Real Estate News May 2014

There is a lot of news out there in the real estate world, so let’s cover some important items you should know.

Property tax reassessment deadline extended in San Diego County: If you are trying to get your property taxes reassessed you are in luck. The county assessor has extended the deadline for filing reassessment paperwork to May 16. If you are interested you can apply by clicking here.

Price appreciation in San Diego County led nation in February: San Diego officially led the nation with the highest price appreciation in February. and fall behind only San Francisco and Las Vegas in annual appreciation. Prices of resale single family homes increased almost 20% from February of 2013 to February of 2014 here in San Diego. The reason for the increase? Increased demand for housing and low inventory levels. Most industry experts predict that prices will slow and we will see normal growth patterns in appreciation, circa 3-3.5% annually. Signs of slowing are already apparent.

Luxury home sales hit all time high in U.S.: Home valued at a million dollars and over are selling at two times their historical average right now, having risen 7.8% in March since the same time last year. Compare that to a 12% plunge during the same period for homes valued at $250,000 and below…or 2/3 of the homes that sold across the country. An improving economy and strong stock market are building confidence in wealthy home buyers, while at the same time putting homeownership out of reach for a large majority of Americans; tighter credit standards, escalating prices and slow wage growth effect the decision to buy for a large majority of would-be homeowners.

FHA makes it easier for some people to buy homes: Those who have a recent foreclosure, short sale or economic hardship may now be able to qualify for home loans sooner, according to the FHA. The newly created category “economic event” will now be acceptable to allow borrowers to obtain loans in as little as 12 months after the event. Economic event is defined as an uncontrollable event (such as job loss or pay cuts) that led to loss of employment or income for at least 6 months, creating a total household income decrease of at least 20%. Of course, there are requirements and documentation, and each case is individually evaluated. If you have more questions you can contact your mortgage professional for more information.