Archive for the ‘The San Diego Real Estate News’ Category
Rancho Santa Fe Beauty for Rent – Summer Rental
April 21st, 2010 | 
Author: Lovely Rancho Santa Fe Estate
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Shannon Biszantz
Coldwell Banker Residential Brokerage
(619) 417-4655 shannon@shannonbiszantz.com http://www.ShannonBiszantz.com
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This substantiates my opinion about the appraisal dilemma our country is facing right now.
many home sales — has been taken up by industry trade groups.
The National Association of Realtors and the National Association of Home Builders have both identified issues surrounding appraisals as a factor putting a damper on sales of new and existing homes in May — the first month new rules governing appraisals conducted on loans slated for purchase by Fannie Mae and Freddie Mac took effect.
NAR has asked the regulator that oversees Fannie and Freddie to suspend the rules for 18 months, saying they may not be working as intended.
Although existing-home sales picked up slightly in May — posting the first back-to-back monthly increases since the fall of 2005 — the 2.4 percent increase was less than would have been expected from a previous rise in pending sales, NAR says.
Many contracts fell through in May because of “faulty valuations” that kept buyers from getting a loan, NAR Chief Economist Lawrence Yun said when the group released the latest numbers on sales of existing homes.
Stories of appraisal problems “have been snowballing from across the country,” he said. Some lenders may be using appraisers who are unfamiliar with a neighborhood, or who compare traditional homes with distressed and discounted sales, Yun said.
Sales of new homes were virtually flat in May, and one of the factors limiting sales was the use of foreclosures and short sales as “comps” and the affect on appraisals of nearby homes, NAHB said.
NAHB is calling for new guidelines for appraisals of properties in areas with large numbers of distressed properties, that would include giving appraisers the option of expanding the geographic area or time frame for eligible sales to get a more representative take on home sales in the area.
Because appraisers can’t inspect the interiors of many properties that are used as comps, they may not be aware of maintenance issues or damage that are common with foreclosed properties, NAHB said. The failure to adjust comparable values of foreclosed and distressed homes often results in the undervaluation of new homes, the group maintains.
In a June 22 letter to the federal regulator that oversees Fannie Mae and Freddie Mac, NAR placed much of the blame for problematic appraisals on the Home Valuation Code of Conduct — new rules governing appraisals conducted on loans slated for purchase by Fannie and Freddie that went into effect May 1.
A Year in Review of Whispering Palms Home Values
State of the Economy in Whispering Palms
Single family homes:
In 2007 6 detached homes were sold in Whispering Palms. The average asking price per square foot was $476 bringing the average asking price $1,213,000. The average SOLD price per square foot was $423 bringing the average sold price to $1,120,000 leaving an average of 8.3% difference in asking price and sold price
In 2008 7 homes were sold in Whispering Palms. The average asking price per square foot was $405 asking sales price $1,109,000. The average sold price per square foot was $373 and average sold price was $1,017,000. This left us with an average of 9% between asking price and sold price.
Similar to 2007, in 2008 we had a 13% difference in asking price and sold price.
· Between 2007 and 2008 Whispering Palms only had an average of a 10% drop in price of sold homes!
According to the Union Tribune front page article dated January 17th the average sold price in San Diego County dropped 24%!
A few of the reasons I feel our home prices fared better than the rest of San Diego County is below:
· With new home building almost at a standstill resale housing has become and will continue to become in demand.
· Most new developments that surround us also come with Mello Roos tax, which we are very fortunate not to have.
· Our school district that is available to the Children of Whispering Palms residents continues to be one of the best in San Diego.
· The new facility at Morgan Run is attracting new families to live here and enjoy the benefits of the “family areas” of Morgan Run.
·The buyers that our local agents are representing here in Whispering Palms are choosing this area for these reasons as well as our sense of community here.
We also had a few very large sales, one on Via Valle Verde for $1,700,000, one on Via Dicha for $1,369,000 and Avenida Calma for $1,200,000.
Townhome and Condo sales in Whispering Palms did not fare as well. As each development is unique and in my opinion cannot be compared with other developments I have not included this information (the information would take up the whole newsletter).
I have a new tool on my website http://www.shannonbiszantz.com/ called Market Snapshot. You can put in your address and the following questions can instantaneously be answered:
·What is the supply of unsold homes in our neighborhood?
·How fast are homes selling right now?
·How do actual selling prices compare to listing prices in your selected area.
What is unique about Market Snapshot is that it shows you graphs and charts in “real time” for the specific area that you might be interested in. I invite you to log on, explore and enjoy following the local real estate market at no cost to you!
After watching the market for the last few years here in Morgan Run I urge to you consider the following points:
Hire a local realtor who knows this area and the current market prices. It does not benefit a seller to incorrectly price a home, thus missing buyers in the market and prolonging days on market. There are very good realtors in Morgan Run that know this area inside and out. This also benefits the seller because local Whispering Palms agents are also representing buyers who are looking to buy here. Most of us agents talk regularly and share information on what we are looking for, for our clients.
No matter who you choose, always select a realtor to represent you for your real-estate needs!
