San Diego Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Aug. 9, 2019

All About VA Loan Refinancing

Do you currently have a VA loan?  If so, you may be getting a ton of mail and phone calls with offers to refinance your loan and lower your interest rates.  While the good news is that you may be able to refinance to get a lowly monthly payment, the bad news is that there are mortgage brokers out to make a quick dollar off of you even if it’s not in your best interest.  My job as the Real Estate Doc is to look out for my fellow vets in San Diego, and in this video I’ll break down the current refinance market to help you decide whether refinancing your VA loan is right for you.

A lending company offering to save you money and lower your monthly payment sounds great—only if it’s true.  While interest rates are currently low (meaning there’s true potential to lock in a lower rate), you want to look at the all the factors of any refinancing offers you receive to make sure it’s actually worth it.  I recently purchased a property and almost immediately started getting mailers from lenders wanting to refinance my house. It wasn’t long before the calls came in; when I spoke to these companies, many times their numbers didn’t really add up.  While the offer looked great from the outside, crunching the numbers showed me that I wouldn’t actually be saving money over time.

In short, these companies want to make money—and there’s not necessarily anything wrong with that.  The problem lies in the lenders that are trying to refinance vets, even when it’s not in their best interest.  Some will also call and tell you they are from the VA; this is a huge red flag, as the VA guarantees loans but doesn’t give them out.  No lender works for the VA, though they can originate a loan backed by them.  Another caution lies in origination fees, as some of these lenders make 3-4 points, or percentages of the loan amount, on a loan but don’t actually save the vet any money in the end.  Sure, the monthly payments were lower, but the loan amount was increased in the long term. This is pretty much the definition of a bad deal.

I’m not saying you shouldn’t refinance at all—rather, you need to know what to look out for and make sure you’re aware of who you’re refinancing with.  A great way to determine if a lender’s offer makes sense for you is to see if they’ll process your application for an IRRRL (“Earl”), or an Interest Rate Reduction Refinance Loan.  Known more commonly as a streamline refinance, this VA program simplifies the process—as long as you’re saving money or refinancing from an ARM loan to a fixed-rate loan.

Being cautious doesn’t mean that refinancing might not make sense for you.  For example, I know a vet couple who were able to go from a 4.6% interest rate to 3.3%, a move that will save them $300 per month.  Not only are these amazing monthly savings, but they’ll also be able to pay off their mortgage 6 years earlier and save nearly $60k if they continue to pay their original monthly payment.  So clearly, there are some good options out there among all the predatory lenders.

 

If you need any advice on your current situation, feel free to reach out to me and I’d be happy to help you weigh your options and refer you to a great lender I know and trust. 

Posted in Market Updates
Dec. 12, 2017

Entertainment Is Timeless on San Diego Real Estate

History collides with modernity on San Diego real estate. Charming amusements of the olden days combine with the thrills and chills offered by current theme parks. Constructed alongside the city of San Diego, Belmont Park, then called the Mission Beach Amusement Center, was designed to become a social hub. And as a gathering place it grew onward with the city. Today traditional rides and structures pay tribute to the roots first dug deeply in 1925.

Generations have shared the memory of fresh air swirling through windblown hair amidst shrieks and screams of exhilaration on The Big Dipper roller coaster. Earning status of a historic landmark this energizing and renovated ride still has lines forming for it today. The Plunge Swimming Pool is the second remaining piece of the past on this San Diego property. Once the largest indoor pool in the state, it is still an impressive aquatic masterpiece.

San Diego Property Stays True

Many dream of the good old days and simpler forms of enjoyment. In addition to those, the bells and whistles appealing to today’s youth also run rampant at Belmont Park. Friendly competitors refuse to call a cease fire during bouts of laser tag. Extreme mental challenge awaits in Escapology escape rooms. Movies are bigger than life in the Xanadu 7D interactive theater. Rock climbing walls, mini golf and arcade games round out the diversions.

Staying true to its original mission, the San Diego property boasts a lively dining atmosphere and nightlife. Eye-catching eateries dot the boardwalk offering tasty tidbits such as ice cream at The Sweet Shop and Beach Treats and tacos at El Jefe. The gang gathers at Draft to see what’s on tap. With over 60 brews to choose it may take a while to decide. Toasts are also raised during lunch at the Beach House Grill.

Families feeling the need for some lighthearted fun head to Belmont Park. It's also a great place for friends to meet and a stress free destination for first dates. San Diego sunsets add a spark of romance for couples living in So Cal as the boardwalk flows over with merriment. Come join in!

 

Posted in News
July 31, 2017

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates