Chula Vista, San Diego, Real Estate Market

October 30, 2008 by  
Filed under Real Estate

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Southern California Real Estate

COMMUNITY INFORMATION

Chula Vista is located in San Diego County

s southern region in California state. Within this community, there is approximately 194,939 residents living in 62,394 households, with the average age being 32.89 years.

TEMPERATURE

The temperature in Chula Vista is comfortable, with the summer highs reaching 72°F in August. The winter chills often hit during December with average temperatures falling to 57°F.

HOME AND REAL ESTATE PRICES

The housing options in Chula Vista are varied, with condominiums, townhouses and apartments. One bedroom townhouses and condominiums beginning in the high $100,000s. Two bedroom townhouses start in the high $200,000s, and three bedroom townhouses and condominiums starting in the mid $300,00s. Two bedroom single family houses start in the high $300,000s, while three and four bedroom homes start in the low and high $400,000s, respectively.

REAL ESTATE MARKET TRENDS

Price shifts in this market are results of supply and demand. Evaluating home data is important for buyers and sellers. It is important to look at data in the most recent month available, (June 2006), compared to data in the same period in the previous year (June 2005).

The average price of single-family homes experienced a 2.5% decline, as the prices dropped from $610,000 in June 2005, to $595,000 in 2006. Homes sold dropped from 171 in 2005, to 127 in 2006. The average time to sell a home increased, as it went from 47 days to 66 days.

The average prices of condominiums and townhouses decreased only by 1%, dropping from $382,250 to $382,000. 80 unites were sold in June 2005, but the number dropped to 46 in 2006. The average time to sell a unit increased from 52 days to 85 days.

This is only a small period of time, and to get more accurate results and trends, it is advised that the statistics be analyzed over a longer period.

Guide To How California Real Estate Fees Are Typically Divided

October 10, 2008 by  
Filed under Destinations

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Southern California Real Estate

All real estate transactions involve numerous fees that can be confusing to both buyers and sellers. It’s very important that both parties understand which fees they are expected to pay. California real estate transactions involve payments that are divided differently between the buyer and seller depending on which the area the Californian property is located. The list of fees may be quite lengthy and often include escrow, title, insurance, deed, notary, recording, attorney, real estate, taxes, and inspections. Oddly, the property location is typically used to determine which fees the buyer will pay, which the seller will pay, and which will be divided between the two parties. Below are the usual real estate transaction fees in California and which party typically pays for it. Important to note is that the payments are negotiable between the buyer and seller as part of the real estate transaction.

Escrow is a third party agent that receives, holds, and disburses the funds and documents for the real estate transaction. This fee is usually paid by the buyer in northern California and by the seller in southern California. It is common for the buyer and seller to split these fees.

The title search is the process where public records are reviewed to research any previous liens or problems on the property. This fee is customarily paid by the buyer in northern California and the seller in southern California. This is most beneficial to the buyer, so it is reasonable to request the buyer to take care of this fee.

Title insurance protects the lender, the seller, and the borrower against any defects or previous claims to the property being transferred or sold. In northern California, the buyer usually pays for this while in southern California, the seller does. Title insurance benefits the buyer, so requesting that he or she pay for it is reasonable.

Notary fees and recording fees are paid by the buyer for trust and grant deeds which help the buyer to purchase and finance the property. Notary fees and recording fees are paid by the seller; when it is a reconveyance deed on the property which the seller will receive when paying off an existing mortgage.

In California, the documentary transfer and city transfer taxes are usually paid by the seller. If there is attorney involved in the transaction, the fees are paid by the party that hired the attorney. All inspection reports include the following: home inspection, roof, pest control, general contractor and any others. These should all be paid by the buyer, as this party usually selects the company to perform said inspections. If a home warranty offered, it is paid by the seller. The buyer, however, may purchase one if desired. As a reminder, it is acceptable for the buyer and seller to reach any agreement that they feel is equitable for the payment of these fees.