Karen Urata Realtor

Archive for the ‘CA’ Category

Is It a Buyer’s Market or a Seller’s Market?

In CA, El Cajon, Escondido, Mission Valley, North San Diego County, Oceanside, Poway, Ramona, Real Estate, San Diego County, San Marcos, Santee, Uncategorized, Vista on January 11, 2013 at 5:08 am
Interest Rates

Interest Rates (Photo credit: 401(K) 2013)

Is it a buyer’s market or a seller’s market? is probably the question that I hear most often and of course, the answer to that question changes over time.

Sometimes, when there are lots of homes on the market, and not too many ready willing and able buyers, we see a buyer’s market.  This means that, generally speaking, buyers are in a position to ask for concessions, such as a laundry list of repairs, extensive credits, and often make offers under the list price.  Buyers often try to time their purchase for a buyer’s market because they feel that they can get more house for their money that way.  Other times, when there are lots of buyers and not too many homes on the market, we see a seller’s market.  This means that, generally speaking, sellers are in a position to ask for concessions, such as no contingencies, no repairs and purchase prices exceeding the list price.  Sellers often try to time to time their sale for a seller’s market because they feel that they can get the best return on their home  that way.

But sometimes, like now, we see a market that is both a buyer’s market and a seller’s market at the same time.  That can happen when there is low inventory, or few homes available on the market creating a larger return for sellers and low-interest rates, that result in buyers actually getting more home for their money.

What the heck, how does that work?  Well, the largest factor in the actual cost of a home is the interest rate, not the purchase price.  Did you know that a change (reduction) of half a percent on a home with the loan amount of $300,000  from3.5% interest to 3% interest represents a reduction of  $82.32 an month  in your monthly payment. Your principle payment would drop from $1347.13 to $1264.81.   In this example, the half a percent interest rate change represents approximately $20,000 more in purchasing power.  In other words, you would have approximately the same principle payment on a loan amount of $300,000 at 3.5% interest as you would on a loan amount of $320,000 at $3.0% interest, not to mention that now you can qualify for  a home that has $20,000 worth of additional features that you would not have qualified for at the higher interest rate.  This could actually change the neighborhood that you live in or the size of the house your family grows up in.

Having the right knowledge can really make a difference in maximizing the benefit for everyone in a transaction.  If you are thinking of buying or selling now is a great time.

Just call me and we can talk about how you can maximize your benefit when buying or selling in this buyer’s and seller’s market in San Diego County.

See you in the neighborhood,

Karen Urata

DRE License # 01720025

B W Real Estate Group

(760) 609-0952

5-Star Award Winner  San Diego Magazine 2010, 2011, 2012

Serving Buyers and Sellers in San Diego County

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What is Title Insurance Anyway?

In CA, El Cajon, Escondido, La Mesa, Mission Valley, Norh San Diego County, Oceanside, Poway, Ramona, Real Estate, San Diego County, San Marcos, Santee, Uncategorized, Vista on January 8, 2013 at 3:59 pm
Transaction Tuesday

Image courtesy of smarnad/FreeDigitalPhotos.net

Well it’s Tuesday again and that means it is time for another installment in our series, Transaction Tuesday.  Grab your coffee and an a snack and come with me.

If you have purchased a home chances are you have purchased title insurance but you may not know exactly what title insurance is or why you need it.

Unlike most forms of insurance, title insurance premiums are paid just once at the time of purchase but cover your interest as long as you, or your heirs, own the property.

Generally speaking, title insurance is meant to protect an owner’s or a lender’s financial interest in real property against loss due to title defects, liens or other matters.  There are two types of policies, one that protects the lender’s interest in a property and one that protects a homeowner’s interest in a property. If you have a mortgage on a property, the lender will require a policy to protect their interest for the amount of the loan.  You can also purchase a policy, at a small additional cost, during escrow to protect your interest as a homeowner.

Escrow will order the preliminary title report which should be reviewed and approved by the buyer.  This report should specify what is covered by the title policy and what is excluded.

For more details check out these links:

http://www.stewart.com/title-insurance/what-is-tile-insurance

http://www.firstam.com/title/resources/reference-information/title-insurance-reference-articles/q-a-about-title-insurance.html

If you have questions about title insurance or anything else in the transaction process, please feel free to contact me.

See you in the neighborhood,

Karen Urata

DRE License # 01720025

B W Real Estate Group

(760) 609-0952

5-Star Award Winner  San Diego Magazine 2010, 2011, 2012

Serving Buyers and Sellers in San Diego County

If You Are Thinking Of Doing a Short Sale You Need to Know About This Deadline

In Avoid Foreclosure, CA, El Cajon, Escondido, La Mesa, Mission Valley, Norh San Diego County, Oceanside, Poway, Ramona, Real Estate, San Diego County, San Marcos, Santee, Uncategorized, Vista on June 26, 2012 at 11:15 pm
Tax

Tax (Photo credit: 401K 2012)

If you are in a position where you feel you might need to do a short sale you need to know about this upcoming deadline.  The Mortgage Debt Relief Act of 2007 is set to expire at the end of 2012.

What does this mean to you?  It means that the temporary provision to waive the taxes that are due on the amount of “income” that is created (on paper) when a debt is forgiven is to expire at th end of this year.  Yes,  you heard that correctly, the government considers the dollar amount of the difference between what you owe on your home and the amount that you are able to now sell your home, (the amount that the bank is forgiving on your loan as the result of a short sale), as income to you that you must pay taxes on.  When you consider that the average amount of time, (your experience may vary), to complete a short sale has been about 6 months that makes this valuable information that must be considered.

Based on this, now is a good time to start the process by getting your home on the market.  Here is a link to the IRS information regarding this deadline http://www.irs.gov/individuals/article/0,,id=179414,00.html.

Please let me know if I can help with this in any way or if you just have questions about the process.  I am here to help.

See you in the neighborhood,

Karen Urata

DRE License # 01720025

B W Real Estate Group

(760) 609-0952

5-Star Award Winner  San Diego Magazine 2010, 2011, 2012

Serving Buyers and Sellers in San Diego County

Neighborhood is Little Gem in Vista

In CA, Real Estate, San Diego County, Uncategorized on January 31, 2012 at 12:08 am

Last week I held an open house in a neighborhood that really impressed me. Yes, it was beautiful. The sun was shining, the birds were singing, and there was a peaceful feeling as I looked over the golfers enjoying the day on the golf course that this home overlooked. Yes, the price was affordable, not something that a first time home buyer could only dream of attaining. But there was something else that made this community stand out to me. It was the people.
As I was placing my signs, I met people walking their dogs. They were friendly and asked who was selling, like they knew and cared about their neighbors.
When I opened the doors, there was a steady flow of people stopping by to see this home. Some were neighbors, some of those were neighbors who currently rented in the area and really wanted to buy there. They told me about the strong feeling of community they felt in this neighborhood. Some were from out of town, they told me that they had been looking for a quiet place to retire where they felt comfortable having their grandchildren over.
This particular home was not too large, 2 bedroom, 2 bath, 2 car attached garage with a fireplace and sliders to the covered patio backing to the golf course. I could see myself sitting on the patio in the morning, enjoying a cappuccino and a little cantaloupe while catching up with my correspondence and enjoying the beautiful green with its trees, and birds soaking in the sun. Surprisingly this is priced under $300,000.
If this type of home sounds perfect for you or for someone that you know and care about please do not hesitate to contact me. I love working to help make your real estate dreams come true.

See you in the neighborhood!

Karen Urata

B W Real Estate Group

uratakaren@yahoo.com

(760) 609-0952

DRE License # 01720025

Winner 5-Star Award San Diego Magazine  -2010, 2011, 2012