San Diego Condos, Homes and Real Estate News

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Posted on November 25, 2009 13:02:03 by Gregg Neuman

Posted in Marina, Marina Renaissance, Downtown Directory, Downtown Real Estate, Search for Homes

Existing-Home Sales Increase for First-Time Downtown San Diego Home Buyers

With the help of the first-time buyer's tax credit, existing-home sales bounced back strongly in September. According to the National Association of Realtors, this marks five gains in the past six months.

Existing home sales consist of single-family, townhomes, condominiums and co-ops, which can be found in the Downtown San Diego Real Estate market.

These increased 9.4% to a seasonally adjusted annual rate of 5.57 million units in the month of September from 5.10 million in August. This means sales activity is at its highest point in over two years.

NAR chief economist Lawrence Yun states hope in the extension and expansion of the tax credit to continue the rising sales momentum and finally reach a point of self-sustaining recovery. This also means hope for the rise in sales of Downtown San Diego Condos.

At the end of September, total housing inventory fell 7.5% to 3.63 million existing homes available for sale. Currently, the housing supply is the lowest it has been in two and a half years.

If things continue at this rate, home prices including Downtown San Diego Condos could return to normal by next year.

Existing-home sales increased throughout the entire country in the month of September as follows: in the West, they increased 13.0% to an annual rate of 1.30 million and are 5.7% above a year ago.

In the South, they rose 9.0% to an annual level of 2.06 million and are 10.8% higher than September 2008.

In the Midwest, these sales jumped 9.6% to a pace of 1.25 million and are 7.8% above a year ago. And in the Northeast, existing-home sales increased 4.4% to an annual level of 950,000 in September, and are 11.8% higher than September 2008.

For further information on any Downtown San Diego Condos contact:

Gregg Neuman

1-800-221-2210

http://www.sandiegodowntown.com/00A3A1

Posted on November 14, 2009 20:56:20 by Gregg Neuman

Posted in Treo, Downtown Directory, Downtown Real Estate, Home Trends, Buyer Guide, Search for Homes

Buyers Can Benefit From Foreclosures in the Downtown San Diego Real Estate Market

Another wave of foreclosures is on its way in 2010, according to recent updates from the U.S. Treasury Department. The recent foreclosure crisis has been devastating the country for over a year now, and it appears it will continue to do so for about another year.

Foreclosed or bank owned properties have become a large part of today's market, accounting to about 65% of sales in some parts of the country.

These types of sales have also been seen in the Downtown San Diego Real Estate Market.

There is a positive outlook on this typically unpleasant experience, which benefits the Downtown San Diego Home Buyer.

The reason is that these types of homes usually mean a bargain price and the Downtown San Diego Real Estate market is no exception.

It is now very common to see real estate agents targeting foreclosures to show prospective buyers and they do so by positioning themselves online under foreclosures using key techniques.

These key techniques include adding the terms "foreclosures" and "bank owned properties" to the homepage, and adding pages and tabs with explanations on such terms so they are now much easier to find.

Agents, including Downtown San Diego Realtors also assemble a list of these properties in their market area and have them available to people who contact them.

If you are looking to find a bargain price on a Downtown San Diego Home, now is the time to do so.

For further information on any Downtown San Diego Condos contact:

Gregg Neuman

1-800-221-2210

http://www.sandiegodowntown.com/00A39C

Posted on November 11, 2009 14:56:30 by Gregg Neuman

Posted in Horizons, Downtown Directory, Downtown Real Estate, Home Trends, Buyer Guide, Search for Homes

Obama Signs Tax Credit Extension for Downtown San Diego Home Buyers

President Barack Obama has authorized the extension of the first-time homebuyer tax credit from the current deadline to April 30, 2010.

The $8,000 first-time homebuyers tax credit was set to expire on November 30, but will now be extended into the spring. Eligible first-time Downtown San Diego Home Buyers include those defined by law as a buyer who has not owned a principal residence during the three-year period prior to the purchase.

The program also expands to benefit current homeowners, including those who own Downtown San Diego Condos allowing them to collect $6,500 if they have lived in their existing homes for at least five years and are looking to buy a new one.

To qualify for the credit, the home must have been purchased after Nov. 6, 2009, and before May 1, 2010. However, a purchases agreement signed by April 30, 2010, will qualify if it closes by July 1, 2010.

Any Downtown San Diego Condo meets the requirements, provided they are purchased for a price less than or equal to $800,000 and are used as the principal residence.

There are certain income limits for those claiming the tax credit on a Downtown San Diego Real Estate Home. For single taxpayers the income limit is $125,000 and for married tax payers filing a joint return the income limit is $225,000.

Taxpayers who exceed an income of $145,000 as singles and $245,000 as married do not qualify for the tax credit and those who are in between these amounts will receive partial credit.

The tax credit is refundable. Meaning that if the tax credit amount you qualify for is larger than the amount of income taxes you owe, the government will send you a check for the difference.

For further information on any Downtown San Diego Condos contact:

Gregg Neuman

1-800-221-2210

http://www.sandiegodowntown.com/00A39B

Posted on November 09, 2009 16:38:20 by Gregg Neuman

Posted in Downtown Real Estate, Seller Guide, Home Trends, Buyer Guide, Search for Homes

Senate Reaches Compromise to Modify Tax Credit for Downtown San Diego Home Buyers

The senate has reached a compromise on plans to extend and expand the current $8,000 first-time homebuyers tax credit.

The tax credit, benefiting Downtown San Diego Home Buyers is scheduled to expire at the end of November 2009. The compromise extends this date to April 30, at which time sales agreements must be signed and are given until June 30 to close.

The compromise expands to include many buyers who already own homes, including Downtown San Diego Homes. The modified plan will offer a new credit of up to $6,500 for homebuyers who have been residing at their existing residence for a consecutive five-year period in the past eight years.

The plan also expands to include a higher income limit, couples earning as much as $225,000 and individuals earning as much as $125,000 would qualify for the extended break.

That's up from the current $150,000 and $75,000 and creates an incentive to purchase Downtown San Diego Condos.

Representatives of both the Department of Treasury and the Department of Housing and Urban Development (HUD) are in full support of the senate's proposal.

Meanwhile, economic advisers state a rise in the existing-home purchases by 9.2% year over year in September, giving merit to the first-time homebuyers tax credit.

The additions to the tax credit are intended to expand availability of the credit beyond first-time buyers and to prevent home sales from slipping as the economy struggles to recover.

Although lawmakers have reached a compromise, details are still uncertain about how it will be proposed on the senate floor.

For further information on any Downtown San Diego Condos contact:

Gregg Neuman

1-800-221-2210