Home Prices are Up 15% From A Year Ago

San Diego Home Prices

San Diego home prices have hit a nearly five-year high, ushering in more evidence to “confirm the housing recovery’s strength,” the S&P/Case Shiller home price index reported on Tuesday.

Residential real estate prices rose nearly 15 percent from a year ago and almost 4 percent from the previous month, based on April figures from the national real estate indicator. Those gains bring back home values to June 2008 levels.

The index, which has two-month lag, calls the housing bounce-back “broad-based.”

What do these figures mean to you? Does an average of all the sales in San Diego over a year really reflect what is going on your neighborhood?  Is this another bubble?  Contact the appraisers at www.scappraisals.com for your value questions.  If you live in Santee would you compare it to La Jolla?  If you lived in Vista would you compare it to Rancho Santa Fe?  Why is the Zillow price a lot lower than you think your home is worth?  Contact us and let us help you.

When looking at all of the 20 major metro areas in the index, prices are up 12 percent year-over-year, the highest return in seven years.

Those same areas have all shown annual increases for at least four straight months. In San Diego, April’s returns mark the 10th consecutive month of positive year-over-year returns.

Taken together, the 20 cities in the index posted a nearly 3 percent price increase, marking the biggest positive return in the history of that composite index, which goes back 13 years.

“The recovery is definitely broad-based,” said David M. Blitzer, chairman of the S&P index committee. “Recent economic data on home sales and inventories confirm the housing recovery’s strength.”

Such news continues to be a positive sign for homeowners who have been waiting for their home values to bounce back from recession levels.

Limited inventory and pent-up demand have mainly contributed to soaring real estate prices, potentially pricing out potential buyers.

lily.leung@utsandiego.com (619) 293-1719 Twitter: lilyshumleung

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Home Energy Saving Tips

Get Home Energy Saving Tips from RESNET

Make your home more comfortable and cut down on high energy costs by following these home energy saving tips. By simply making a few changes to your house and daily routine, you can significantly improve your quality of life while saving money. It really doesn’t get any better than that!

Do lower energy costs add value to your home?  Contact the appraisers at www.scappraisals.com for your value questions.

Read more at: http://www.resnet.us/energy-saving-tips

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Everyone Wants a Break On the Utility Bill

meterThere are two common reactions to the sticker shock of staggering utility bills:

 

Some people want to reduce the kilowatt hours and gallons of oil to help the environment.

 

Many want to reduce consumption to help the family budget. But where does it make sense to cut back or invest in energy-saving improvements? The way to find out is an energy audit.

Will an energy audit affect the value of your home?  Contact the appraisers at www.scappraisals.com for your value questions.

Live in San Diego/California?  The CCSE will give rebates to qualifying homeowners for a HERS rating.  Learn more at: http://energycenter.org/index.php/incentive-programs/energy-upgrade-california/hers-ii-rebates

It pinpoints areas where energy is wasted and where improvements will generate the greatest return — maybe upgrading insulation or installing a new furnace. If your old furnace is only 60 percent efficient, for example, spending thousands for a new one that runs at 90 percent will pay off quickly, and then save money for years after. Make the same investment to go from 80 to 90 percent and it might take 30 years to recoup. But most choices are not that clear-cut.

The complicated decisions are clarified after an energy audit that looks at the entire home — appliances, windows, insulation, the works. It can be conducted by a specialized contractor or by most local utility companies. Some utilities offer them free or at a nominal cost.

 

Contractors typically charge $300 to $500.

 

Pros use sophisticated equipment to check efficiencies — smoke pencils to trace air leaks, blower doors to calculate pressures in the house and duct system, infrared cameras to find gaps in insulation. But there is another option: Do it yourself. At energystar.gov, a page on home energy audits has links to resources, including available tax credits, appliance rebates, and an interactive program zeroed in on your ZIP code that helps sort through fuel use and other issues. You may not need their help for obvious clunkers like an ancient water heater. And if you’re not up for crunching energy-saving numbers, stick to the basics and the two main areas to evaluate: air leakage and insulation value.

 

Air leaks: Inside, look for them at gaps along baseboards, around windows and doors, fireplace dampers, access hatches to the attic and electrical cover plates — all openings that pierce the barrier between inside and outside. On windows, for instance, see if there is enough play in the sash for you to rattle them. If there’s room for that, there’s room for air leaks. For a more conclusive test, close all exterior doors, windows and fireplace flues. Turn off all combustion appliances. Then turn on all exhaust fans, or run a large window fan to suck air out of the room. This pulls outside air inside, increasing the rate of air leaks so they are easier to detect. You can feel them by wetting your finger so that draft feels cool, or use smoke. Amazon has smoke-pencil kits for $35, but you can use a makeshift version with a piece of smoldering paper, or even a candle. That makes it easier to trace the airflow and see exactly where the leak is — maybe where a line of caulking will solve the problem.

Read more at: http://www.chicagotribune.com/classified/realestate/home/sc-home-0527-energy-audit-20130608,0,4236687.story

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