Category Archives: Real Estate

San Diego County’s Median Home Price Dips

Posted on February 28, 2018 | Leave a comment

The San Diego County median home price was $529,000 in January, down by $11,000 since December, said real estate tracker CoreLogic on Tuesday.

The big picture: In a year, the median price increased 6.9 percent. San Diego County’s median home price hit an all-time high in June of $545,000. While January’s median is not far from the record, it might take a while to return to that level.

How prices could change: Rising interest rates and other factors could slow the pace of home price increases in the coming year, some experts say.

“The price is already pretty high and now you put higher interests rates on top of that,” said Alan Gin, economist at University of San Diego. “That’s going put home purchases out of reach for some people.”

The rate for a 30-year fixed mortgage was 4.52 percent Tuesday, up from around 4 percent at the end of last year, said Mortgage News Daily.

Mark Goldman, a real estate lecturer at San Diego State University, said he expected median price increases to slow as the market comes down from last year’s highs.

“The market is slowing down, in general,” Goldman said. “Prices are topping out and I don’t see a reversal. (Prices last year) were increasing at a very aggressive rate.”

Disclaimer: for information and entertainment purposes only

3 mortgage lenders will allow Airbnb income on refis

Posted on February 9, 2018 | Leave a comment

For the first time, homeowners who rent their primary residence on Airbnb can include their hosting income on mortgage applications when they refinance their existing loans with three lenders, including giant Quicken Loans.

Fannie Mae has agreed to back the loans and, if all goes well after a 90-day trial with the three lenders, “make it broadly available,” said Jonathan Lawless, Fannie’s vice president of product development and affordable housing.

This will be the first time that Fannie has considered income from a borrower’s home, rather than a separate rental property, on mortgage applications. It also represents a big step in recognizing income from the gig economy.

“We’re not just a W-2 economy anymore,” said Bob Walters, president and chief operating officer of Quicken Loans.

The loans cannot exceed Fannie’s loan limits, which range from $453,100 in most places to $679,650 in high-cost counties, including most of the Bay Area. Borrowers must meet other Fannie requirements, including a minimum credit score of 620.

The other lenders in the pilot project are Citizens Bank and Better Mortgage. Borrowers do not need to have an existing mortgage with the three lenders to refinance with them.

Fannie has agreed to the trial because Airbnb can verify income claimed on the refi applications. Borrowers must submit proof of income from Airbnb.

disclaimer: for information and entertainment purposes only

New laws for property owners and renters – California

Posted on February 2, 2018 | Leave a comment

ew laws went into effect last month that will probably come as a surprise to many landlords, homeowners and renters.

Gov Hutchinson, assistant general counsel for the California Association of Realtors, walked roughly 350 people through new legislation Thursday at a Greater San Diego Association of Realtors event in Mission Valley.

He said there are fewer new laws in 2018 than previous years, but were still important for real estate professionals to know about.

Undocumented immigrants (AB 291 and 299)

Hutchinson gave an example of what not to do: “If a landlord says to a tenant, ‘I’m going to double your rent. Don’t complain or I’ll turn you in.’”

If the landlord does reveal the status, and the renter isn’t deported, the renter is entitled to $2,000 if they prevail in court. Also, the landlord could face additional statutory penalties.

Marijuana (Prop 64)

Proposition 64 said homeowners 21 years old and older could grow six plants indoors — not on their lawn.

Renters don’t have much luck under the new law if they like marijuana. Landlords are allowed to prevent them from growing or smoking on the property.