The shortage of inventory in our current market in San Diego County is creating a lot of competition for buyers. One of the strategies to get noticed:  buyers are waiving their appraisals. So, as an advantage over other buyers who retain the appraisal contingency, if an offer is made at $500,000 and the seller accepts that, the buyer's lender will order an appraisal to get the loan approval started. If the appraisal comes in below $500,000, the buyer can not negotiate with the seller a price reduction to meet the appraisal amount. This effectively changes the way in which a buyer purchases property. It is limiting. It can work best knowing that the market area in which the property is located is appreciating in value. A buyer who waives the appraisal contingency has an advantage at the start of escrow, but, if there is a shortage between what the sales price is versus the appraisal amount, be prepared to open up your checkbook to make up the difference. Some see this as a small price to pay to get the property you want.

When I was a kid, my right of passage from child to adolescent occurred when I was allowed out unsupervised for rides on my bicycle. I explored new streets, rode through a park a couple miles away; I took that bike up and down steep hills and wore out the tires.  It was a time of exploration. I did not need a helmet and I did not have GPS. So, when I see kids today, out and about but texting or talking on their phones, rather than interacting and taking it all in, it’s sad to know there is a life’s lesson they are not getting.  In many ways, this method of exploration is also ideal when choosing where to live. By trial and error we find it, and often discover a favorite thing or two along the way. Be adventurous and be awed by the simple joy of just being.

The local real estate market is cooking with gas, and it’s only the middle of February. In other parts of the US, the markets are heavily influenced by the seasons and weather. In San Diego, we have mild to little fluctuation in either. As a result, buyers are out in force, perhaps driven by low interest rates.  Or, maybe the silencing of political issues with the Presidential election and inauguration behind us. Or, more likely, the desire to purchase real estate is making buyers realize that there is no time like the present. Time is of the essence – a true principle when it comes to real estate. Some of our neighborhoods are thin on inventory, which creates unusual demand for each new listing. Priced correctly, a clean and well maintained home or condo will draw attention. Some of the metro areas, like Kensington, Mission Hills, South Park, North Park, Bay Park, are feeling like it’s 2005 again. Is that a good thing? For sellers, of course. For buyers, know your hold time to make the best decision; intentions to own for 10 years is a different ballgame than plans to own then sell in 2 to 3 years. Be ready: have lender pre approval; have deposit money liquid; schedule a house tour as soon as it hits the market; have your pen handy to write an offer. Knowing the neighborhood as well as the recent closed sales is key to making a decision to write an offer. Because when the train leaves the station, you want to be on it.

I have a new property for sale at Balboa Park Terrace listed at $500,000. This is a great 1,160 sq.ft. space at 3290 Sixth Avenue overlooking Balboa Park. A quick and pleasant walk to the world famous San Diego Zoo. Located on the southeast corner of a 4-story building, it offers warm morning and afternoon sunlight. The buyer must be unafraid to embark on a design overhaul to meet full potential. The floor plan offers two large bedrooms & 2 full bathrooms. The kitchen, dining room and extra large living room all look onto Balboa Park. There is an exclusive use driveway and patio which also act as the off street parking for this unit. Separate front door entry into unit directly from Sixth Avenue is perfect for dog owners. The building lobby entry is off Thorn & also provides access to unit. The location is 2 miles from downtown San Diego, with quick access to beaches, San Diego Airport,  & the freeways. Call me at 619.248.4200 to schedule a tour.

The 1920’s saw the development of San Diego’s metropolitan neighborhoods. Kensington was one of these, and offered buyers an “ideal climatic condition” that was far enough from the ocean to avoid the heavy fog that comes with beach area living. The Kensington tract was primarily land sales. You would chose your lot and then decide which local builder to hire and construct your home. Architect Richard Requa, the famed San Diego designer whose work flourished from 1910 to 1940, helped promote the neighborhood by writing a  weekly advertising column for a prominent builder in Kensington. Located 8 minutes from downtown and 10 minutes from the coast, the neighborhood has a cohesive, manicured look highlighted by Spanish-style homes with red clay tile roofs. I have a new listing, a romantic 1929 Spanish home in Kensington Heights. The Heights section was the last to develop and offers arguably the best of the neighborhood for location. This home has been tastefully remodeled and ready for a buyer to move in. There is wonderful natural light throughout. The entertainer's kitchen features a 6-burner stovetop, oversized GE Monogram refrigerator &  5'x7' island. The house has volume 12-ft ceilings, and hardwood & tile floors. The master bedroom & guest bedroom have double french doors which open to the backyard. The front bedroom has a beautiful wood beamed ceiling. The 7,200 s.f. lot offers a large inviting pool the sparkles in the sunshine, a fireplace, stone covered patios and a trellis-covered outdoor dining room. The 3 bedroom, 2 bath home is 1,516 square feet and is listed at $795,000. Give me a call to take a look!