Carmel Valley, San Diego (92130) Home Market Update

Total Number of Homes For Sale: 285 (38 are short sales)
Detached: 211 (21 are short sales)
Townhomes: 29 (4 are short sales)
Condos: 44 (13 are short sales)

Price Range: $199,900-$11,500,000 (average $1,249,918)
Detached: $550,000-$11,500,000 (average: $1,531,433)
Townhomes: $349,000-$739,000 (average: $492,976)
Condos: $199,900-$739,900 (average: $398,815)

Homes Currently in Escrow (Pending Status): 94
Detached: 56
Townhomes: 8
Condos: 30

Total Closed Escrows Last Month - July 2010: 55
Detached: 34
Townhomes: 10
Condos: 11

Carmel Valley 92130 Detached Homes for Sale:

Carmel Valley 92130 Townhomes for Sale:

Carmel Valley 92130 Condos for Sale:

Deborah Engel, Prudential California Realty, is a recognized San Diego and Carmel Valley Realtor for top client satisfaction. If you'd like to learn more about Deborah, visit her website, www.PropertyByDeb.com, email her, Deb@PropertyByDeb.com, or call her at 858-829-1989.

Tax Credit Extended.  You Mean I Can Buy a San Diego Home Today and Get the Credit?

Unfortunately, no.  The Federal tax credit extension is not meant for buyers who find a home today and want to buy it.  You had to have a home purchase under contract by April 30th in order to potentially benefit from the extension.

The extension ONLY applies to buyers who had a signed contract by April 30, but were unable to close escrow by the June 30 deadline.  This has happened mainly because of delays with banks approving short sale transactions, which can take substantially more time to close escrow than the June 30 deadline allowed.

For buyers who had a valid, accepted purchase contract by April 30, 2010, you now have until September 30, 2010 to close escrow and claim the tax credit.

In San Diego, however, there still is an available California tax credit that allows you to buy a home now and claim the state tax credit.

Deborah Engel, Prudential California Realty, is a recognized San Diego and Carmel Valley Realtor for top client satisfaction.  If you'd like to learn more about Deborah, visit her website, www.PropertyByDeb.com, email her, Deb@PropertyByDeb.com, or call her at 858-829-1989.

It's almost time for the 4th of July celebration in San Diego!  As part of it, it's fun to watch a great fireworks display.  Here are the places in San Diego County where you can go to see them:

Big booms and family fun await with the 2010 Fourth of July firework celebrations throughout San Diego. Whether it's a cruise, family barbecues at local parks or a spread at packed beaches, there is a fireworks display and Independence Day celebration in the vicinity of all San Diegans.

All fireworks shows and activities listed below take place on Sunday unless otherwise noted.

CENTRAL SAN DIEGO

Annual Big Bay Boom July 4 Fireworks Show, downtown: (619) 686-6200 or thebigbay.com for parking/shuttle information and map. Fireworks, from barges placed near Shelter Island, Harbor Island, the Embarcadero area and Seaport Village, at 9 p.m. to music from 105.7 "The Walrus" FM radio.

Maritime Museum of San Diego, 1492 N. Harbor Drive, downtown: sdmaritime.org or (619) 234-9153. Fireworks, picnic dinner and live music aboard the Berkeley ferry; adults $40; children ages 5-10, $20; children ages 4 and under free; and up, $65. Check-in: 5 p.m.

SummerPops: "Star Spangled Pops" on the Embarcadero Marina Park South, downtown: (619) 235-0804. Concerts with Marvin Hamlisch. $17-$76. Gates open 6 p.m., concerts at 7:30 p.m.

Hornblower Cruises & Events, 1066 N. Harbor Drive, downtown: (888) 467-6256. Dinner cruise, fireworks viewing and live music from 7 to 10 p.m. Board at 6:30 p.m. $115 per person. Discount for children 4-12.

Yacht America sunset and fireworks sail, 1050 N. Harbor Drive, downtown: (800) 644-3454; sunsetsail-sandiego.googlepages.com. Departs at 6 p.m. Traditional picnic fare, soft drinks; BYO alcohol. Adults $125; children 12 and under $80.

USS Midway Museum's "Apple Pie 4th of July" celebration; 910 North Harbor Drive, downtown: midway.org. Doors open at 6 p.m. Visitors can bring aboard picnics, then watch the fireworks. Live music performance by N.R.G Energy. This event is sold out.

Coronado Fourth of July Celebration, Spreckels Park; Glorietta Bay: ecoronado.com or (619) 328-2461. Daylong festivities include a 15k run, 5k run/walk and rough-water swim. Live music TBA. July 3 parade at 10 a.m.; fireworks on July 4 at 9 p.m.

La Jolla Cove, Ellen Browning Scripps Park, 1180 Coast Blvd.: (858) 456-1700. Fireworks at 9 p.m.

Mission Bay Yacht Club, 1215 El Carmel Place, Mission Bay: (858) 488-0501. Boat parade; Dixieland Jazz band and Tommy and the Stilettos will perform; fireworks at 9 p.m. (Members-only parking.)

"31st Annual Ocean Beach Fireworks off the Pier"; Ocean Beach Pier, end of Newport Avenue: (619) 226-8613 or oceanbeachsandiego.com. Fireworks at 9 p.m. simulcast to 103.7 FM radio.

Paradise Point Resort & Spa "9th Annual All-American BBQ & Fireworks Extravagazna," 1404 Vacation Road, Mission Bay: (858) 274-4630. Barbecue at 6 p.m.; adults $59, children $25. Kids activities and carnival. Fireworks at 9 p.m.

SeaWorld San Diego's "Fireworks: Into the Blue"; 500 SeaWorld Drive, Mission Bay: (800) 25-SHAMU. Extended fireworks set to patriotic music at 9:30 p.m.

Mira Mesa, Mira Mesa Community Park/Gil Johnson Recreation Center, 8575 New Salem St.: (858) 538-8122. Noon-9 p.m. parade, family activities; fireworks at 9 p.m.

EAST COUNTY

"Santee Salutes"; Santee Town Center Community Park's West Ball Fields; 9400 Cuyamaca St.: ci.santee.ca.us or (619) 258-4100, ext. 201. Free. Family activities and fireworks, 3:30 to 9:30 p.m.

Spring Valley Park, 8735 Jamacha Blvd., Spring Valley: (619) 479-1832. At the swap meet behind the Spring Valley Community Center. Fireworks at 9 p.m.

NORTH COUNTY

San Diego County Fair, Del Mar Fairgrounds, 2260 Jimmy Durante Blvd.: (858) 755-1161 or sdfair.com. 7:30 p.m. Navy Band Southwest; 9 p.m. fireworks, followed by Joan Jett & the Blackhearts concert. Free with fair admission.

Grape Day Park, 340 N. Escondido Blvd., Escondido: 4 to 10 p.m. (760) 839-4138. Activities starting at 5 p.m.; no barbecuing or dogs allowed; big parking lot will not be accessible; food available for purchase. Marine Corps will perform at 8 p.m.; fireworks at 9 p.m.

Julian, Main Street: (760) 765-1857. Pre-parade activities begin at 10 a.m. with parade at noon; no fireworks.

Legoland's "Red, White and Boom!," 1 Legoland Drive, Carlsbad: (760) 918-5346. 10 a.m. to 9 p.m. Entertainment by the Jumpitz. Fireworks at 8:30 p.m. All activities included with admission.

"17th Annual Independence Day Parade"; July 3 at North Tyson Street Park in Oceanside going from Coast Highway to Wisconsin Avenue to Civic Center Drive: msoceanside.com or (760) 535-5227. Daylong family-friendly activities. No fireworks.

Olive Pierce Middle School, 1521 Hanson Lane, Ramona: ramonachamber.com or (760) 789-1311. Family activities start at 5 p.m.; fireworks at 9 p.m. Tune in to music on 96.5 FM radio.

Old Poway Park's "Old Fashioned 4th of July," 14134 Midland Road, Poway: 10 a.m. to 4 p.m. Live music and family-friendly activities available with fireworks celebration taking place at Poway High School.

Bradley Park, 465 S. Rancho Santa Fe Road, San Marcos: ci.san-marcos.ca.us or (760) 744-9000. Free to the public with entertainment at 6 p.m. Fireworks at 9 p.m.

Brengle Terrace Park's "Red, White and Boom" celebration, 1200 Vale Terrace Drive, Vista: (760) 726-1340, ext. 1571, or cityofvista.com. Park opens at 7 a.m. Family activities; live music; barbecue fundraiser sponsored by Famous Dave, $65 per person but $500 for table of eight; free to public, parking $10 per vehicle; fireworks at 9 p.m.

SOUTH BAY

Kimball Park, 12th Street and D Avenue, National City: Carnival 5 p.m. daily July 1 through 3. (619) 336-4290. Live entertainment by North Carolina Concert band at 8 p.m. and fireworks at 9 p.m. on July 4.

- By Marissa Evans, a San Diego Union-Tribune intern and contributing writer

Original story can be found at Sign On San Diego.

Common Misconceptions About FHA Home Loans

Purchasing a San Diego home using FHA is a popular financing strategy for home buyers. They're especially popular with first-time buyers who don't have much of a down payment saved up. But FHA loans are also commonly misunderstood. Here are some of the biggest misconceptions about these loans.

But first, a quick definition. An FHA loan is simply a mortgage loan that's insured by the Federal Housing Administration. The FHA is part of the Department of Housing and Urban Development, better known as HUD. This government agency insures mortgage lenders against losses resulting from borrower default. This makes the lenders more inclined to use the program, and to give loans to people who might not otherwise qualify for a mortgage.

Myth #1: Anyone can qualify for an FHA loan.

Truth: Not everyone will qualify. Generally speaking, it's easier to qualify for an FHA home loan than a conventional mortgage loan. But that doesn't mean they're available to everyone. In fact, the Department of Housing and Urban Development (HUD) has recently tightened up their lending standards for FHA loans. One of the changes affects people with low credit scores. If your credit score is below 580, you'll have to make a larger down payment. If your score is way below 580, you probably won't get approved for the loan. With good credit, you'll still have to make a down payment of at least 3.5% to get approved. You'll also need to document your income and expenses, to show that you can afford the monthly payments.

Myth #2: You can get an FHA loan with no money down.

Truth: In the current economy, you can't get any kind of loan without making a down payment of some kind (with the exception of VA loans). The days of "easy credit" and "no money down" disappeared when the housing bubble burst. The minimum down payment for an FHA loan is currently 3.5%. And, as mentioned earlier, you'll need a credit score of 580 or higher to qualify for the 3.5% down payment. If your score falls below that cutoff point, you'll have to put 10% down.

Myth #3: FHA loans are safer, because the government will bail you out if you fall behind.

Truth: Wishful thinking. If you fall behind on an FHA home loan, you can be foreclosed upon - the same as any other type of loan. Remember, the FHA is not the one giving you the money. You must apply for one of these mortgages through an FHA-approved lender. The government just insures the lender against losses resulting from borrower default. So the lender can still foreclose on you, if you fail to make your payments. As an FHA borrower, you might have more workout solutions and modification options available, but that's about it. The FHA will not "bail you out." So make sure you buy an affordable house!

Where to learn more:

• FHA fact sheet at the Home Buying Institute
• FHA guide on the HUD website
• FHA Resource Center on the HUD website

Federally insured loans offer certain advantages to home buyers. But they are not a risk-free path to homeownership. As a borrower, you are still responsible for making your payments on time. If you would like to learn more about FHA loans and how they work, refer to the resource links provided above.

<!-- <p>© 2010, Cornett Communications.</p> <p><strong>About the Author:</strong> Brandon Cornett is the publisher of the Austin Mortgage Center, a resource for home buyers in Austin, Texas. You may visit the author's website at <a href="http://www.austinprobe.com" mce_href="http://www.austinprobe.com" target="_blank">www.austinprobe.com</a> to learn more about this topic.</p> -->

Author's Note: The original version of this article was written by Brandon Cornett. Brandon is a consumer advocate and publisher of the Home Buying Institute. Visit the author's website at www.HomeBuyingInstitute.com to learn more.

If you would like to talk to a San Diego lender about FHA, or other loan options, please let me know.  Deborah Engel, Prudential California Realty, is a recognized San Diego and Carmel Valley Realtor for top client satisfaction.  If you'd like to learn more about Deborah, visit her website, www.PropertyByDeb.com, email her, Deb@PropertyByDeb.com, or call her at 858-829-1989.

The San Diego Home Buying market is strange.  Because so many buyers are having trouble getting their offer accepted for a home in San Diego they seem to take the "throw the spaghetti on the wall and see what sticks" strategy. 

This strategy consists of putting offers on multiple properties, negotiating them, and once accepted, then deciding if they really wanted the home in the first place.  This scenario played out in my last 2 listings.  It was only after my sellers accepted the offers did we find out the buyers' strategy. Once accepted, both buyers decided that they really didn't want the house. They were just playing the field.  What a waste of time for everyone and extremely disappointing.  So here's my advice:  

-For Buyers:  Don't use the Spaghetti Strategy.  When you put in an offer, you are doing it in good faith, meaning you really want to buy the home if you can reach acceptable terms with the Seller.  If you are just throwing the offer out there, it's not in good faith.  Don't do it.  

-For Buyers Agents:  Please educate your buyers that they can't just make a ton of offers, hoping to see what happens.  If your buyer insists and you go along with it, you must tell the seller's agent that the buyer is putting multiple offers out there so that the seller's agent can educate the seller.  Because I work with many buyers I understand their desire to put multiple offers out there. If you decide to take the time to put in the offer, then take the time to let the seller's agent know the situation.  

-For Seller's Agents:  Ask.  Ask if the buyer is putting in other offers, have put in other offers, or are continuing to look at homes.  Hopefully you'll get truthful answers so you can help your client to decide the weight to give the offer.   

-For Sellers: Be aware that this is happening.  Don't count on a buyer sticking around just after you negotiate and accept their offer.  This seems to be the trend.   Now I love spaghetti....actually pasta of any kind.  But the Spaghetti Strategy is just irresponsible and has no place in buying a home.    

"Buyer's Strategy....Throwing Spaghetti," is by Deborah Engel, Prudential California Realty, a recognized San Diego and Carmel Valley Realtor for top client satisfaction.  If you'd like to learn more about Deborah, visit her website, www.PropertyByDeb.com, email her, Deb@PropertyByDeb.com, or call her at 858-829-1989.

At 11:58 am I stood at the San Diego County Recorder's office, holding a document confirming that my clients now owned their home. As a San Diego Realtor I'm usually waiting for confirmation that title has been recorded.  But here I was, holding the power of proof.  

It started yesterday, Thursday. The loan was supposed to fund on Wednesday and title was to be recorded yesterday.  The loan hadn't funded as planned, and still hadn't yesterday, after the cutoff. The way the it works here is that loan funds have to get to the title company by a cut-off time (usually between 10:30 am and 1:00 pm) in order for title to be able to record the next day.  

The loan funded today (Friday), so now we'd have to wait until Monday to record title.  Three problems with this: 1) Buyer and Seller were already counting on this to close this week; 2) My clients (the buyers) had already scheduled some services over the weekend; and 3) My clients' loan money would be just sitting at title over the weekend, already being charged interest when they didn't even own the home.  

Someone asked if I wanted to "walk the deed" through and get it recorded so that we didn't have to wait until Monday.  I didn't even know that I had the option.  Yes!  I jumped at the chance to be a part of the significant duty of getting title recorded. Besides, my day was pretty flexible and there was the incredible desire to go into the mysterious world of deed recording.  

Okay, so not mysterious, and if that was actually my job I would probably look at me strangely for being excited about this.  But I was.  I got a check for the recording fees from the escrow company, picked up the deed and other documents from title and drove to the County Recorder's office in downtown San Diego.  It's really a beautiful building outside.  For an "old" building in San Diego, the architecture is attractive and the grounds are kept nicely landscaped.  Lots of free parking too.  The San Diego Harbor is across the street.  My poor client received way too many texts from me giving a play by play account of what I was doing and where I was.  

Once I reached the Recorder's office, I took a number, and waited for it to be called. When it was called I felt like I had won a Bingo game (can't say it was like the lottery since I haven't won the lottery, and frankly it wasn't really as exciting as if I had one a million bucks-just guessing).  The clerk was very friendly.  He efficiently counted, entered things into a computer, and verified.  At 11:58 am his printer spit out a piece of paper confirming my adventure.   

In hindsight, it wasn't all that glamorous. Pretty routine, it seemed. But for me, I got to go through the learning experience of one of the most significant aspects of my business.  Plus, my client was thrilled.  Isn't that what it's all about?  

"11:58 am...Pronounced....Sold!" is by Deborah Engel, Prudential California Realty, a recognized San Diego and Carmel Valley Realtor for top client satisfaction.  If you'd like to learn more about Deborah, visit her website, www.PropertyByDeb.com, email her, Deb@PropertyByDeb.com, or call her at 858-829-1989.