Archive for August, 2013

Mortgage Closing Costs Rising

posted on August 26th, 2013 | filed under: Uncategorized

Mortgage closing costs have increased by 6% over the past year, according to Bankrate’s annual closing cost survey. So why are fees rising? You can blame two things:

1.    Low and rising mortgage rates, and

2.    New regulations.

Low mortgage rates over the last year have brought in a wave of refinancing. Loan originators have plenty of business so they don’t have to compete. Plus, they realize rates are going to rise which will decrease the number of loans made. At that point, they will have to decrease fees to be more competitive.

The second component of rising costs is the Consumer Financial Protection Bureau and its new mortgage regulations. At any rate, all puns intended, if you haven’t re-financed yet, it’s time to do so.

July Market Statistics

The median price for single-family, re-sale homes jumped 24.6% year-over-year. Sales were up 5.2% year-over-year. Year-to-date, home sales are up 3.2%. Inventory remains problematic. There is only a ten week supply. Pending sales were up 2.8% compared to last July.

SALES MOMENTUM…for homes fell 1.7 points to +9.4. Condo sales momentum dipped 0.1 of a point to +4.1.

PRICING MOMENTUM…made another solid gain last month, rising 1.5 points to +13.1. Condo pricing momentum gained 1.5 points to +20.1.

MOMENTUN…is calculated by using a 12-month moving average to eliminate seasonality. By comparing this year’s 12-month moving average to last year’s, we get a  percentage showing market momentum.

CONDO STATISTICS… The median price for condos was up 34.6% yearover-year. That’s twelve months in a row the median price has risen by double-digits. Sales were off 1.9% from last June. The sales price to list price ratio for condos stayed over 100% for the fifth month in a row: 100.6%.

Click the report below to read the full report online:

Market Report Web



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Just Listed! Olivenhain Estate Home In Knightsbridge | Open House Sat (8/24) 1-4pm

posted on August 22nd, 2013 | filed under: Uncategorized

Olivenhain, CA  – Knightsbridge Estate Home with Views from Countryside to Coast! The elegance begins in the grand foyer entry. Convenient bedroom / bath on 1st floor with own private entrance. Gracious master suite includes stunning dual sided bathroom, large walk-in closets & view deck. Entertainer’s kitchen has all the amenities, Viking appliances & large center island. Pool, spa & outdoor patios are all complimented by the lush landscaping. Located in gated Olivenhain community on 2 acre parcel zoned for horses. | More Info

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PENDING! Henie Hills Cul-De-Sac Home

posted on August 22nd, 2013 | filed under: Uncategorized


Oceanside, CA – Henie Hills Home On Quiet Cul-DeSac. Bright & airy with soaring vaulted ceilings and spacious, floor plan with convenient optional bedroom on the 1st floor. Has oversized rooms with lots of built-ins for storage. Upstairs master retreat has a large sitting area and master bath with dual sinks and a jetted soaking tub. A pool-sized back yard offers lots of privacy, beautiful wrap around planter and large patio for entraining. Ideal Oceanside location just minutes to beaches, freeways, shopping & dining. | More Info

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Summer’s Real Estate Trends & Predictions for Fall/Winter 2013: Inventory, Rates & Prices

posted on August 5th, 2013 | filed under: Uncategorized

As we cross the halfway mark through 2013, it’s clear that there are still a lot of moving variables impacting the real estate market.  The biggest stories of the year have been about the disappearing Inventory, historically low Interest Rates and rapidly appreciating Home Prices.   So, what do the market trends we’ve seen so far this Summer mean for the rest of the year?

Summer Trends:

  • Inventory reached dramatic lows across the country.  California (and San Diego) were especially hit hard.  After years of having a surplus of homes on the market to choose from, buyers suddenly found themselves in a wildly competitive bid to get their offers accepted.  Compounding the issue further, investors and wall street were sweeping in and paying cash for the most affordable homes.  With builders still 18 months away from offering a substantial amount of new homes for purchase, realtors and lenders have been working harder than ever to help their clients find a home.
  • Interest Rates were at historic lows for most of the year, but have begun to creep up over the past month.  According to the Mortgage Bankers Association, between the beginning of May and the end of June, the average interest rate for a 30-year fixed-rate mortgage surged from 3.59 percent to 4.68 percent.  Even the slightest rise in rates can have a huge impact on the cost of a home over the life of a loan, so this type of increase can greatly reduce the buyer power of current shoppers.  For example, just a 1% increase in interest rates on a $500,000 mortgage will cost the buyer an additional $100,000.  For good reason, the rising rates have a lot of people feeling the pressure to buy and buy quickly.

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Jeff DeChamplain