jane loveday

Don't know about you, but the housing market is humming along briskly right now in my neck of the woods. mostly first-time homebuyers who have diligently saved their money and people who are already successful, further on in life and realising this is it - THE time to buy.

Only today I had a buyer who was qualifying for a mortgage at 4.85% - that's a 20 year LOW - amazing, and yes he bought the point down which he was refinancing back into the loan but even so, with every $100,000 borrowed that's just $530 per month - although that can adjust with PMI and other costs such as HOA dues but even still - a complet bargain!

We are seeing the bottom here in San Diego, yes the prices may go a little lower, but our average home price is back at the 2002 rate, and it really is not going to go much lower.

First Time Homebuyers unite - this is your time, your interest rate, your market and absolutely the prime time to buy!

We are all here to help, are you ready?

Yessir, locally here in San Diego we have our eclectic community of Ocean Beach, and within that community is one of the best places to eat - O'Bistro - located on Voltaire between Cable and Bacon. It is a casual place, dogs are welcome as they are in most places in Ocean Beach, and the patio during rain storms is one of the coziest places to sit, eat, enjoy a full bar menu and listen to the rain falling.

Their menu is simple yet unique - try and Afternoon Delight sandwich, their Seared Ahi Wrap or simply indulge in their magnificent Lobster Bisque.

Can you tell I'm a fan - and I totally recommend to anyone wanting a fun, funky yet amazingly cool dining experience!

http://obistrocafe.com/

Thanks,

Jane

The best analogy I can give to buyers and sellers is our recent episode where gas pricing rose daily, going through the roof, literally, and pricing out at over $4.50 a gallon, only to see these prices rapidly decline just as fast down to what we would have considered NORMAL before they began to rise, in fact they dropped lower than before the increases began.

So what's that to do with the housing economy - it's exactly the same in a nutshell - yes, we know gas prices will rise in the future, slowly, but it's a given and we also know home prices will rise again, slowly too.

Good to pass along to buyers and sellers, it's a good perspective I think!

Hi Everyone,

This is my very first blog! Here in San Diego we are suffering a DROP (!) in home prices, especially from 2 - 4 years ago. As a result the San Diego County Tax Assessor's office is accepting applications for a re-assessment on property taxes for homeowners who believe their home value has fallen below the assessed amount.

The following is from the Assessor's Department:

County Assessor, Gregory J. Smith, wishes to notify property owners that tax relief is available if their property's market value has fallen below its assessed value. Your property's assessed value is shown in the upper right hand corner of your current tax bill. For all practical purposes, this only affects those property owners who purchased their property at the height of the current real estate market.

Under State law, (Proposition 8) a temporary reduction in assessed value can be made when the market value falls below the assessed value. Once reduced, the Assessor's Office must then annually review the value of the property. When the property values increase, the assessed value will also be increased but no higher than the original assessed value (plus the annual CPI increase, not to exceed 2%, as required by Proposition 13).

Property owners who believe their property's market value has fallen below its assessed value should file an Application for Review of Assessment with the Assessor's Office as soon as possible but no later than May 30, 2008. They should provide their opinion of value and supporting documentation, such as comparable sales, current listings, or a recent appraisal. For apartments or other income-producing property, income and expense information should also be provided. This application is available on the Assessor's Web site at www.sdarcc.com, in all the Assessor's branch offices, or by phoning the Assessor's Office at (858) 505-6262. When complete, please return the application to Gregory J. Smith, County Assessor, 1600 Pacific Highway, Room 103, San Diego, CA 92101.

Property owners who apply for this temporary reduction will be notified in early July of the results of their request. If they still disagree with the value, a formal assessment appeal process is available. This application must be filed with the Clerk of the Assessment Appeals Board between July 2 and November 30.

Mr. Smith also wishes to alert the public that numerous private businesses and individuals are currently mailing solicitations to property owners offering their assistance in this process for a fee. While property owners are certainly at liberty to use these private companies, they can apply for this reduction themselves at absolutely no cost by simply filing the application with the Assessor's Office by May 30.

Visit http://arcc.co.san-diego.ca.us/docs/calrev.pdf for the application form.

I hope this is of use to you all, and thanks!

Jane