Uncle Sam's Christmas Gift

While everyone is bustling around buying gifts and attending parties, there are still serious buyers out there making multiple offers on well maintained homes.

If you atticipate the need to sell your home, now is a great time to market it. The number of homes for sale are typically lower at this time of year due the holidays. With fewer serious buyers trampling through your home and the Christmas decorations adding a romantic ambience, make it the perfect time to sell.

If you need to sell, it definitely won't get sold unless you have it on the market. Worried about theft? Hiring a Realtor who uses computerized Sentri lockboxes, provides the ability to track agents and their clients entering the home.

Many sellers think waiting until spring is the best time to sell. However this year, with the Tax credit extension, buyers must have an accepted offer by April 30, 2010 and close by June 30,2010 leaving only a few more months. So if you are facing a possible foreclosure and want to sell your home before that, you need to consider that banks typically take several months to approve short pay sales.

If you are moving up, you may qualify for the $6500 tax credit. The tax credit does have income limits and the home-price cannot be above $800,000. Read more about it in Homebuyer Tax Credit Extension & Expansion . However, if you can afford to move up, this is the perfect time to sell and buy a bigger or better home.

Many move-up home buyers say they are waiting for home prices to go back up to regain the equity that they have lost in the last couple of years. For those who have lost all of their equity, there is no choice. They must wait for the equity to return. However, for those who have some equity and plan to wait until they regain what they have lost, may find themselves behind the curve.

Several years from now when home prices begin to rise again, as they historically do in San Diego County, the home equity growth will all be in proportion to the price of the home. For example, if you purchase a home of $350,000 versus a home of $700,000, in 10 years from now if the home value rises 10% then you will have gained $70,000 in the $700,000 versus $35,000 in the $350,000 home. During the downturn, if you have lost about 30% of your home equity, on your $350,000 house, then you will be down about $150,000 in equity. In comparison, the $700,000 house has lost about $300,000 in equity, twice as much. So in the long run when home prices go back up as they historically do, by moving up now, then you will be up $150,000 in equity.

Don't delay take advantage of Uncle Sam's Christmas Gift.

19 Helpful Water Saving Tips

As of June 1, 2009, mandatory water restrictions started for most of San Diego County. A three year drought has reduced the supply from the state water project in Northern California. We are already using reserves for everyday water. For more information about the restrictions, you can visit http://sandiego.about.com/od/governmentcities/qt/water_tips.htm

Here are 19 tips for conserving water on your own:

In The Bathroom
1. While waiting for hot water to come through the pipes, catch the cool, clean, water in a bucket or a watering can. You can use it later to water plants, run your garbage disposer, or pour into the toilet bowl to flush. (Can save up to 50 gallons a week per person.)
2. Replace your regular showerheads with low-flow showerheads. (Can save up to 230 gallons a week.)
3. Keep your showers down to five minutes or less using a low-flow showerhead. (Can save up to 75 gallons a week per person.)
4. Turn the water off while lathering-up in the shower. Then turn the water back on to quickly rinse. (Can save up to 75 gallons a week per person.
5. Take shallow baths, no more than 3 inches of water. (Can save up to 100 gallons a week per person.)
6. Replace your older model toilets with new ultra-low-flush models. (Can save up to 350 gallons a week.)
7. Check your toilets for leaks. Drop a dye tablet or a teaspoon of food coloring (avoid red) in the tank. If color appears in the bowl after 15 minutes, you probably need to replace the "flapper" valve. (Can save up to 100 gallons a week for each toilet repaired.)
8. Flush the toilet only when necessary. Never use the toilet as an ashtray or wastebasket. (Can save up to 50 gallons a week.)
9. Never let the water run while brushing your teeth or shaving. (Can save up to 35 gallons a week per person.)

In The Kitchen
10. Hand wash dishes just once a day using the least amount of detergent possible. This will cut down on rinsing. Use a sprayer or short blasts of water to rinse. (Can save up to 100 gallons a week.)
11. If you have a dishwasher, run it only when you have a full load. (Can save up to 30 gallons a week.)
12. Scrape food scraps off dishes in the garbage can or rinse them off with very short blasts of water. (Can save up to 60 gallons a week.)
13. Never use hot, running water to defrost frozen foods. Plan ahead and place frozen items in the refrigerator overnight or use the microwave oven. (Can save up to 50 gallons a week.)
14. Rinse vegetables and fruits in a sink or a pan filled with water instead of under running water. (Can save up to 30 gallons a week.)
15. Run your garbage disposer only on alternate days. (Can save up to 25 gallons a week.)

Around The House
16. Repair all leaky faucets, fixtures and pipes both inside and outside your home. (Can save more than 150 gallons for each leak.)
17. When doing the laundry, never wash less than a full load. (Can save up to 100 gallons a week.)

Outdoors
18. Set lawn mower blades one notch higher since longer grass reduces evaporation. Leave grass clippings on your grass, this cools the ground and holds in moisture.
19. Mulch, compost and wood chips are available at the Miramar Greenery.

From the City of San Diego's Water Conservation program.

Join your neighbors and community in conserving water.

---Virginia Hall

Bad News Good News--Santee Housing Market

The bad news always seems to be first, when the media talks about the housing market. While bad news may sell more, a lot depends on how you are looking at it--half full or half empty.

The statistics for April emerged yesterday. While the job layoffs and economy is definitely slowing the housing market return, some areas of San Diego are still sputtering along showing signs of revival. From January until April home prices have slowly climbed in the East County.

While year over year home values have shown a 26.5% decline from April 2008 to April 2009; although, since January the medium home prices in the East County have actually increased 4% from $240,000 in January 2009 to $250,000 in April 2009. Other signs of recover include the number of home sales increased 51% year over year from 323 in April 2008 to 488 in April 2009.

Like several areas of San Diego, Santee home prices have also risen since January the medium home prices have risen from $270,000 to $285,000 in April, over 5% increase. However, again looking at it year over year, from April 2008 to April 2009, it has declined 20.2%. The number of homes in Santee remained steady, from 58 in April 2008 to 59 in April 2009.

As I mentioned in What Happened to All the Houses on the MLS?, with the declining inventory we should continue to see the housing prices slowly recover. If you have been waiting for the bottom to hit, we may have already seen it. So with the interest rates low and all of the buyer incentives mentioned in Uncle Sam Giving Money Away to First-Time Homebuyers and Buy Today with Recession Proof Plans now is the opportune time to buy.

--Virginia Hall


As I mentioned in What Happened to All the Houses on the MLS?, with the declining inventory we should continue to see the housing prices slowly recover. If you have been waiting for the bottom to hit, we may have already seen it. So with the interest rates low and all of the buyer incentives mentioned in Uncle Sam Giving Money Away to First-Time Homebuyers and Buy Today with Recession Proof Plans now is the opportune time to buy.

--Virginia Hall

Help for Military Being Forced to Sell Their Homes

"I am being transferred," said my client, a navy captain . I hated to break the news to him that his home value in San Diego had fallen $100,000 since he had bought it in 2005. I discussed his options which included a short sale. However, since he owned another home in Florida this might not have been the best option for him. The banks could potentially attach a lien to the small amount of equity that he had in that property. I encouraged him to talk to a Military lawyer and to talk to his commander. Fortunately, he was able to delay his transfer. However, not all military personnel are so fortunate.

It didn't seem fair. The military serving our country and risking their lives, and as a result of being transferred, at no fault of their own, they could lose everything and face financial ruin. Finally, help is on the way.

Recently, as the result of the American Recovery and Reinvestment Act, The Department of Defense(DOD) Homeowners Assistance Program (HAP) was expanded to include military members affected by the housing market, who face financial hardships as a result of being permanently reassigned during the mortgage crisis.

Below are the eligibility requirements:

1. Permanent reassignment requiring move of more than 50 miles.

2. Reassignment ordered between 1 February 2006 and 30 September 2012 (or earlier date designated by SECDEF (Secretary of Defense).

3. Property purchased (or contract to purchase signed) before 1 July 2006.

4. Property sold by owner between 1 July 2006 and 30 September 2012, or earlier date designated by SECDEF.

5. Property was the primary residence of the owner.

6. Owner has not previously received these benefit payments.The process is owned by the Army Corps of Engineers, however each base should have a focal point (MPF or housing office) for this program to provide local guidance/oversight and to validate eligibility based on PCS (permanent change of station) orders.

According to the Homeowners' Assistance Program--Department of Defense website http://hap.usace.army.mil/homepage.html the funding policy process is still being worked out, and according to some sources may be available as soon as May 15, 2009.

The instructions and application can be downloaded from the website above. The link provides all the information about the program and specifically on PCS eligibility when you click on "Service Members Homeowners on PCS".

While the application processing will commence as soon as possible after the DOD guidance is posted, they encouraged potential service members to submit an application. The application is found under "How to Apply". They will process the applications based on the implementation guidance.

Having two sons who are veterans and one that is still in the reserves, it is good to know our country is offering the military help during a difficult time.

Virginia Hall, ABR®, GRI® , e-Pro
Coldwell Banker Residential Brokerage
http://www.virginiahall.com/

(619)258-8585