San Diego Real Estate Cafe by Krista Lombardi
Archive for April, 2010
There’s Mold, I’m Not Buying This Home!
San Diego Real Estate Cafe
Mold strikes fear in most homebuyers’ hearts, we’ve all heard about “toxic mold”, black mold, horror stories of death due to mold.
What is the situation?
Well, first of all, let’s get on the same page: mold is not something that you want in your home. Often, it is the reason for the mold that is most important, was there a leak, did a pipe burst, was there flooding?
Mold exists because of humidity and moisture. Most people think that if they get mold in their home, they will eventually become ill. There are thousands of types of mold, so be assured that the probability of that is very low.
Here are 7 steps you can take to prevent the mold if you find it or are buying San Diego real estate: Read the rest of this entry »
What Paris Hilton Didn’t Do Today
When buying a home, most folks aren’t like Paris Hilton who can purchase her 
home all cash….
Most of us need loans when we buy San Diego real estate. And here are the challenges that we are currently facing:
- Have at least 10% down, in many cases 20%
- A credit score of 720 or higher
- Mortgage, insurance, and property taxes not exceeding 31% of your gross income
- No more than 41% of your gross income goes to debt of any kind
There are some exceptions, stay tuned for our next blog post about FHA loans and loans on second homes.
Unless you are like Paris Hilton and you can afford to buy your San Diego home all cash, your first step before even going shopping is to get a pre-approval letter from a loan officer who checks your credit score, income and assets. Make this part fun! It’s when you get to find out how this process works.
Have questions? kristalombardi@gmail.com I’ll put you in touch with the right loan officer for you.
Searching for the right real estate in San Diego in the meantime? Click here
Is It Time to Move or Improve in San Diego?
Your neighbor’s home has been on the market for 2 months and you’d like to get top dollar for yours…but is it worth the time? When you bought the property, you figured that you’d move in a few years and sell it. Of course, back then house values were climbing 20% minimum per year and everyone was saying that San Diego real estate would ‘never go down.”
But now little Johnny is 10 and he can’t share a room with his brother anymore. What to do?
First of all, what do you owe on the home? One in four homeowners nationwide owe more than the home is worth. To calculate what you owe on your property click here.
While the value of your home is a bit gloomy, the good news is that costs to renovate and build are down. As a general rule, improving costs less than trading up. The cost of drywall is down 25%, lumber is down 42%, plywood is down 45% and contractors are charging less for labor.
How to choose? First, estimate what your home is worth. Second, have a look at the “Cost vs Value” in Remodelling magazine. Lastly, make it fun. If you are going to remodel, pick you project wisely but enjoy it, after all, it is your home where you will be for years to come and you’ll want to be happy there.
Happy home selling!
Who Really Finds You a Property in San Diego?
Years ago there was the “real estate book:”, it came out every week or two 
weeks and it had the available homes in it. Agents were the only ones that had those in their possession, so agents were “sought after”. You needed an agent to find out what properties were available and view them.
Now there is the internet. Most agents will set you up with a homesearch tool like this and ask that you choose properties you like.
Does this mean you do all the work?
Celebration Time – Come On!
We are one week away from celebrating Cinco de Mayo, and where better to celebrate it than the Birthplace of California, Old Town, San Diego ?
Did you know that California was discovered in Old Town? If you have yet to visit this neighborhood, I highly suggest you do. Originally claimed as “San Miguel”, our city began in Old Town. When you visit, not only are there all the resturants and little shops, but please do not miss the Old Town San Diego State HIstoric Park at the end of San Diego Avenue where you can see all of the homes and shops preserved as they were when San Diego was founded.
Next week on 5/1 and 5/2 is FREE 2 day fiesta celebrating the 27th Annual Cinco de Mayo celebration in Old Town. This neighborhood really comes to life with Mariachi, sizzling Flamenco, trinkets and jewelry to browse over, street vendors, food selections, and a beer garden.
Restaurants that come highly recommended are: Barra Barra, the Alamo, Jack and Giulio’s, and Fiesta de Reyes
Join in the festivities and see you in Old Town on 5/1, 5/2, and possibly even 5/5:)
See dream homes in Old Town here
California Tax Credit – Time Crunch or Not?
Economist says that buyers will burn through the money for the state tax 
credit no later than May 2oth!
Is that true? I don’t lie, I don’t have a crystal ball. There’s what they’re saying:
If you haven’t owned a home in the last three years then you can qualify for a $10,000.00 tax credit.
The California Association of Realtors expects 64,000 sales statewide in May which would be a DROP from 2009.
They also expect 47% of of those sales to be new homebuyers. At $10,000.00 each….you do the math….
Is it true? Don’t know. I do know that you currently have until April 30th to get the 8K from the Federal Gov and the 10K from the State of California if you are looking to purchase San Diego real estate.
See properties and find your dream home here
Cash Rebates for Appliances!
If you live in San Diego County, you may be eligible for a “Cash for Appliances” program for your San Diego real estate. There is also a California “Cash for Appliances” program. You can qualify for both.
How Do You Qualify?
1. Only California residents are eligible to participate
2. Appliances must have been purchased at a participating California retailer
3. You must recycle the old appliance
4. Limit one rebate per appliance type
5. Rebates are available from April 22-May23 2010 or until rebates last
Who Wants to Pay for Two Appraisals?
There are a lot of costs when you buy a house, let’s be honest. So, who wants to add to the costs?
Banks require buyers to pay for an appraisal when they are buying a home, that establishes that the home is worth what you are willing to spend. It’s for your protection and for the bank’s (after the big boom and crash, it is worth it.)
But is it worth two times the cost?
Current law permits, but does not require the bank to use current appraisals ordered by a different bank. However, the second bank almost always requires another appraisal, even if you already paid for one recently on the same piece of San Diego real estate.
The California Association of Realtors has proposed a bill to go before Senate to stop appraisals from becoming a profit center for banks.
With the average appraisal ranging from $300-$600, it is unfair to require you to pay for a second appraisal. or to force you to purchase a second one when a perfectly good appraisal has already been done.
In addition to the price, costs, and fees that you pay for house in today’s market…who would want to pay twice?!
California Association of Realtors wants to stop banks’ incentive to force buyers to pay for a second appraisal.
You can help. Pass this on and contact Senator Christine Keho: (800) 672-3135
Snopes Report on Earthquake Safety
Less than a week after the blog post went out about the big earthquake that shook us in San Diego, I received an email called the “Triangle of Life” which has hit the internet and gives differing advice about how to protect yourself during an earthquake. Not wanting to give out false information, I investigated.
Here is the results of advice in “Triangle of Life”:
1. The Triangle of Life is written by a gentleman basing his advice in the case of an earthquake on building codes in Turkey and not in the U.S. The American Red Cross has disputed his article since the construction of buildings and the building standards are not the same here.
2. The basis of the advice in Triangle of Life wasn’t based on an actual earthquake. Earthquakes come in rolling waves. The experiment that was conducted for “Triangle of Life” didn’t produce anything resembling shaking so it doesn’t tell us anything at all about what would happen during an earthquake.
3. There are quite a few articles linking the writer to fraud.
Whether this is true or not, the bottomline is to stick to the original advice. See more here.
The 3 Most Important Things to Do if There Is An Earthquake In San Diego
San Diego recently felt the shake, rattle, and roll of one of the biggest earthquakes to hit 
Southern California ever. After talking to a few friends, I realized that I had no idea what to do during an earthquake, and neither did they. Here are some tips.
1. If you are indoors STAY THERE. If there is a table that you can get under until the shaking stops, that is even better. Look out for falling objects or for for anything that may shatter. If there is no table, get into a corner.
2. If you are outdoors, get as far away from buildings as you can. The same goes for walls of any sort, trees, or poles.
3. If you are in your car, stop. Stay there until the shaking stops, but be sure to be away from poles and trees, and do not stop on overpasses or bridges.
San Diego has resources available for earthquake issues. To see everything, including a regional notification system to be alerted in case of an emergency or disaster click here
Please pass this on to your family and friends.
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