I hope all is going well for you as we move into summer. We are keeping busy here at Coldwell Banker, including lots of miles on the odometer, as we have been working a little bit all over the county as of late. Working in different parts of the county as well as within all kinds of price points, it is interesting to see how hot some markets are and how slow moving others remain. While some days I think how nice it would be the just work with buyers and sellers in my back yard, working in a variety of areas has helped John and I stay sharp with the different markets and have a better overall understanding of how the real estate market in San Diego is shaping up.

Below is a summary of some of the things that Team Antinone has been seeing day-in and day-out in the ever changing San Diego real estate market as well as a couple of items that while aren?t necessarily new, are a good reminder of some of the current benefits out there for home buyers and sellers. If you have any questions about any of this information or on real estate in general, please feel free to drop me a line anytime. Its always good to hear from you!

San Diego Home Prices All Over the Map
If you read the local newspaper headlines, you will see that the median price of a home in San Diego County is up over 9% for sales in January 2010 versus January 2009. While this statement is true, the reality right now is that some neighborhoods are still declining in value, some have stabilized and others have been on the rise for quite some time now. Home values are truly all over the map right now and much of it depends on variables such as price range, zip code, type of property, age of the community, and more.

Because of these fluctuations, the best and most accurate way to estimate a property value is to search for the most recent property sales in the same neighborhood or community. Once you have a list of active & recently sold comparable homes within a tight radius of your property, you can then begin to compare your property with the others within this subset. Items such as property condition, view, curb appeal, etc. are all valuable things to consider, but in these days you should also consider how long a comparable property was on market and if it was a traditional equity sale or a distressed sale such as a short sale or foreclosure.

If you are interested in seeing how your property is stacking up or if you are looking at whether now is the time to get moving or hold off on a particular community, John and I have a great deal of experience in running Comparable Market Analysis Reports and would be happy to assist you.

Mortgage Update
Mortgage rates have been remarkably low and stable this year, floating between just under 5% to 5? for most conforming 30 yr fixed loans. These low rates likely won?t be around much longer and have been a driving force for buyers. FHA loans continue to be very popular for purchases, as buyers can borrow up to $697,500 in San Diego County with as little as 3.5% down, but we are also seeing a lot of cash buyers as well as conventional buyers with 20%+ down. Here's a look at the state of mortgage rates from Bankrate.com's weekly national survey conducted February 10^th.

Mortgage rates didn?t budge this week. The average 30-year fixed-rate mortgage stood at 5.15 percent for the second straight week, and third week in the past four. Meanwhile, this week's average 15-year fixed-rate -- a popular option for refinancing -- dropped 3 basis points, to 4.52 percent. The average jumbo 30-year fixed fell 5 basis points, to 5.95 percent, while the popular 5/1 ARM remained unchanged at 4.56 percent.

The Federal Reserve continues to be a large factor for this rate stability, as it has been buying most of the mortgage-backed securities that have been issued in the last year. However, the Fed plans to stop buying mortgage-backed securities by the end of March. Eventually, when the economy is doing better, the Fed will have to start raising interest rates. Sometime after that, it most likely will have to sell those mortgage-backed securities. This is why it is hard to believe that rates will stay as low as they are now and have nowhere to go but up.

First Time Home Buyer Credit & Repeat Buyer Credit Extended
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers and up to $6,500 for qualified repeat buyers purchasing a principal residence. This is not a tax deduction, but a true tax credit of $8,000 or $6,500. The tax credit has been extended, so you have until April 30, 2010 to be under contract and the home purchase must be completed by June 30, 2010. Taxpayers have the option of claiming the credit on either their 2009 or 2010 return.