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November 5th, 2009
House Passes Extension of Tax Credit for Home Buyers
According to the California Association Of Realtors the Senate has voted 403 to 12 to extend and expand the Home Buyer Tax Credit
Great news was just released out of the senate! With a 403 to 12 vote the US House of Representatives has voted to extend the home buyer tax credit. With this vote they also approved expanding the parameters to include existing homeowners and not just first time home buyers.
As the the credit stands now, it will be extended through April 30, 2010, with a possible 60-day extension.
The bill is currently written to offer first time home buyers a tax credit of up to $8,000, while also offering existing homeowners a reduced credit of up to $6,500. In order to qualify for the $6,500 tax credit, existing homeowners must have lived in their current residences for at least five years. Additionally, the bill increases the qualifying income limits from $75,000 for a single tax payer to $125,000 and for tax payers filing jointly the income limit has been increased to $225,000. The purchase price of the home can not exceed $800,000
There were some additional provisions of the bill, that allow tax payers to claim credit on purchases completed in 2010 on their 2009 income tax returns. In the event that the tax payer stays in the home for 36 month after the purchase they will not have to repay the credit.
For an interesting side by side comparison of the changes click here.
If you have been thinking about buying a home, now is a great time to take advantage of the low interest rates, low prices and now the extended tax credit. For more information about buying or selling your home, call or email us, we are happy to help!
November 2nd, 2009
Market Statistics For Rancho San Pasqual Beat Escondido Averages
Rancho San Pasqual Market Data seems to suggest that the neighborhood is doing better than other neighborhoods in its same zip code.
It is that time again, the first of the month always interests me, because I get to look at numbers, statistics and market trends. This month I found it interesting to note that the homes in Rancho San Pasqual have faired better than most others in their same zip code.
As of November 1, 2009, there are only 4 homes for sale Rancho San Pasqual. Of the 4 that are available 2 have been on the market for under 45 days and the other 2 have been on the market for over 150 days. The 2 that have been on the market longer than 150 days are short sales and more than likely have offers on them and are simply waiting for the bank to approve a sale.
At the same time in the rest of the 92027 zip, for homes similar in age and size, there are 42 homes for sale, with an average market time of 60 days. Additionally, Rancho San Pasqual has 9 homes in “contingent” or “pending” status. Indicating that these home have offers accepted by sellers and are pending bank approval or are in escrow.
Taking the Year to Date numbers is another interesting find. Rancho San Pasqual is averaging a sale price of $481,507 where as the rest of the zip code is averaging a $367,000 sale price. Homes in Rancho San Pasqual are selling in an average of 45 days vs 61 days for other neighborhoods.
Why does Rancho San Pasqual continue to beat other similar neighborhoods month after month? Maybe it is the special feel you get when 
you enter the gated golf course community. Surrounding Eagle Crest Golf Course, the scenery is one of serenity and calm. Maybe it is the lovingly maintained tree lined streets and cul de sacs with neighbors in their yards greeting each other. Maybe it is the inviting Olympic size pool and playground, or maybe it is the award winning San Pasqual Union School, that kids (pre school-8thgrade) can walk to. Whatever it is, people are finding that this area has something that others do not offer.
Come see for yourself, take a drive, or view one of the homes for sale. One such home is a beautiful 4 bedroom home, located at 2230 Golden Oak Place , on a great cul de sac, boasting a 3 car garage, custom designed backyard with fire pit, upgraded gourmet kitchen and more. Click here to see a video tour of this home.
For more information about this home or others in the area, call or email me directly. I would love to introduce you to this fabulous hidden community. You won’t be sorry!
October 30th, 2009
12 Reasons To Buy A Home Today!
It doesn’t matter if you are a first time home buyer, step up buyer, investor or you are downsizing, TODAY, is a great time to buy real estate. With prices at a 5 year low, and interest rates lower than they have been in recent history, now is the time.
There are however, 12 Reasons, that first time home buyers should seriously consider buying before the end of the year.
- QUALITY OF LIFE
- TAX DEDCUTIBILITY OF MORTGAGE INSURANCE
- TAX DEDUCTIBILITY OF PROPERTY TAXES
- APPRECIATION POTENTIAL
- DEFERRED GAIN AND CAPITAL GAIN TREATMENT
- ONCE IN A LIFETIME EXCLUSION
- PRINCIPAL ACCUMULATION
- PRIDE IN YOUR HOME
- NO LANDLORD
- LEVERAGE
- THE REAL COST OF RENTING
- $8,000 FIRST TIME HOME BUYER TAX CREDIT
Buying a home is a very important decision and a big undertaking in your life. In fact, most people only choose a few homes in their lifetime. Call me today, I will make sure that you are well equipped and armed with up to date information on your big decision. I am prepared to guide you through every phase of the home buying process.
For more information about buying and how you can own your home, call or email me directly. JennBurroughs@gmail.com or 858-521-7277.
Jennifer is part of an award winning real estate team that has assisted hundreds of families buy and sell their homes. Jennifer is a certified Risk Manager and will help you accomplish all of your real estate goals.
October 7th, 2009
Jennifer Burroughs Renews Risk Management Certification
Windermere Exclusive Properties announced that Jennifer Teti-Burroughs of their Rancho Bernardo Branch office has renewed The Risk Management Specialist™ Designation.
According to Steve Rodgers, President of Windermere Exclusive Properties, “Jennifer is is a dedicated professional in our industry who continues to add value to every level of our business. She gives her clients top notch service and attention while at the same time serving our industry tirelessly.”
The Risk Management Specialist™ Designation is only held by a small number of local agents and aims to help REALTORS® and brokers protect their bottom lines. The RMS™ Program is a cutting-edge certification, created by local real estate and legal experts, to help REALTORS® enhance their industry knowledge, execute better transactions and reduce their exposure to risk. The foundation of the RMS™ certification is the completion of courses that focus on risk mitigation.
A certified Risk Management Specialist since 2004, Jennifer maintains her dedication to providing the best professional service to her clients through extensive education while also serving the agency in the best possible way.
Jennifer stated, “This is a course of study that requires you to master 10 classes on risk management, and in order to renew the certification there are 3 classes that you must complete every other year. Having just completed the three-day contracts class, for the third time, that covers all of the different contracts required in a real estate transaction, I am prepared to advise clients and execute transactions at the highest level.”
All courses are Department of Real Estate-approved and accredited. RMS Program requirements include being a Member in good standing of the National Association of Realtors (NAR), completion of the Conquering Contracts course, and an additional 28 course credits within two years.
Jennifer is part of the award winning real estate team of Teti & Olenik and Associates. Her commitment to staying up to date on current real estate issues and topic, puts her in a unique position to offer her clients a higher level of service. To contact Jennifer, email her directly at JennBurroughs@gmail.com or call her at her office in Rancho Bernardo 858-521-7277.
October 7th, 2009
San Pasqual Union School Foundation Raises Over $5,000 At Walk-A-Thon
San Pasqual School Foundation recently raised over $5,000.00 at their 3rd annual Walk-A-Thon
At a recent school wide Walk-A-Thon, students at San Pasqual Union, walked their way to earning $5,000.00. Students were asked to get donations from friends and family to support them in their efforts. All students participated as part of their Physical Education for the day. Due to the heat, the Walk-A-Thon had to be held in the gym, but students were still able to walk and dance their way to earning the donations.
After the Walk-A-Thon students were treated to a Jamba Juice for their efforts and were allowed to pick prizes out of a prize box!
The Walk-A-Thon was put on by the San Pasqual School Foundation, which as set a goal of raising $100,000.00 this year. The Foundation is working very hard to support the school offset the tremendous budget cuts that face all school districts this year and in up comming years. Currently, the Foundation, pays for and supports the schools Healthy Living Program and PE Teacher. Their goal is to continue to provide funding for this program as well as any others that are at risk of being cut with next years severe budget defecit.
The Walk-A-Thon is only one of 4 main events the Foundation hosts to help raise funds for the school. This year the Foundation is hosting its first school Carnival. With the tremendous support of the parents, teachers, and other school organizations, the Foundation will host an “Autumn Fest” on October 25th. The goal is to raise $30,000-$40,000 at this event. The event will include carnival type games, prizes, and food as well as raffle prizes and a silent auction.
Later in the year the Foundation will host, Casino Night. Casino Night, at Orfilia Winery,is a fun filled night of card playing, music and great auction items created by students and teachers. This yearly event is always great fun. In addition, the Foundation, will be hosting the annual Golf Tournament at Eagle Crest Golf Course. This fun filled day offers avid golfers to support the school and community with lots of games and auction items.
San Pasqual Union is a unique school district, with some unique challenges. The Foundation, works very hard to support the school financially, in their goals for educational programs.
If you are interested in supporting the Foundation, by either volunteering or donating please contact Jennifer Burroughs at 858-521-7277 or JennBurroughs@gmail.com
September 29th, 2009
Beautiful Rancho San Pasqual Home For Sale
Just Listed in Rancho San Pasqual
Welcome Home to Rancho San Pasqual. This beautiful 4 bedroom, 3 bath home, with an optional 5th bedroom (office or den) and 3 car garage is ready for you to just move in! With approximately 2930 square feet (according to assessors records), this gorgeous home offers lots of spacious rooms, new carpets, upgraded paint and more. The gourmet kitchen is perfect for entertaining with a large center island, breakfast bar, 5 burner stove, granite counters and more. Enjoy the peace and quite of the San Pasqual valley, while relaxing in this beautifully landscaped yard, with custom built in fire pit.
Situated on a cul-de-sac, the home is nestled in the San Pasqual Valley, surrounding Eagle Crest Golf Course, and just minutes to minutes to shopping, freeways, wineries, the world famous San Diego Wild Animal Park, medical facilities and more. With low HOA and no mello-roos taxes, this affordable home is perfect for anyone looking for a new community.
Kids walk to San Pasqual Union School, located just outside the gates. This Pre School thru 8th grade, one school, school district offers families a great education with the convenience of being located within in the community.
For photos and a virtual tour of this magnificent home click here
To see this home for yourself, call today and have a private showing. Jennifer Teti-Burroughs, Windermere Exclusive Properties, 858-521-7277 OR email Jennifer at JennBurroughs@gmail.com.
Jennifer is part of the award winning real estate team of Teti & Olenik, and Associates at Windermere Exclusive Properties. This high performing team consistently delivers a high degree of service to all of its clients. With over 40 years of combined real estate experience, no one is better suited to serve you and your family.
September 15th, 2009
Chardonnay Hills Market Update
A quick review of the Year To Date market statistics for Chardonnay Hills show an optimistic outlook. In evaluating the market trends for Chardonnay Hills, there are positive signs that the market is shifting.
Some of the highlights include a reduced average market time and lower inventory. Year to date, the average market time for homes sold in Chardonnay Hills is 37 days, as compared to an average of 75 days in 2008.
There is 1 homes in the “back-up” status, which indicates that there is an accepted offer, but the sellers are waiting for an approval from their lender. These sales tend to have a longer average market time, than a sale that does not require a lenders approval.
There are 4 homes “pending” in escrow, these homes were on the market for an average of 34 days!
See Chart Below
September 10th, 2009
The Truth About Short Sales
In my previous Blog I shared with my first unexpected short sale scenario. This time, I will tell you about another scenario that happened one week later.
The second scenario… The Buyer is a first time home buyer who falls in love with a 1 bedroom condo. She is putting 20% down and gets Sellers acceptance on a short sale in March. After 5 months of patiently waiting on Bank approval of the short sale, the bank finally comes through and authorizes the short sale. Ten days before the scheduled closing, the Listing Agent informs me that the Seller is talking to an attorney about the possibility of being held liable for the deficiency. Keep in mind, we have a fully executed contract, an opened Escrow, a completed home inspection, completed appraisal and a Buyer who has given notice to her current landlord that she will be moving out. At this moment, we are still anxiously awaiting the decision of the Seller as to how we are going to proceed.
My Buyer has retained legal counsel and is in the process of exploring her options.
Lesson Learned: It is becoming more obvious to Sellers that more Banks are exercising their recourse options, causing more sellers to give short sales a second thought. It is becoming extremely important for Buyers and their agents to make sure that the Sellers are doing their due dilligence at the beginning of the short sale process to ensure that the short sale is the best option.
September 2nd, 2009
The Truth About Short Sales
Over the past 3 years Buyers in San Diego and Southwest Riverside Counties have noticed a huge influx of short sale listings hitting the Real Estate Market. In some market areas, in lower price ranges, as much as 90% of the inventory can be a Short Sale or Bank Owned Listing.
Most Buyers who with the guidance of an experienced, educated Agent who understands the contract, bank addendum’s, and truly represents their clients best interest can maneuver their way through the bank owned process with a minimal to moderate amount of surprise. Buyers and agents know that you are buying properties in an “as is” condition and that the perceived “deal” in in the listed price. We all know that banks will not do repairs, they threaten a Per Diem, and we never close on time.
I like to think of myself as one of those agents who understands this process and can articulate to my clients what to expect. I am the agent who talks with clients up front about the truth in the real estate market. The fact that you may have to write 10 or more offers to get an accepted offer, get prequal’d with multiple Lenders, and come up in price to compensate for the closing costs that you are asking for the seller to pay is standard conversation that my buyers understand.
September 2nd, 2009
San Pasqual Union Posts High Test Scores
Great Schools Rates San Pasqual Union a 9 out of 10
Just SOLD
