN THE $300,000 TO $400,000

The neighborhoods listed below may have three-bedroom condos/townhomes in the $300 to $400k price range.

Alpine, Allied Gardens, Bonsall, Carlsbad, Carmel Mountain Ranch, Chula Vista, College Grove, Del Cerro, Encanto, Golden Hill, La Mesa, Lemon Grove, Linda Vista, Mira Mesa, National City, Otay Mesa, Paradise Hills, Poway, Ramona, Rancho Bernardo, Rancho Penasquitos, Sabre Springs, San Carlos, San Marcos. San Ysidro and Vista.

NEIGHBORHOODS WITH CONDOS/TOWNHOMES IN THE $400,000 TO $500,000

The neighborhoods listed below may have three-bedroom condos/townhomes in the $400 to $500k price range.

Bonita, Cardiff-by-the-Sea, City Heights, Clairemont Mesa, Eastlake, Encinitas, Fallbrook, Imperial Beach, Old Town, Scripps Ranch and Solana Beach.

NEIGHBORHOODS WITH CONDOS/TOWNHOMES IN THE $500,000 TO $600,000

The neighborhoods listed below may have three-bedroom condos/townhomes in the $500 to $600k price range.

Carmel Valley, La Jolla, Mission Beach, Mission Hills, Mission Valley, Pacific Beach and Point Loma.

NEIGHBORHOODS WITH CONDOS/TOWNHOMES IN THE $600,000 TO $700,000

The neighborhoods listed below may have three-bedroom condos/townhomes in the $600 to $700k price range.

Downtown San Diego, Normal Heights and North Park.

NEIGHBORHOODS WITH CONDOS/TOWNHOMES IN THE $700,000 TO $900,000

The neighborhoods listed below may have three-bedroom condos/townhomes in the $700 to $900k price range.

Rancho Santa Fe, Del Mar, Coronado and Olivenhain.

CONCLUSION

The data provided above is a snapshot in time as the availability of properties and prices can change daily. However, you may use it as a general guide to help you identify regions of San Diego that are affordable given your housing budget.

Bob Ostrander asked:


Orlando has jumped to the forefront of condo hotel development with more projects in the works than any other U.S. city. While it wasn’t first on the scene – that distinction belongs to Miami – it has certainly charged forward leaving other U.S. cities in the wake of its construction dust.

Orlando to Become World’s Condo Hotel Capital

Over 25 different condo hotels are now being developed in Orlando and another five to 10 are in the planning stages.

The same qualities that made this dynamic city the timeshare capital of the world – amazing theme parks, fantastic weather, championship golf courses and world-class shopping — are now helping Orlando capture the title of “condo hotel capital” as well.

What Are Condo Hotels?

Condo hotels are fabulously-furnished condominiums located in luxury hotels that offer a wide range of amenities from resort-style pools to full-service spas, fine-dining restaurants and concierge services.

Owners use their condos whenever they’d like. When not using their unit, they can place it in the hotel’s rental program and receive a portion of the revenue it generates, usually about 50% although it varies by property.

Because the hotel is typically managed by a professional hospitality company like Hilton, Hyatt, Sonesta, Trump or Starwood, owners can feel confident that their vacation home is being well cared for and is being well marketed to potential guests.

Who’s Buying Orlando Condo Hotels?

The condo hotel concept is popular in Orlando with families who want an exciting place to vacation with their kids, empty nesters and seniors who love golf and year-round good weather, and international buyers who want a U.S. vacation home but are wary of trying to manage and maintain a property from overseas.

In Orlando, estimates are that over 40 percent of the condo hotel units sold are to U.K. buyers, although German and Latin American buyers have also shown an affinity for the area.

How Much Do Orlando Condo Hotels Cost?

Orlando, more so than any other U.S. city, offers a wide range of condo hotels at various price points. The budget-minded consumer can find properties in the $100,000 to $200,000 range. Many of these condo hotels are actually conversions of existing hotels.

Middle-of-the-road properties are well-located usually within close range of the area’s popular theme parks and offer a very comfortable vacation home in the $200,000 to $500,000 range.

At the very top-end of the scale are five-star, amenity-rich condo hotels that offer everything from on-site water parks to world-class golf courses to Las Vegas-style entertainment venues. Units at these condo hotels can cost from $500,000 to upwards of $1,000,000.

Are Condo Hotels Investments?

While condo hotels are primarily marketed as a lifestyle and vacation product, they are also real estate. In major vacation destinations like Orlando real estate appreciation has been significant and sustained for many years. People who buy a condo hotel unit in Orlando for that reason often do so as a means to diversify their portfolio and look forward to selling their property at a profit.

How Do You Choose the Right Orlando Condo Hotel for You?

Realtors who specialize in condo hotels and are personally familiar with the Orlando area can help you examine the pros and cons of each property on the market. They can help you compare amenities, locations, developers, management companies and appreciation potential.

Also, they can tip you off to new properties coming on the market, helping you to buy in the earliest stages of pre-construction when prices are lowest and unit selection is greatest.

Alexa Whiteman asked:


To say that the apartment rental market in New York City is tight is an understatement. If you want to find an apartment in Manhattan at a reasonable rental fee, you will need to give yourself plenty of time and use every means at your disposal. Manhattan is the center of commerce for the city and having an apartment in close proximity to where you work is a luxury that only a few can afford

However, Manhattan is only one of the five different sections or “boroughs within New York City. The other four are; Brooklyn, Queens, Staten Island and the Bronx. You can find apartment rentals that are lower than in Manhattan, but be aware that the further away you live from Manhattan does not automatically mean a lower rental fee.

Renting an apartment in New York City is a full time activity for many people, there are factors beside money that has to be put into the equation; there are apartment buildings that do not permit pets or who cater to a particular type of renter, i.e., corporate apartments or professional apartments.

There are ways to find an apartment rental without spending money to a middleman, such as a real estate broker or apartment rental service. You can use a variety of these methods together or on their own, the bottom line is getting the apartment you want, for the rent you want to pay, in the area of New York City where you want to live.

If money is a prime consideration when you are looking for an apartment, then steer clear of brokers, apartment rental services or any other paid service. Instead, you can go online and visit craigslist.org and find multiple listings for all types of apartments, usually the rental fees for these apartments are well below the apartments that are listed in the classified section of newspapers.

The classified sections of the major newspapers in New York City are full of apartment listings, but most of them are advertisements placed by a real estate broker or apartment rental service. Hint: look for the ads that say “for rent by owner” or “no agency calls”, which means you will be dealing directly with the landlord.

There are several apartment rental services that do not charge you a fee; they are paid by the apartment owner. Be careful here, there are too many horror stories from apartment seekers being mistreated by unlicensed individuals posing as business agents for non-existent apartments.

Another good way to find an apartment rental in New York City is to visit the neighborhood where you want to live and tour the area. This is a great activity for a weekend; you can get a sense of the atmosphere and find the neighborhood newspapers which usually have an apartment for rent section.

If you absolutely must use a real estate broker, choose one that has an office in the area where you want to live. A note of caution is required dealing with brokers, New York City has several laws that apply to housing, make sure to be prepared for your appointment at the brokers’ office.

Real Estate Advisor asked:


Below is general discussion of various factors impacting property taxes in San Diego, California. The reader should consult their tax advisor for definitive guidance about property tax issues and not rely soley on the informaton below.

Property tax rates are capped in California due to the passage of Proposition 13 in 1978 (“Prop 13″). Prop 13 was a ballot measure approved by the voters of California to limit property tax increases. The legislation also mandated that any future increases in property tax rates have the support of two-thirds of the Legislature for approval. This provision dramatically limited the ability of the legislature to increase taxes.

The property tax rate in California is 1% of the assessed value of real estate, plus any bonds, fees and special charges. Properties can only be reassessed when there is a change in ownership or when new construction is completed. Unless one of these reassessment conditions exists, Prop 13 allows for annual increases of up to 2% of a property’s value.

The passage of Prop 13 dramatically limited the legislatures ability to increase taxes. Despite this, municipalities desired a mechanism to subsidize the building of infrastructure for new developments, so in 1982, the Capital Facilities Act was passed. The act is better known by its legislative authors, Senator Henry Mello and Assemblyman Mike Roos (i.e. Mell-Roos Assessment).

According to the San Diego County Assessor, “Mello-Roos districts are established by local governments at the request of a developer to finance specific public facilities and services such as schools, roads and libraries. Mello-Roos districts were authorized by state law in 1982. This law allows any public agency to establish a Mello-Roos district, which then can issue the necessary tax-exempt bonds and impose fees to pay off these bonds.” Communities or districts that impose a Mello-Roos fee are distributed throughout the County but are most common is large new subdivisions.

In addition to the 1% tax rate allowed by Prop 13, Mello-Roos fees are a separate charge on the property tax bill. The duration of Mello-Roos fees are linked to the amount of time needed to pay off the bond, which is typically 20-25 years. Mello-Roos fees range from $174 to over $3000 annually, and the average fee for San Diego communities was $1,488 in 2006.

To get a general idea about the amount of property taxes you would owe annually on a property, multiply the purchase price of the property by 1.2%. For example, if you purchased a $400,000 home, your annual tax due would be around $4,800, plus special assessments (if applicable), and Mello-Roos fees (if applicable).

Consumers should be aware that tax rates for a particular area can increase as news bonds are added or decrease if bonds are paid off. In addition, Special Asssessments (if any) for new infrastructure can also impact tax rates.

When considering the purchase of real estate, single-family homes, condominiums or townhomes in San Diego (particularly in newer communities), propspective buyers should find out if the property has Mello-Ross or other Special Assessment fees, how long these fees will continue, and if the fees increase annually.

Over 1 million tax bills are sent out every year in San Diego County by the County Tax Collector. The tax period in San Diego covers the period from July 1st to June 30th. The amount owed is based on the assessed value of the property as of January 1st. The tax bill is mailed out in September or early October, and is due in two equal installments; first payment is due December 10th and the second payment is due April 10th. State law does not allow for extensions to pay the tax bill and late payments are subject to a penalty of 18% APR. For those wishing to pay by credit card, the Discover Card is the only option at this time.

For more information about property tax issues in San Diego or to obtain a definative answer to your property tax questions, contact the San Diego County Assessor or your tax professional.

Real Estate Advisor asked:


If you want to live in San Diego County, California, it’s important to know what communities have homes in your price range; especially since the price of homes in San Diego tend to be higher than in many other parts of the country.

So what does a house in San Diego Cost? To answer this question, we need to define the term “house” so that we’re all on the same page. For the purpose of this article, the term “house” refers to a detached, three-bedroom, single-family home, which is probably the most popular choice of housing for families.

The information below categorizes the availability of homes in various price ranges for different communities within San Diego County. Since the availability of homes and prices fluctuate frequently, the information below is likely to change over time. However, if you’re in the market for a San Diego home, this list may be a good starting point to identify communities that have homes in your price range.

You should keep in mind, however, that at any given time, a community may or may not have a home in the price range described below. This data was compiled during July and August 2006. The information covers only three-bedroom, detached, single-family homes within San Diego County, that fall in a price range from $200,000 up to 1 million.

San Diego Communities With Homes in the $400k to $500k Price Range

Carlsbad, Carmel Mountain Ranch, City Heights, College Grove, El Cajon, Encanto, Escondido, Fallbrook, Lakeside, Lemon Grove, Logan Heights, North Park, Oceanside, Paradise Hills, Rancho Bernardo, Rancho San Diego, Sabre Spring, San Marcos, San Ysidro, Santee and Spring Valley.

San Diego Communities With Homes in the $400k to $500k Price Range

Alpine, Allied Gardens, Bonsall, Chula Vista, Clairemont, Del Cerro, Eastlake, Golden Hill, La Mesa, Linda Vista, Mira Mesa, Imperial Beach, National City, Normal Heights, Ocean Beach, Otay Mesa, Poway, Ramona, Rancho Penasquitos, San Carlos, Scripps Ranch, Tierrasanta, Valley Center and Vista.

San Diego Communities With Homes in the $500k to $600k Price Range

Bonita, Carmel Valley, Encinitas, Mission Hills, Mission Valley, Old Town and University City.

San Diego Communities With Homes in the $600k to $700k Price Range

Mission Beach, Pacific Beach, Point Loma and Sorrento Valley.

San Diego Communities With Homes in the $700k to $800k Price Range

Cardiff-by-the-Sea and La Jolla.

San Diego Communities With Homes in the $800k to $900k Price Range

Downtown San Diego and Solana Beach.

San Diego Communities With Homes in the $900k to 1 Million Price Range

Del Mar, Leucadia and Olivenhain

Final Thoughts

So now you have an idea of communities that might work for your price range, but remember that prices are subject to change. Be sure to contact a San Diego Real Estate agent to obtain current availability and pricing information for San Diego homes. Good luck on your home search!

Real Estate Advisor asked:


Pacific Beach is located on the central coast of San Diego County within the 92109 Zip Code. If you are interested in Pacific Beach real estate, then you should find the information below useful. The following summarizes sales data for detached single-family homes and attached condominiums and townhomes. This sales data covers the period from July 1, 2006 through July 31, 2006.

Approximately 18 detached single-family were homes were sold during July 2006. Of these 18 homes, the average asking price was $992,598. The average sales price was $946,211. This results in a sale price/list price (SP: LP) ratio of 96%, meaning that on average, sellers obtained 96% of their asking price. The average time to sell a home was 55 days.

A detailed evaluation of these 18 single-family homes is provided below.

a. Five of these homes had two or fewer bedrooms. The average list price was $702,400. The average sales price was $689,000. The SP:LP was 98%. The average time to sell this type of home was 57 days.

b. Nine of these homes had three bedrooms. The average list price was $1,089,975. The average ales price was $1,031,867. The SP:LP ratio was 95%. The average time to sell this type of home was 52 days.

c. Three of these homes had four bedrooms. The average list price was $1,025,000. The average sales price was $968,333. The SP:LP ratio was 95%. The average time to sell this type of home was 63 days.

d. One home sold with five or more bedrooms. The average list price was $1,470,000. The average sales price was $1,395,000. The SP:LP ratio was 95%. The average time to sell a home was 50 days.

Approximately 25 detached condominium or townhomes were sold in July 2006. The average list price of these 25 units was $650,072. The average sales price was $620,772. The SP: LP ratio was 96%. The average time to sell these units was 55 days.

A detailed evaluation of these 25 units is provided below.

a. Eighteen of these units had two or fewer bedrooms. The average list price was $536,877. The average sales price was $510,527. The SP:LP ratio was 96%. The average time to sell this type of unit was 65 days.

b. Six of these units had three bedrooms. The average list price was $926,166. The average sales price was $886,333. The SP: LP ratio was 97%. The average time to sell this type of unit was 28 days.

c. One of these units had four bedrooms. The list price was $1,031,000. The sales price was $1,011,800. The SP: LP ratio was 98%. The unit took 16 days to sell.

If you are interested in the Pacific Beach real estate market, contact a San Diego Realtor to assist you with the home buying process.

Real Estate Advisor asked:


San Diego County is home to one of the largest concentrations of military bases in the United States. In fact, the San Diego area contains 12 major Marine Corps and Navy bases and facilities. If you’re in the military and moving to San Diego, one of your biggest decisions is whether to buy a property, live on base housing (if this option is available to you), or rent a home or apartment. If you choose to buy a property, there are many issues to consider before taking this step.

BUY OR RENT?

The decision to buy or rent is more complicated for military personnel because you may be assigned to San Diego only for a limited period of time. If you plan to purchase while in San Diego and then sell when you transfer, the condition of the real estate market at the time you sell will make this either an easy or difficult process. In a seller’s market (when demand exceeds supply), properties tend to sell quickly and at or above asking price. In a buyer’s market (when supply exceeds demand), properties usually take much longer to sell and may sell below asking price. Individuals in the military should consider this issue in determining whether to buy or rent real estate in the San Diego area.

For those who choose to buy, the major other consideration is the likely appreciation rate of your property during your tenure in San Diego. If you plan to sell your property before you depart to your next assignment, you should remember that there are expenses (e.g. realtor fees, taxes, etc.) associated with selling your house, and any price appreciation you realize by owing the property for a few years, may or may not be offset by these fees.

Some individuals choose to keep their property even after they transfer to a new assignment outside of San Diego. In these cases, you can rent out the property, leave it empty, or find another acceptable use of the dwelling. If you choose to hire a Property Manager to oversee the renting and maintenance of your property, keep in mind that the fess for this service will cut into any monthly profit you realize on the property.

GETTING A HOME LOAN?

If you decide to purchase a property, obtaining a home loan is one of the tasks you must undertake. Many active-day members, retirees and other service veterans are eligible for special loan programs guaranteed by the Veterans Administration (VA).

To be eligible for a VA guaranteed loan, you must have served on activity duty and have a discharge status of other than dishonorable after a minimum of 90 days of service during wartime, or a minimum of 181 continuous days during peacetime. There is a minimum 2-year service requirement for veterans who enlisted after September 7, 1980. The 2-year requirement also applies to Officers who began service after October 16, 1981. There is a minimum 6-year service requirement for National Guard members and Reservists, and surviving spouses are also eligible under some conditions. There are other special conditions in which a person may be eligible, so contact your local VA office to get more information.

WHAT IS VA GUARANTEED LOAN?

The VA loan is a federal guarantee of a maximum of 25% of a home loan amount but not to exceed $104,250. This formula allows eligible members to obtain a maximum loan amount of $417,000 (as of 2006). However, service members must meet other eligibility requirements. Individuals borrowing using this type of loan must intend to be occupants of the purchased property.

Private lenders are the source of funds for VA guaranteed loans. The guarantee provides these private lenders assurance that the federal government will reimburse the lender up to the maximum allowable amount if the borrower fails to repay the loan. Because of this guarantee, lenders are more favorable to offering loans without a requirement for a down payment.

VA CERTIFICATE OF ELIGIBILITY

Individuals desiring a VA guaranteed loan must first obtain a Certificate of Eligibility from the Veterans Administration (VA Form 26-1880). Contact your local VA office to obtain this form by calling 1-888-244-6711. You will need a copy of your military discharge document (DD-214) to submit with your application. Once you have the Eligibility Certificate, you can then select a lender or mortgage broker to work with on getting the loan.

CLOSING COSTS

In addition to the purchase price of your property, there are closing costs that must be paid to process your home loan. These closing costs are fees that are charged by different service providers to help complete the loan process. For example, your lender will require an appraisal of the property to make sure that its value is at or above your purchase price. Other charges commonly included in closing costs are: recording fees, credit report fee, prorated taxes and assessments, hazard insurance, flood insurance (if required), survey, title examination, title insurance, postage and shipping fees, and the VA Funding fee.

WHAT IS THE VA FUNDING FEE?

The VA charges a fee to individuals utilizing the VA guaranteed loan. This fee is a percentage of the loan amount and is linked to the size of your down payment on the home you plan to purchase.

For active-duty personnel or veterans who put no money down, the funding fee is 2.15% of the loan amount. This rate increases to 2.4% for National Guard/Reserve.

For active duty personnel or veterans who put a down payment greater than zero but less than 10% of the loan amount, the fee is 1.5% of the loan. This rate increases to 1.75% for National Guard/Reserve.

For active duty personnel or veterans who put a down payment of 10% or more of the loan amount, the fee is 1.25% of the loan. This rate increases to 1. 5% for National Guard/Reserve.

The rates listed above are for first time users of the VA loan guarantee program. Individuals who have used the VA guaranteed loan program before pay higher rates than first time users. The rates above are subject to change. In some limited cases, individuals are exempt from paying the funding fee. You should contact your local VA center for current information.

CHOOSING A VA LOAN VS. A CONVENTIONAL LOAN

You must carefully evaluate the terms of the VA guaranteed loan vs. the terms of a conventional loan. One advantage of a VA guaranteed loan is that many lenders will not require you to put a down payment on the purchase of the property, assuming you meet their other lending criteria (e.g. credit scores, sufficient income, adequate debt to income ratio, etc.). There are also many zero down payment conventional loan programs. In some cases, the VA guaranteed loan will offer a lower interest rate and better terms, and in other cases, you can obtain a better deal through conventional financing. A good loan officer can help you evaluate the advantages of either loan, given your particular situation.

FINDING THE RIGHT HOME

If you are familiar with the San Diego area, then you probably already know where you want to live. If you are less familiar with the communities in San Diego, your Realtor can serve as an excellent resource to answer your questions. There are many steps to take during the home search process, which include:

1. Work with your loan officer to identify how much you can afford.

2. Determine what type of property you want to buy (single-family home, townhouse, condominium, other). Your Realtor can advise you about the differences between these types of properties.

3. Determine how many bedrooms, bathrooms, square footage, etc. you need.

4. Determine what areas of San Diego you would consider living in.

5. Calculate the drive time (with and without traffic) to your job.

6. Identify the quality of schools in the neighborhoods that you are considering.

7. Locate the crime statistics for the neighborhood that you are considering.

8. Identify the location of local community resources such as libraries, shopping centers, athletic centers, etc.

9. Ask your Realtor to advise you about the resale potential of the home you are considering.

Although there are many other factors to consider, the above is a good starting point. Your Realtor should be able help you get answers to the questions above as well as provide you many other resources. Keep in mind that most Realtor’s who assist homebuyers and paid by the home seller, but make sure to ask your Realtor about this.

HOW MUCH SHOUD I PAY FOR A HOUSE?

Your Realtor should be an excellent source of information to help you understand a fair offer price. The Realtor should provide you information about what other similar properties in the same community have sold for recently, current pricing trends for the community, as well provide you a recommendation based on their experience in the local market.

DO I NEED A HOME INSPECTION?

There are many other issues besides the offer price to consider when making an offer. For example, many buyers find it advantageous to get an inspection of the property by a qualified inspector. The inspection typically covers the major systems of a property. Check out the National Association of Home Inspectors web site for more information about what is covered in a typical home inspection. Getting a home inspection is generally a good idea.

HOW LONG WILL THIS TAKE?

If you want to use the VA guarantee, then make sure you have obtained the Certificate of Eligibility far in advance of your relocation to San Diego. Whether or not you are using the VA loan program, be sure to obtain a loan pre-approval (sometimes called loan prequalification) from a lender or mortgage broker. This lets home sellers know that you are a serious buyer and are ready to act quickly if needed.

Prior to moving to San Diego, get a sense of the local real estate market. Your Realtor can set up an automatic email notification system that will send you descriptions and pictures of properties that meet your criteria. Doing this type of research should save you a lot of time when you arrive.

Once you have your loan pre-approval, the next step is to locate a property that meets your needs. Your Realtor should show you a variety of available properties that meet your criteria. Once you find a house you an interested in, your Realtor will prepare the purchase offer documents, and guide you through the loan and closing process.

In summary, it’s simply a process of getting a loan, finding a house that you like, making an offer that is accepted, and going through the closing process, which can occur in less than 30 days.

CONTACT A SAN DIEGO REALTOR

If you are moving to San Diego, contact a Real Estate agent who is familiar with VA guaranteed loans and has experience working with military buyers. Many agents have prior military service themselves, and are very familiar with your situation and needs.

Real Estate Advisor asked:

The real estate market tends to be cyclical with some periods favoring buyers and other periods favoring sellers. As with other free markets, the pricing and availability of real estate is directly related to the forces of supply and demand. While many real estate markets in the United States are experiencing a substantial slowdown, other markets remain robust, and some even continue to grow. What makes the situation even more complicated is that even within a particular city or county, there may be some areas that are hot and others that are cold.

In regions of the country in which the real estate market is slowing, there are some things homebuyers can do to increase their chance of getting the property that they want on terms that are favorable. Below are some strategies to consider:

1. Clarify What You Want. Be sure to understand what kind of property you want (e.g. bedrooms, bathrooms, size, yard, location, etc.). Identify items that you “must have” and items that you would be willing to forego if your other priorities were met.

2. Consult Experts. You’ve no doubt heard the saying that “all real estate is local,” so arm yourself with the best information available. Consult a local real estate expert who can guide you about what communities are hot and which ones are not. Obviously, you are more likely to find deals in communities that have excess supply and limited demand than vice versa.

3. Understand Market Data. Obtaining and evaluating data can be one of the most powerful tools in your arsenal. Identify communities that you find desirable and ask your real estate agent to provide you relevant sales statistics. For example, your agent can provide you:

a. A summary of how many properties are available in communities that you deem desirable.

b. How long properties are taking to sell this month, last month, last quarter, last year, etc.

c. How many properties have sold this month, last month, last quarter, last year, etc.

d. Changes in the median and average price of properties for a community this month, last month, last quarter, last year, etc.

e. Data on the sales price to list price ratio (SP: LP). This ratio provides information about how much, on average, sellers are reducing their price.

f. Detailed data on properties that are similar to the type of property you desire (often known as “comparables” or “comps”).

4. High Inventory Communities. Identify, or ask your agent to identify, communities that appear to be particularly slow, and that have an unusually large inventory of homes. You will have a broader variety of options in these communities, and you may increase the likelihood of finding a better deal.

5. Loan Pre-Approval. Be sure to consult with your bank or mortgage broker and obtain a loan pre-approval document. This not only let’s you know how much you can afford, but it also demonstrates to sellers that you are a serious buyer and that your offer is worthy of serious consideration.

6. Seller’s Motivation. While information about why a seller is selling is usually confidential, there are situations in which the seller will allow their agent to disclose important factors regarding their personal situation. Be sure to ask your agent to inquire about any information that the seller has disclosed to his/her agent that can be conveyed to your agent. This information may help you decide on making an offer on a property and the price you wish to offer.

7. Home Inspection. A home inspection conducted by a qualified inspector can provide you valuable information about the condition of a property. Moreover, if there are items that need repair or replacement, you can use this information to modify your offer price or terms.

8. Expand Search Scope. As mentioned above, even within a particular city or county, there may be some areas that are hot and others that are not. Be sure to provided detailed information about what you want to your agent, so that he/she can provide you a variety of community options.

9. Be Patient. Time is on your side when there is excess supply and insufficient demand. Try not to “fall in love” with a house so much that you cannot be objective. It may be that multiple offers and counter-offers occur before you either get the property you want or decide to walk way from a deal. You may also want to look at more properties than you normally would, so that you are exposed to a variety of options.

While the above is not an exhaustive list of strategies, it is a good starting point of issues to consider when buying real estate, particularly in a market that favors buyers. Obtain the services of a knowledgeable Real Estate agent who can provide you with additional strategies to help you reach your real estate objectives.