Buyers
Contact Barbara Cook to request information, to schedule a meeting or to discuss your real estate plans by phone. Submit this form including your specific request in the Comments section, send an EMail through this website, or call Barbara at (619) 252-1785. I offer a free informational meeting to home buyers who are considering selecting me as their REALTOR to buy a home or investment real estate. If you are thinking about buying a home through a REALTOR and are not currently working with another real estate agent, upon request I will Email you my 50 page Home Buyer's Packet (in PDF format) containing valuable information to prepare you for the home buying process and use when we work together to buy your next home or residential investment real estate. (This Home Buyer's Packet is not offered to other real estate agents.)
State of Real Estate Market in San Diego County - Summer 2008
- Much lower home prices for buyers than 3 years ago particularly in South San Diego County and other areas with the newest subdivisions. For example, according to The San Diego Union-Tribune, housing prices in Chula Vista have fallen on average 30% - 40% from the market peak in November 2005.
- Recent downward pressure on pricing from continued resets of Adjustable Rate Mortgage loans of subprime and prime borrowers resulting from more pre-foreclosure short sales and foreclosed homes on the market
- Extremely low interest rates
- A possible future temporary federal income tax credit of up to $8,000 for first time home buyers who buy within 12 months of passage (if Congress passes a final bill and the President does not veto it - shortly after the July 4th 2008 holiday). In this plan, the tax credit would be repaid by the home buyer to the government over 15 years.
- California Senate passed new legislation in July (expected to be signed by the Governor of California) for better warning system to homeowners whose homes might be in default, longer time for renters in foreclosed homes that might face eviction due to landlord foreclosure. The CA Senate may also consider legislation later to stop stated income loans and negative amortization loans.
- Loan limits temporarily raised from $417,000 to $697,500 for conventional (Jumbo-Conforming above $417,000) and FHA loans in San Diego County CA for better interest rates and ability to fund deals
- Fannie Mae lowers minimum down payment on conventional loans to 3% from 5% beginning June 1, 2008
- Banks anxious to sell REO inventory of foreclosed homes quickly have reduced list prices. With some exceptions, most homes are currently list priced close to expected sales prices because comparable values have declined. If home prices continue to fall or temporarily start to rise, then this may change.)
- Some banks are willing to negotiate reasonable bids on certain pre-foreclosure short sales where loan balance exceeds current home value (ultimate price is determined by appraisal by the lender-investor holding the seller's mortgage balance and by possible counteroffers through negotiation). Other banks still think homes are worth more than comps would indicate and are not approving short sales at list prices which are set by real estate agents prior to bank approval.
- Some banks may begin to negotiate with more homeowners on aggressive loan workout plans if they can switch to 30 year FHA fixed loan and maintain that payment but cannot afford current payment, removing some properties, but not many, from future for sale real estate inventory. This would also require the first loan holder to write down value to 85% of Fair Market Value with second lender cooperation to do so if a second loan holder exists. Homeowners might be able to stay in their homes but would have to share future appreciation with the government if they participate in this loan workout program.
- REALTORS in California now able to work with investors to buy owner occupied properties in Notice of Default stage with proper notifications to and statutorily-mandated cooling off time for owner-occupied seller according to California Association of REALTORS
- Temporary tax breaks on short sale loan forgiveness to some sellers giving them incentive to sell their pre-foreclosure short sale homes (with loan balances higher than current home market price) in 2008
San Diego County is now experiencing a market with substantially lower prices in several areas of San Diego County than at the peak of the real estate market in 2005, making a move to a larger home for less money possible. Chula Vista CA (and South San Diego County) is an area of San Diego County experiencing extreme pricing pressure (down about 25-30 percent or more from peak prices in many cases) due to foreclosure and NOD pre-foreclosure activity and more stringent lending standards. (However, recently multiple bids on some very low priced bank owned foreclosures are occurring in 1st and 2nd Qtr 2008 in Chula Vista and some other areas of the County). Other areas of San Diego County are also under pressure. Some areas of San Diego County continue to increase in price. Will the economic stimulus package of February 2008 with its temporarily higher conforming loan limits (for lower interest rate loans) vs. jumbo loan limits result in more competing bids or will prices continue to decline in some areas of San Diego County as a result of more foreclosures which continue to occur at peak levels? How will rising interest rates affect home prices, qualification to buy homes at a certain price level and ability to make higher payments, and buying patterns? Will it pay to be a contrarian and buy if and when the current situation of multiple offers on some real estate stops?
Many newer foreclosure properties with attractive upgrades are available in the area. There are also bank owned foreclosures that are obviously in visibly poor condition. If you are not interested in these, for exclusive client buyers ready, able and willing to buy, I would look at a limited number of homes that meet your criteria before our home hunting trips and save your time to focus on real possibilities. Foreclosures are often priced below market value to achieve a quick sale to remove them from the bank's REO foreclosure inventory.
Attractive first time homebuyers programs (for those who haven't owned a home in at least 3 years).
Also available are Freddie Mac, FNMA conventional loans and FHA loans which all have temporarily higher limits for the year 2008 only (unless later extended) and lower down payment requirements (beginning March 17, 2008) based on Federal government legislation. FHA loans require only a 3% down payment, which is lower than 5% or 10% down possibly required for owner-occupied houses in conventional financing.
The limits for conforming vs. jumbo loan rates have increased and become temporarily more attractive again as a result of the February 2008 passed economic stimulus package. Therefore, you may save money through lower interest rates on Fannie Mae, Freddie Mac conventional loans and FHA loans in 2008 only (but not VA loans which remain at $417,000) above $417,000 to a new ceiling of $697,500 in San Diego County. This may also help you sell your existing home or possibly refinance it you bought early enough or paid down enough cash for equity to exist in the house. You may be able to find more real estate available than in past years to match your dream home with more upgrades for the price.
Bank owned foreclosures and "short sales" (mortgage balance lower than home value) at lower prices are becoming more available and may be sold "as is" and with no warranties or disclosures of condition. (If you buy foreclosures, be sure that you do your due diligence on any taxes due or liens on the property. Title reports will be furnished to you within timelines before close of escrow to do your due diligence. ) And non-distressed properties being sold by motivated sellers with a good reason to sell may also be available at attractive prices compared to prior year levels if sellers are willing and able to sell them at today's lower prices.
For VA home purchases, many closing costs must be paid by the Seller, according to a list of items mandated to be paid by the Veterans Administration. Condos purchased through VA loans or FHA loans must have VA or FHA approval of the condo complex. I have access to a lender who lets me know currently approved FHA and VA condo complexes, as well as a preliminary list to help current clients.
Call Barbara at (619) 252-1785 to talk about buying your next home and selling any real estate you'd like to sell or send an Email through this website to contact Barbara.
How Barbara Cook would help you as your REALTOR
As a professional REALTOR, Barbara Cook shows both resale homes and new construction homes to buyers who would like to work with her as their REALTOR throughout the buying process--from a no-cost buyer needs assessment meeting through close of escrow and beyond. Barbara will help her clients access the foreclosure market, the expired listings market, the investment real estate market (non-foreclosure, some short sales and post-foreclosure) and the cooperating For Sale By Owner (FSBO) market too as your REALTOR.
Here's the process, as explained by Barbara Cook:- I offer a free consultation meeting (to those not currently committed to working with another real estate agent) to listen to what you are looking for in a home, find out if you have been pre-approved for a loan yet, answer your questions about area real estate, discuss negotiation mindset, framework and techniques for buyers and sellers to increase your success of buying a home (and also to use in your career and life). This intial consultation meeting will give you needed information and help you better define your search for the ideal home to buy, helping you save on time and gas mileage by not looking at homes that you would not eventually consider buying had you really focused on what will work for you at the price you intend to pay for a home. To insure the safety of your family and reduce my risk level, when I tour homes with you, you will drive your own vehicle and I will drive mine. At or after the meeting we can decide if we should work together as a team when you are ready to buy or sell real estate.
- I offer a free Home Buyer's packet by Email in PDF format if you are not a real estate agent or you are not currently working with one. You may choose to request this package early in the process so that you will know what to expect when you are ready to move ahead.
- You can access homes on this website anytime you like through the Home Search section. When we decide to work together, we will identify homes that are the best fit for you. I will also provide an ongoing custom search for you with Emailed listings that meet your specific criteria if you are not quite ready to buy.
- In addition to homes listed with REALTORS in the Multiple Listing Service (MLS), let me know when you'd like to see a For Sale by Owner or new construction home. I'd be happy to show you these too when I'm your REALTOR.
- If I do not also represent the seller of a home, then I represent your interests exclusively in negotiations when I represent you as your REALTOR. (If the real estate you'd like to buy is listed by my Keller Williams Realty office, then you would be in a dual agency situation.)
- I will offer you an independent value analysis of comparable homes sold in the area to allow you to decide whether the list price of a house you'd like to buy is reasonable or if a different value makes more sense for an offer in today's San Diego County real estate buyer's market (if you're planning to buy the house using me as your REALTOR).
- I will answer your questions, listen actively to your needs, show you homes (only if you plan to make an offer through me when it is time to buy a home), and discuss issues with you when you're working with me to buy a home or investment real estate. I offer one of two time slots to show homes-- 9am to noon or 1 to 4pm (scheduled by appointment) to my client buyers who are ready to make an offer to buy a home soon. If you are unable to see homes until after work, it may be possible to see homes from 5pm until sunset on a weekday. If you live outside San Diego County, it may be possible to spend an entire day looking at homes if we have scheduled the showing by appointment before your househunting trip. (I am generally available by phone to discuss real estate until 8pm or 9pm.)
- To submit an effective offer, get pre-qualified, then pre-approved for a loan first.
- Upon request, I will introduce you to 3 mortgage brokers or direct lenders for pre-qualification and pre-approval if you don't use your own lender or if you're not already pre-approved for a loan and accompany you in an initial meeting with the lender. Compare terms and the APY for the best deal. Request a Good Faith Estimate for a detail of costs and loan information. Find out early in the process the maximum price of the home you can afford to buy (or the price of a home based on the maximum payment you feel comfortable making) using various types of loans so you'll know which homes to search for on this website www.priority1sell.com without needing to start over in the right price range for your actual home purchase.
- I will help you negotiate and guide you through the escrow process until you become the owner of the home.
- Before you buy, be sure that you have staying power.
- Have extra cash savings to cover several months future payments and maintenance costs, property taxes, a home warranty policy for at least the first year, and any required immediate repairs.Real estate is a long term investment. Market values may fluctuate over time (either up or down).
- Real estate offers leverage, locked in purchase price, and tax benefits to give owners the opportunity to build significant wealth over a very long term horizon.
If you need to sell a house or condo to buy a new one, buy and sell from a position of strength.
- List your house for sale with Barbara Cook as soon as possible. (If possible in this market, close concurrently with the purchase of the home you want to buy if you don't want to move before you buy your next house or sell first to put yourself in a strong negotiating position with a non-contingent offer).
- Market value for real estate is not a certain amount published in the paper like market value for stocks.
- Demand and supply, competing foreclosure markdowns, condition, reasonable list pricing and the number of willing and able buyers in your area with an interest in your particular house or condo at the time that you sell establish the basis for real estate market values. Offer prices may be negotiated to some degree depending on the balance between a Buyers and Sellers market at the time you sell.
- There may be a tradeoff between time available to sell your real estate before you must move and the ultimate sale price (market value) achievable. However, in a market with a downward price risk and/or tightening of lending qualifications, your risk of selling may be higher if you don't price to sell quickly.
- Good condition and buyer appeal from Staging may enhance market value of a house or condo for sale.
- Think about this: Will you be able to buy the new home you love if you can't sell your old house on time?
- Take a look at the Services Guide for Buyers and Sellers to see what you will receive if you work with Barbara Cook as your REALTOR.
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Do you need any more information to make the right decisions about buying your next home or investment property?
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Buyer clients--ask Barbara for a custom search WITH ADDRESSES and Emailed listings if you are looking at new listings on an ongoing basis to buy a new home (and you aren't planning to use another San Diego County REALTOR to buy that home or investment property). To do this, use the Property Request form to give Barbara your specifications and specifically request Emailed listings or a custom Gateway search in the comments area or an initial Buyers meeting.
If you have a special interest in buying foreclosure or pre-foreclosure properties, I can let you know how to gain access to these opportunities (like I do) when you give me a call or send me an Email. I respect your decision to use the Home Search feature and the information on my website www.priority1sell.com on your own until you feel comfortable contacting a REALTOR to move ahead with your plans to buy. Please benefit from and enjoy the use of this website, then remember Barbara Cook, Keller Williams Realty, when it's time to choose the right REALTOR to buy your next home or investment property and sell any real estate that you currrently own.
Barbara Cook will:Before You Start Looking For Your New Home:
- Check your credit rating. Straighten out any errors before its too late. You are entitled to one free annual credit file disclosure per year from the OFFICIAL website for free annual credit reports.
- Determine a comfortable monthly budget for your new purchase, including down payment and monthly payment.
- Find a loan program that meets your needs and get pre-qualified (preferably pre-approved). If you need help findng a loan officer to get pre-qualified or pre-approved, please e-mail me or call me to request assistance.
- Choose me as a REALTOR® that you trust and who understands your needs.
- Determine what neighborhood best matches your needs.
- Identify the 5 most important features you need your new home to have and attractive options on your wish list and those features you definitely would not want.
- Don't buy a new car, make other major purchases, or change jobs (besides transfers within the same company) right before you buy your home.
Equal Housing Opportunity policies will be followed in your home search.
As your Realtor, I do not offer tax or legal advice. Consult your tax advisor and attorney when you have tax or legal questions.
Before buying a home or investment property in California, consult the Megan's Law online Database provided by the state of California.
Mello Roos is an additional monthly payment assessed in some areas. What is Mello-Roos?
More information is available in the Local Resources section.
For more information, schedule an initial Buyer's consultation meeting with me by calling me at (619) 252-1785 or by sending an Email.
Buying a home is an exciting time in one's life. Balance that excitement with adequate analysis. Before you buy, consider your finances, and understand that real estate may be a long term investment. Real estate values do fluctuate over time (up or down), depending on interest rates, economic factors, credit availability and supply and demand patterns in the local area. If you need access to MLS-listed foreclosure properties that meet your specific criteria (as a free service to prospective clients) or to a subscription foreclosure service of all pre-foreclosure and bank owned foreclosure homes for a fee to the provider, ask me how to receive these services.
