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June 18, 2013 / patrickbelhon

Relocation Agent San Diego – Patrick Belhon Your Preferred Moving Expert

Relocation Services for those Looking to Move to and from San Diego

Moving is stressful. There are always countless details to work out, and the pressure of packing up and relocating inevitably has unexpected complications. However, there are ways to minimize the stress by selecting the right real estate agent. For those looking to relocate in San Diego, the best expert is Patrick Belhon.
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Patrick Belhon is a real estate agent who works in the San Diego area. During his time as a realtor, he has developed an expertise regarding the city and a passion for helping people manage their relocation well. If you are planning arelocation in the San Diego area, be sure to consider real estate agent Patrick Belhon to navigate the process.
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1. Personalized service. Patrick Belhon understands that every relocation, just like every client, is unique. To ensure that every client receives the results he wants, Patrick works extensively with each client, listening to his needs and wants for the move. Then, based on this feedback, Patrick will build an individualized relocation plan. This minimizes the stress and frustration and allows clients to focus on the positive parts of their move to San Diego.
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2. The client comes first. Too many real estate agents have ulterior commitments that hinder them from giving the client proper attention. Some agents have for-profit partnerships with other businesses, which are often not disclosed to clients in advance. These partnerships usually entail client references, regardless of whether or not that business is the best choice for the client in question. Patrick is concerned exclusively with his clients’ needs, so any third party references are sure to be reliable and have no strings attached. Patrick knows that he can only be successful when his clients are successful, and he has tailored his business plan to ensure both.
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3. Comprehensive support. As a real estate agent, Patrick provides a full range of services to assist in relocation to San Diego. This starts with an initial meeting to discuss goals and objectives and stretches throughout the buying process until clients are happily settled in their new home. Patrick is always available to answer questions and is quick to respond to any inquiry. With years of experience, Patrick knows how stressful moving can be for clients, which is why he has mastered every step of the process and knows how to offer clients the support they need during every part of the move.
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4. Efficient service. Relocation is full of details. These small things can be time-consuming and often end up costing clients money. Patrick is well aware of these drawbacks and works hard to streamline the process. In this, Patrick can offer the most efficient real estate support possible, giving clients new ways to save time and money during their move. Patrick would never cut corners, but he can carefully assess what clients truly need and what services are superfluous for any given client. This creates a customized service plan that not only reflects the client but ultimately saves time and money as well.
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5. A promise of satisfaction. While some stress is inevitable throughout the moving process, Patrick believes that every client can and should be satisfied in the end. For this reason, Patrick is wholly committed to client satisfaction. Every choice he makes is geared toward promoting satisfaction. To do this, Patrick looks carefully at what clients need and want and then puts all of his energy into satisfying these particular desires. This way, clients can start their new life in San Diego with no regrets and the eager anticipation of all that is to come. Patrick wants his clients to be happy because he knows that their satisfaction is his satisfaction.
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Patrick-Belhon-AgentIn all things, Patrick Belhon is a real estate expert with client care at the forefront of his mind. He is not just interested in houses and profits; he is interested in helping clients turn a property into a home. With years of experience, Patrick not only knows the market, but he understands that clients want honesty and reliability more than anything else. No matter what the need may be, if you are looking to start a new life in San Diego, please consider Patrick Belhon to help make the transition.
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Article Copyright ©2013 – All Rights Reserved Patrick Belhon (patricksellshomes@gmail(dot)com)

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June 15, 2013 / patrickbelhon

Tips for Preparing a House for Sale in San Diego

How to Prepare  House for Sale MAP-SANDIEGO1969The San Diego housing market is booming. However, if you have a house for sale in San Diego, it is important to get it ready before showing it to potential buyers. Minimize the amount of time your home sits on the San Diegomarket by taking the time to stage your house better. A little work with staging can go a long way in making a sale.If you are not sure where to start, try these easy tips to stage your house for sale in San Diego.

1. Cut the clutter. Of all the tips, this one is a no-brainer. When you have a house for sale, it is important to put the clutter away. There should be no papers on the counter and no notes on the fridge. Pack up the family photos, and cut back on the knickknacks. You want buyers to imagine their own stuff in your house, which is hard to do if yours is still all over the place.

2. Let the light shine. Too many homes are poorly lit. Improve your lighting with these tips. First, replace your lightbulbs so they have the highest wattage possible. Second, add lamps in dim corners. Third, open the curtains. Better still, if you have a house for sale in San Diego, give the windows a sparkling clean to revitalize the space.

3. Wide open spaces. We arrange furniture for daily living, but if you have a house for sale, you need to think about what people see. Buyers need to be able to walk freely about the home, and having less furniture will make your house look bigger.

4. Use the nooks and crannies. Having a corner where you store your things may be fine for daily living, but if you have a house for sale, clear out the extra stuff and give new purpose to the small spaces. Make sure your dining room has a table in it. Clear out the small bedroom and make it an office. Every space in the home should have a defined purpose.

5. Matters of the art. While there are many tips for decorating, it is best to keep it simple. Try to use the art you already have but rearrange it for a new look. Hang it in unusual ways or in distinctive patterns. Now is the time to be creative with your pieces, moving them to new rooms and grouping them for a unique look.

6. Make it float. It may seem counterintuitive, but moving your furniture away from the walls can make for inspired design. When furniture floats in the middle of the room, the space looks more refined and elegant. Plus, it gives people ready-made walkways, which can help the house flow better.

7. The rule of threes. It is generally accepted that groups of three are visually appealing to the eye. Leverage the rule of threes in your design, and use groupings of three in your decorating. Hang pictures in groups of three. Have three candles on your table. Stack three books on the shelf.

8. Get that fresh feeling. There are many tips that may seem cumbersome, but this one is great even if you do not have a house for sale. Bring life to your house by adding plants. Potted plants and flower clippings not only look fantastic but they provide a fresh scent that helps clean the air. Just be sure to keep the natural touches green, or these tips can backfire.

9. A touch of paint. Everyone knows that a fresh coat of paint can really help, which is why many people add a neutral layer to their walls before selling. While neutral colors help, that is not the only way to use paint. Try adding a fresh coat of black to beat up furniture, and consider painting banged up woodwork for a new look.

Patrick Belhon10. Make a first impression. You only get one first impression. Therefore, clean up the front of your house. Paint your front door and trim back the bushes. Add colorful plants and fresh river rock when necessary. You should make your home look as inviting as possible before buyers even step through the front door.

Article Copyright ©2013 – All Rights Reserved Patrick Belhon (patricksellshomes@gmail(dot)com)
June 13, 2013 / patrickbelhon

How to Move to San Diego Smoothly Like a Pro

Real estate services - How to Move to San Diego oldchar1967It did not take too much prodding and pushing to figure out how to convince everyone that a move to sunny San Diego was the right thing to do for the entire family. Residents of this part of California enjoy all of the conveniences of a large, modern city while also being able to live in a quiet, suburban home.
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San Diego is a great place to raise a family and it is also a great place to retire. Instead of shoveling snow and spending your time huddled inside your house on those cold winter days, you can spend your days at the beach, playing golf, visiting the museums in Balboa Park, and just enjoying life the way it was meant to be.
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Once you have found a buyer for your old house and made a deal on a new house in San Diego, the only thing left to do is to figure out how to make the move. Moving can be a stressful experience if you do not know how to move smoothly, like a pro. Heed the following advice and you will have a stress-free and painless moving experience.

Make a moving checklist

Give yourself plenty of time before the actual moving day arrives. If you try to take care of all of the details in the last week before your move, you will create a very stressful situation. It usually takes at least a month, and maybe two, to get everything in order. A typical checklist might include:

• Calling all your family and friends to let them know you are moving
• Obtaining transcripts from your child’s school
• Selling a car
• Having a big garage sale
• Doing a thorough cleaning of your house before closing
• Closing local accounts

Filling out change of address forms 

Pick up a change of address kit from the U.S. Postal Service, fill out the change of address form and give it to the clerk behind the counter. Then, take home the bundle of postcards included in the kit and send one to the people who regularly send you mail.Avoid any disruption with your magazine subscriptions and keep in contact with your college alumni club. You will want to notify any professional organizations and groups you belong to as well as all of your creditors including your car finance company and credit card companies. The next time you pay a bill, include your change of address information along with your payment.Another way to announce your change of address is to go online, pull up your individual accounts and change your personal contact information. In a few minutes you can update your street address and, if you know it, add your new phone number to your profile.

Have utilities and services stopped

Discontinuing service and closing down all of your utility and service accounts is something you must do if you do not want to be responsible for any bills after you have moved to your new home. Some people incorrectly believe that if they just stop paying their cable bill, their service will automatically be closed.

Cable, satellite, telephone, water and gas companies all require you to formally close your account to stop the accumulation of new charges. You should arrange for a specific date and time when you want to have each of your services stopped. Leave the electricity on until the movers load the truck and you are ready to vacate the premises.

Choose a good moving company

You should not try to save a few hundred dollars by hiring two guys with a truck to transport your household across the county line or across the country. Stick with a well-established moving company that has an excellent reputation in the industry. Be sure to check with the Better Business Bureau and the Federal Motor Carrier safety Administration to verify the carrier’s record.

Lighten the load

Do a quick review of all of the contents in your current home and put aside items that you really do not need or want to haul to your new San Diego home. Old furniture, the lawn mower and years of accumulated junk should be disposed of before the moving truck arrives. You can have a garage sale or donate items to Goodwill or some other charitable organization. By lightening the load, you will lower the cost of moving and also avoid filling your new place with clutter.

Gather all of your packing supplies

It is a good idea to have all of the packing supplies ready to go when you start getting your possessions ready to be shipped. You can buy boxes, bubble wrap and sealing tape in your local office supply store. If you want to save money, you can gather boxes from liquor and grocery stores and save old newspapers to wrap your dishes and other fragile items.

Smart packing

Knowing how to pack will assure that your items arrive in good condition. Try to pack heavy items, like books, in small boxes so they will not be too heavy to lift.

Label your boxes 

You should color-code all of your boxes according to which room they need to be placed. Use different colors of markers or use color labels to differentiate the boxes. When the movers arrive, put up a colored sticker next to each room so the movers will know where to unload each box.

Have everything ready to go

Disassemble your bed frame, take down the chandelier and remove the curtains before the moving truck arrives. Most movers will not disconnect ceiling fans or unscrew curtain rods from your wall without charging you extra.

Some items should travel with you

It is common sense and a good practice to carry a bag or two with your medications, important documents and high-value possessions. Take your jewelry, rare coin collection and all of your small electronics with you.

2013SanDiegoMake sure your new home is move-in ready

Get to your new San Diego house a day or two in advance of the moving company. You can get a feel for your new home and plan where you want all of your furniture to go. If you want to make some changes like painting a wall or installing new carpeting, it is much easier to do before the house is full of furniture.

Before long, you will know how to get around San Diego like a native. Your days will be filled with sunshine and you can spend your nights enjoying the fine restaurants, shops and attractions that make San Diego such a special place to live.

Article Copyright ©2013 – All Rights Reserved Patrick Belhon (patricksellshomes@gmail(dot)com)
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May 21, 2013 / patrickbelhon

Real Estate Rising in San Diego Area for 2013

Hot is not the right word to describe the condition of the San Diego real estate market in 2013. Home sales have been warming up for more than a year and now they are starting to boil. If the current trend continues, pretty soon, home prices in the San Diego area are going to be on fire.
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Home buyers can feel the heat and pressure to make a strong offer when they see a house they want to own. It is not unusual these days to see a house in Coronado or Carlsbad, that just came on the market, get five or ten offers at or above the asking price. Something has been making home prices sizzle in this beautiful part of Southern California and it is more than just the sun.

Supply is tight and demand is high

The San Diego Association of Realtors has analyzed recent home sales and found that the average number of days that a home is listed before it sells is right around 60 days. Such a low number is a very good sign of a healthy and vibrant real estate market. Only 60 days is a far cry from the not too distant past when houses would stay on the market for six months or even longer before they finally sold. What that also means is that housing inventory is low. By some estimates, the number of houses on the market would have to quadruple to slow the demand and the rapidly rising prices of homes for sale in San Diego.

Median home sales hit $400,000

According to DataQuick, a firm that tracks real estate trends and home prices in the area, San Diego County median home sale prices touched $400,000 in April 2013, a level that has not been seen since April of 2008. That represents a 21 percent rise over the price of homes sold back one year ago in April of 2012. While still well below the $517,500 record set back in November, 2005, just before the infamous national housing bubble burst, it marks the eighth consecutive month of at least 10 percent year-over-year
home price increases in the San Diego area.

La Jolla

If you take a look at the MLS sales data in the affluent La Jolla community, you can get a good idea of the San Diego area housing market. For the YTD period ending April 15, 2013, there have been 183 home sales with 100 of them under $1 million, 66 of them in the $1-$2 million range, 14 in the $2-$4 million range and three that sold for more than $5 million.

Right now, there are 217 active homes on the market. Year-over-year the housing inventory supply in La Jolla has dropped from a seven month supply down to just a four month supply. Similar statistics exist in other upscale communities as well as in many other towns and neighborhoods across the County.

Latest numbers for San Diego home sales

According to Trulia, for the week ending May 8, 2013 the average listing price of homes for sale in the San Diego area was $671,239. The average price per square foot was up to $302, up 17.1 percent when compared to last year’s figures. The median home sales price shot up $82,000 a 25.9 percent increase over the same one year period in 2012. The overall number of homes sold also was up by 2.5 percent from 2012 numbers.

What is making the San Diego real estate market sizzle?

Enthusiasm and optimism about the economy and prospects for the future are driving many people to either shop for their first home or sell their current home and move into a bigger and more expensive new home. Anecdotal stories include one man who went so far as to send a picture of his family to the home seller along with a letter telling him why they wanted the house so much. It is unsure whether he got the house or if it went to the highest bidder.

Foreclosures and short sales are working their way through the system and those “really great deals” are far and few between. The tightening of supply and the increase in demand is driving home prices up. New construction and the number of building permits being pulled are a good indicator that the trend for a strong San Diego housing market should continue for the foreseeable future.

The relatively low supply of housing inventory in the San Diego area can be attributed in good part to the number of investors who came into the market and bought up houses by the handful when the prices were 30-50 percent their current levels. Some of those savvy investors were hedge fund managers who saw the opportunity a few years ago and invested hundreds of millions of dollars in homes that are now equity-rich and can be sold or rented for excellent returns.

Interest rates and the availability of mortgages are always an important component in any type of real estate market. With the Federal Reserve keeping the interest rates they charge to banks at less than one percent, mortgage lenders can afford to loan money out at less than four percent to borrowers with good credit.

While a $500,000 home may seem incredibly expensive to own, with twenty percent down on a 30 year mortgage at 3.5 percent, your principal and interest would be just under $1,800 per month. You would be hard pressed to be able to rent a home worth $500,000 for less than $3,000 per month. Low mortgage rates in a rising real estate market encourage people to switch from renting to owning homes.

2013SanDiegoSellers are in a very strong position as the demand for homes continues to rise. More families will be looking for homes in the summer months before the new school year begins. Now is still a good time to buy a home because you can get a low-interest mortgage on a home that is likely to appreciate in value in the next few years. At some point, the housing market will level off, but for now, the San Diego area is still hot.

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Article Copyright ©2013 – All Rights Reserved Patrick Belhon (patricksellshomes@gmail(dot)com)

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May 20, 2013 / patrickbelhon

New Excitement in the La Jolla Housing Market

When the housing market crashed several years ago, the most vibrant areas showed the most dramatic effects. Major cities in California and Florida, which had once been real estate gold, saw home prices plummet as the market became flooded with foreclosures that no one could afford to buy. It has taken years, but recovery seems to finally be in sight for home prices, especially in La Jolla, California.
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La Jolla is located just outside of San Diego, offering residents a picturesque beach lifestyle. The hilly community has seven miles of coastline and is currently home to over 42,000 people. With this idyllic location, it is no wonder that La Jolla’s real estate market was once among the most vibrant in the country. After the housing bubble burst, sales slowed dramatically and home values dropped in the area. Recent reports, however, suggest that the sun is coming out again in this beachside oasis.Thanks to fewer foreclosures, home prices have steadily been rising in La Jolla, which has created a healthier real estate market for buyers and sellers alike. Sellers are able to make more money on their homes, which has made more people willing to try putting their homes on the market. This influx of quality listings has given buyers more options, and with reasonable interest rates, buyers are increasingly showing a willingness to try investing in thehousing market in 2013.This shift has made 2013 the best year for the housing market since the bubble burst. According to the California Association of Realtors, homes have been moving much faster this year. In March, homes on the market only took 26.6 days to sell. A year ago, the median time homes were on the market was double that. This good news for La Jolla is representative of a statewide trend. Across California, homes were on the market for 29.4 days, which is a dramatic drop from 52.2 days just last year.

This increased turnaround for sellers has also helped boost home values. The average home price in 2013 is well above last year since there is more competition among buyers. This is mostly due to that fact that while homes sell faster, there are fewer on the market to consider. It is a question of supply and demand, and the numbers suggest that the local housing market is starting to shift competitively toward sellers. Last year, the local market had a 5.1 month supply. In 2013, the inventory is down to 3.3 months.

One of the main reasons for this exciting shift is confidence. When the housing market fell apart, most people lost faith in the market and stopped investing. Now that there are sure signs of recovery, more people are willing to startinvesting again. This shift reflects a growing confidence in the local real estate market. For example, right now 77 percent of consumers believe that the real estate market is on an upswing, which is a seven point increase from a year ago.

More than that, surveys suggest that the idea of home ownership continues to be an aspiration for most American families across the nation. Up to 96 percent of Americans believe that owning a home is important. This inherent belief in home ownership is driving people back to the market, and 87 percent of Americans feel like now is the right time to buy. Since most buyers can get low interest rates and a reasonable home price, 2013 does seem like the ideal year to start investing again.

While this confidence is taking root across the country, there are few markets as enticing as La Jolla. While the local market is welcoming to people from all backgrounds, some high profile buyers have been known to call this city home. Historically, actor Gregory Peck lived here, being one of the most famous residents.

More recent famed residents include Mitt Romney. Romney purchased a Spanish-style home over four years ago for $12 million. While his presidential bid failed to be successful, he has every reason to enjoy his local home thanks to its unobstructed ocean views and amenities. The Republican hopeful has developed plans to renovate the home, causing waves amongst his neighbors. There may be room to disagree on what makes for a good renovation, but Romney’s desire to invest in the market is a positive note of confidence in a housing market that was once badly depressed.

While there is no word on whether or not Romney will go through with his plans, his real estate is not the only one attracting attention. In fact, the city may also be able to claim that it is home to Iron Man. Although the movie is fictional, the home featured in some of the most dramatic scenes in the recent movie seems to be inspired by the real life Razor Residence. The Razor Residence, which is located on the hills overlooking the ocean, was designed by local architect Wallace Cunningham. The impressive structure was made to fit seamlessly into the mountainside and has over 11,000 square feet of luxury. The home features massive glass windows, showcasing the view of Torrey Pines State Reserve. Built in 2007, the home has four bedrooms and six baths and features unique amenities such as a glass elevator, a rooftop fitness room and multiple infinity pools.

2013LaJollaThe average buyer may not be able to afford the Razor Residence, but with growing activity in the market, there is every reason for buyers and sellers of all backgrounds to be hopeful about the future. The numbers suggest that every seller can expect a better home price, and buyers can take advantage of low interest rates. From Iron Man to Mitt Romney to the average person, buyers have plenty of reasons to shop locally, and there is no time like the present to give home ownership a try. For first time home buyers or reluctant repeat customers, 2013 looks to be the best year yet for investing in the La Jolla market.

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Article Copyright ©2013 – All Rights Reserved Patrick Belhon (patricksellshomes@gmail(dot)com)
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April 12, 2013 / patrickbelhon

9 Tips to Sell Your House Today | Patrick Belhon

Although the real estate market is showing signs of growth again, many sellers still face an uphill battle. There are still more sellers than buyers, which means that sellers have to work extra hard to make their home stand out. In order to make a home more appealing to buyers, there are a few simple things that can be done.
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1. Finish projects. Every homeowner has a list of things that need to get done around the house. Maybe there is a ding in the wall that needs to be touched up. Perhaps there is a light switch plate that needs to be replaced. These small projects are often easy to live with on a daily basis, which is why so many homeowners let them slide for months or even years. While none of these fixes actually impede the home’s value, they can be a huge deterrent to buyers who are looking for a move-in ready purchase. Taking a few days to finish these types of projects will be well worth it.

2. Downsize. Most people live with a lot of stuff. Attics are full, and shelves are overflowing. While this is fine for daily life, having too much stuff can be a detractor for buyers. The problem is that an abundance of furniture or decorations can make a room seem smaller. To make a house seem larger and more comfortable, it is a good idea to minimize the amount of things that are out. This includes removing furniture, plants, books and more. These items should be placed in storage while the house is on the market, leaving just the essential pieces to maximize the home’s appeal.

3. Neutralize. Most people like to decorate in a way that reflects their personality. While this is wonderful to help make a house a home, it is not as useful when selling the home. After all, those personal touches define the space. When buyers are looking for a home, they want a place they can see themselves. If the seller’s belongings are too personalized, it is harder for the buyer to envision him or herself in the home. Therefore, it is a good idea to minimize the amount of personal items in the home while selling. Pack away family photos and avoid displaying niche memorabilia as much as possible.

4. Curb appeal. While fixing up the inside of a house is definitely important, it is important to never neglect the exterior. The first thing a buyer sees when looking at a house is the front yard. This first impression is often critical in forming the buyer’s overall opinion about the home. Therefore, spend some time to make the most of the yard and exterior. Clean up the brush or trim the trees. It may be helpful to do some minimal landscaping, adding flowers, pulling weeds and mowing the lawn.

5. Move out. Most people do not think about moving until after their home is sold. However, living in a home while selling it can be a very difficult task. After all, daily living is messy, and it can be hard to keep the house in tiptop shape for whenever a buyer might come by. Moving out for at least a period of time may be a smart way to keep the house on standby for buyers, ensuring that it is always in perfect condition when someone stops by to look. If moving out entirely is not practical, at least try to find alternative accommodations for any pets in the home and be sure to always be out of the home when the house is being shown.

6. Targeted renovations. Most large scale renovations are not a good investment when selling a home. However, there are a few smart upgrades that can add real value to the home if done properly and on a tight budget. The best places to look at doing upgrades are in the kitchen or bathroom. In these areas, think about the least invasive measures that will make the most dramatic impact. Sometimes it is as easy as replacing the hardware on the cabinets or adding a colorful backsplash. The trick is to keep it simple and to never spend too much money since there is no guarantee of a return on the investment.

7. Clean. This may seem obvious, but it still bears saying. Always clean the house thoroughly before putting it on the market. It is important to vacuum carpets and mop hard floors. Counters should be wiped and sanitized, and cabinets should be polished. Spend the time getting rid of the stains in the TV room, and bleach away the lingering soap scum in the shower. Wash the walls, polish the windows and make sure every inch of the home sparkles. This not only looks better, but it smells better too.

8. Paint. Paint has been shown to be one of the best fixes for homeowners when they are trying to sell quickly. Paint is a smart choice for walls that are faded or dingy. Paint is also a good choice for walls that are too ostentatious. While bold paint choices can be fun for homeowners, they can be a turn off to buyers who may not share the same sense of style. Even walls that are already in neutral hues can benefit from a simple paint upgrade since fresh paint looks more inviting. Be sure to choose a simple color scheme with a focus on warm and airy neutrals to maximize the impact.

2013Tips-Sell-Home9. Hire a professional. The best way to prepare a house for the market is to get a professional opinion. A good real estate agent will have ample experience with buyers and selling, which means the agent should know what changes need to be made in order to make the house ready to sell. With a little professional guidance, it is easier to pick and choose the right projects and develop an approach to make the house as appealing as possible to buyers.

Article Copyright ©2013 – All Rights Reserved Patrick Belhon (patricksellshomes@gmail(dot)com)
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April 11, 2013 / patrickbelhon

2013 Real Estate Market in San Diego: Everything You Need to Know

RealEstate-Market-2013If you had to pick just one place to live in the entire world, a 9,000 square foot oceanfront mansion in La Jolla would not be a bad choice. Currently listed at $19,950,000, there is such a house just waiting for the right buyer. If you can put down about two million and not blink when you have to pay a monthly mortgage of $100,000, not including taxes and insurance, this might be the right house for you.

Yes, some of the world’s richest people live in San Diego, but so do millions of others who go to work every day just to be able to pay their bills. Real estate in San Diego runs the gamut from small homes selling for less than $100,000 to prime properties that run into the millions. No matter how much you can afford to spend, there are some things you should know about the current and future real estate market in beautiful San Diego, California.

Recovery in median home prices

San Diego median home prices hit their lows of approximately $285,000 in early 2009. The economy bottomed out in March of 2009 and as it started to recover, so too did the San Diego real estate market. According to Data Quick, the median home price in San Diego County for February 2013 was $359,000. While the $74,000 increase is excellent, median home prices are still close to 30 percent below their November, 2005 all-time highs of $517,500.

Positive trend is continuing

Recently released data by Trulia, for the first quarter of 2013, showed that the median price of homes sold in San Diego was $379,057, an increase of 26.4 percent over the first quarter of 2012. The average listing price for the week ending April 3, 2013 was $656,901, a $10,194 gain and an increase of 1.6 percent over the previous week.

Distressed property sales are down

San Diego realtors are still dealing with a very large number of distressed properties. Distressed properties are properties that are in foreclosure or in danger of going into foreclosure. Approximately 42 percent of homes that were sold in the month of December, 2012 were either foreclosures or short-sales. While normal levels for distressed property are usually less than 10 percent in a healthy market, the 42 percent figure is much improved over the 71.4 percent of homes sold in January 2009 at depressed prices.

One reason that the distressed property sales are continuing to decline is that there is more cooperation and incentive for banks to agree to terms on short sales. Banks find it more cost effective to permit the sale of homes for prices below the mortgage balance so they can get those properties off the book and comply with government mandates that were set in place to deal with the foreclosure problem.

Another indicator that things are looking better is the reduction in the number of Notices of Default. Before a bank can foreclose on a home, they must send the mortgage holder a notice informing them of their intent. Notices fell from 1,773 in March of 2012 to 669 in March of 2013, a 62.3 percent decrease.

Is it a good time to buy?

Even though prices have been going up steadily, it is still a good time to buy a house in San Diego. Mortgage rates are still near their historical lows and buyers can get some great deals by focusing on bank owned properties or short sales.

Qualifying for a mortgage is not as easy as it was five years ago. You can still take advantage of the favorable terms of a VA loan if you served in the armed forces. As long as you have good credit and a down payment, you can find a lender who will issue you a 30 year mortgage for around 4 percent. Even if your credit is not so good, you can get a loan at a little higher interest rate.

Renting a home will cost you as much or more as paying a mortgage. In a rising real estate market, you can build equity quickly. You should not make the mistake so many home buyers did back in 2005 and 2006, by buying more home than their income could justify. Buy something in your price range, put down twenty percent, and you should be just fine.

How about sellers?

While it is a good time to be a buyer, it is an even better time to be a seller. When homes were selling at less than half their original price, many astute investors, hedge fund managers and real estate groups, saw real opportunity. They purchased large blocks of homes, fixed them up a little, and then rented them out as income property.

Today, those homes have appreciated substantially and many of those investors want to cash in now. It is a sellers market as demand for houses in San Diego is high and supply is limited. It is a great time to be a seller.

According to the San Diego Association of Realtors, homes are selling faster in the first three months of 2013 compared to the first three months in 2012. A little over 5,000 detached homes were sold in the first quarter of 2013 and the first quarter of 2012. The average days on the market in 2013 was 68, compared to 92 in the first quarter of 2012. That indicates higher demand which leads to higher selling prices.

Looking forward

Homebuilders are building more homes in San Diego. The job picture is getting brighter every day. People love the weather, beach and everything else the city has to offer and want to live in San Diego.

San Diego has excellent schools and is a great place for families with young children. The business climate is robust for those in their working years. Seniors can spend their retirement years relaxing in their homes.

2013SanDiegoAlmost every real estate expert believes that the San Diego housing market will continue to do well throughout the year. Unless Ben Bernanke and the Federal Reserve decide to stop their quantitative easing policy and allow interest rates to go up, mortgage rates will remain low and more people will be able to afford to buy a home.

The truth is that San Diego is one of the best places to live in America and the real estate market is hot now and likely to stay hot for some time to come.

 

Article Copyright ©2013 – All Rights Reserved Patrick Belhon (patricksellshomes@gmail(dot)com)

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