Category Archives: Encinitas Real Estate

Encinitas to test pesticide-free park

Insecticide cited in declining bee population no longer sprayed on city property

Encinitas Parks

Encinitas will pilot a pesticide-free park at the request of residents who have health and environmental concerns.

The Encinitas City Council last week directed staff to bring back a fleshed-out plan for maintaining one of the city’s 19 parks sans pesticides. If the council deems the test program successful, the initiative could move to more or even all city parks.

On a related note, Encinitas Parks and Recreation staff announced the department last September banned neonicotinoid insecticides on city property. Studies have implicated neonicotinoids — commonly sprayed on trees, shrubs and lawns — in the national bee die-off.

The Bee Informed Partnership, made up of universities and laboratories, stated around 5,000 beekeepers reported losing 42.1 percent of their colonies during a 12-month period ending in April. That’s the second highest loss since year-round records started in 2010.

In support of Parks and Recreation eliminating neonicotinoids, the council directed staff to formally include the ban in city documents.

encinitas bees

 

“I want to shout that from the mountaintop,” said Councilman Tony Kranz of the neonicotinoid ban.

Kranz also cheered city data showing a drop over the last four years in pesticide use in city parks, but added he’d like to see those numbers closer to zero.

Along with the pilot project, the Parks and Recreation Department is developing a new integrated pest management policy that outlines ways to reduce pesticides on city property. The strategy favors the least toxic pest-control methods, and products are applied gingerly to use as little as possible. Typically, integrated pest management also entails hand-weeding, mulching, efficient drainage and other alternatives.

Public speaker Sara Parra urged the council to scrap all pesticides for health reasons, citing a 2010 study from UC Berkeley. It found some children who were exposed to organophosphate pesticides while still in their mother’s womb were more likely to develop attention disorders years later.

Mothers and children who took part in the study are Mexican-Americans living in an agricultural community, so their exposures to organophosphate pesticides is likely higher than the average U.S. population, according to a news release for the study. But the researchers also pointed out this type of pesticide is widely used, saying the results warrant precautionary measures.

 

Parra added the city’s existing policy discourages pesticides, but city landscaping contracts contradict this language by allowing them.

“How will things be different this time around?” Parra asked, referring to the new integrated pest management program.

Jason La Riva, park and beach superintendent, said the city has been moving away from strong chemicals and plans to continue. He noted a decline in pesticide, herbicide and fungicide use in Encinitas parks and beaches, with 505 applications in 2012, 418 in 2013, 274 in 2014 and 129 so far this year.

Encinitas-Viewpoint-Park

The city last fiscal year spent $162,144 on pest management at city parks and facilities, and $104,433 in the current fiscal year that ends this month, according to a rough city estimate. Switching to a chemical-free pest plan on city properties could be 80 to 100 percent more expensive annually, city staff stated.

That’s largely because a non-chemical approach would demand spraying more often, said Lisa Rudloff, parks and recreation director.

Councilwoman Lisa Shaffer, who put forward the idea of a pilot project, suggested also putting up signs at the selected park to explain the city is going without pesticides. That way, the city could get feedback on the initiative.

Shaffer added the city doesn’t have the legal basis to prohibit pesticides on private property, though it could set a good example for residents and homeowners associations.

A beekeeper by trade and hobbyist, public speaker James McDonald applauded the city for banning neonicotinoids on city property. He also stated that Seattle has maintained 14 of its parks since 2001 without pesticides, encouraging Encinitas to follow suit.

“Last I checked, Seattle hasn’t blown off the map or been consumed by a plague of locusts,” McDonald said.

Staff’s plan, which will go back to council at an undetermined date, will include a start date and time span for the pilot project.

Article Courtesy of Encinitas Advocate, Writer Jarod Whitlock

Want to rent Shaun White’s Encinitas home?

encinitas home for rent shaun white 1

Olympic and X Games gold medalist Shaun White has listed his oceanfront home in Encinitas for lease at $12,500 a month — offering a glimpse inside the newly renovated residence that the professional snowboarder, skateboarder and entrepreneur purchased in 2012.

White, whose real estate portfolio extends from Utah down through the Southland, paid $3.85 million for the two-story contemporary, which sits on a bluff with private access to the popular beach spot.

The 3,500 square feet of polished interiors features dark wood floors, wrought iron chandeliers and bi-folding doors that give way to unobstructed ocean views. Smart home features, wireless speakers and a modernized kitchen with marble countertops and large center island are among the updates.

The master suite sports a free-standing soaking tub and a glass-enclosed rain shower for four bedrooms and three bathrooms.

Outdoors, a step-down deck with a vanishing-edge spa extends off of the main level, while a private staircase leads down to the beach below. A courtyard set beneath tall palms marks the entrance to the home.

La Jolla-based Glassman & Associates have the listing, which was first spotted by Redfin.

White, 28, is known for his aerial snowboarding stunts and has won two gold medals at the Winter Olympics and holds the record for the most medals at the Winter X Games. As a skateboarder, he has twice won gold at the X Games.

More recently, the San Diego native brought snow to the Rose Bowl in February for the debut of Air + Style, an extreme sports, arts and music festival for which he is a majority owner.

Article Courtesy of Neal J. Leitereg

Encinitas Homes On Beach for Rent - Shaun White

 

Encinitas Luxury Real Estate – Rise of the Multinational Lifestyle

private_jet_

 

Search Encinitas Luxury Real Estate – Despite the rough economy the world has seen over the last few years, there can be little doubt that many are actually getting wealthier than ever before. Better still, the majority of these people are doing so, not because they inherited their money, but because they’ve made it as entrepreneurs. The result is that these people are beginning to pioneer what many have coined the “multinational lifestyle.”

A Recent Survey

In order to explore this topic further, Barclays Wealth Insights teamed up with Ledbury Research to conduct a survey that would shed light on this new phenomenon. They surveyed 2,000 individuals who would be classified as having a high net worth. Each one of them earned this distinction by having over $1.5 million USD or the equivalent amount. 200 of those interviewed also had over $15 million to their name. To ensure a diverse enough selection, individuals were selected from 17 nations across the world, including from North and South America, Europe, Africa, the Middle East and Asia-Pacific.

Of the 2,000 interviewed, over 750 of them identified as being entrepreneurs, meaning they made their own fortune.

After the survey was complete, Joe Dalton and Rob Mitchell of Longitude Research took over by interviewing other important people in the field like professionals, academics and all kinds of experts.

High Mobility

While many trends were identified from the survey, one that was especially prominent was the degree of mobility that was enjoyed by the majority of those who responded. This is where the multinational lifestyle really gets its name from. You have individuals who may own Carlsbad real estate, but also have homes on the East coast or other places across the world. Chances are they also enjoy entrepreneurial opportunities on the same scale. So while it’s certainly a luxury to be able to pick up stakes whenever you like and travel the world, it should also be noted that this kind of mobility also likely brings greater business opportunities too.

Increasing in Numbers

inspirational-quote-steps

It’s fascinating to consider the ripple effect this will have in the future. Again, an individual might have their main address in Encinitas, but share many others across the globe. Imagine what that does for their children. They truly become international citizens themselves. Not only does this provide them with obvious benefits, it will also help grow a stronger global community as well.

The survey we mentioned earlier found that 74% or respondents who had lived in at least five countries found that they had an increased sense of global participation. Again, this is most likely something that will be handed down to their children as well.

According to the survey, these people were also more likely to donate their time and money to countries around the world.

 

 

The Rise of the Multinational Lifestyle

Expect findings like the above to become all the more common as time goes on. Nearly half the people who were interviewed for this survey had already lived in at least two countries and many had six or more to their name.

~ Cherie Young ~

[property_overview per_page=24 price=1500000-40000000 sort_by=price sort_order=DESC city=encinitas fancybox_preview=false]

$1,000,000 Closet Caper Raises Question of Home Insurance

Encinitas Real Estate

 

Everyone likes the idea of having a home full of expensive possessions, but it’s important to recognize that this also demands your Encinitas home is protected with top of the line security and further backed by insurance. Recently, a Houston woman appeared on Good Morning America to show off her 3,000 square foot walk-in closet, complete with all her expensive accessories. Later that day, after the woman left her home, the closet was broken into and, allegedly, $1 million in property was stolen.

Do You Need High-End Encinitas Home Insurance?

It’s important to appreciate that there’s a difference between homeowners insurance and the kind you need if you plan on keeping a small fortune on the premises. What you want is an insurance company that, upon the loss or destruction of your expensive items, will actually replace them to the best of their abilities. If someone were to steal an antique watch, for example, they would search the globe to find an exact replica.

How Much More Will I Pay?

The good news is that in many cases, it would appear as though this type of insurance will actually cost you less to insure your Encintas real estate. In fact, experts say that regarding Encinitas homes worth a million or more, it’s always more affordable to go with high-end insurance which will actually be more affordable than the conventional option.

Where Can I Find this Type of Insurance?

California ShoesNot all insurance companies offer the high-end option. In fact, in the U.S., only five companies exist that specialize in providing home owners insurance for expensive properties. And when it comes to high-end insurance, you definitely want to go with a specialty company.

However, these companies generally don’t work with individuals. Instead, you’ll need to go through a broker who will help you get in contact with these insurers and negotiate a fair price for your needs. In order to do this, the broker will have to ask you a number of questions and get a feel for the insurance your property demand.

What Kind of Property Is Covered?

All kinds of Encinitas property can be covered under this type of policy—it will largely depend on the specific one you go with and the company you decide on.

Most personal belongings, though, would be considered covered like purses, clothes, furniture, consumer electronics and more. Again, though, the amount of coverage you’ll have will vary. For many situations, only a certain amount of your, say, jewelry would be covered and there may even be a percentage deductable added on. So for $100,000 loss, you might be charged a 1% deductible and only receive $60,000 back in compensation.

Umbrella Policies

Lastly, umbrella policies are an added layer of protection that also helps out in the worst case scenario. Often, they come into play when someone gets sued for a lot of money. $500 is often all it takes to have a million dollar umbrella policy helping you fight back.

If you’re going to live a high-end lifestyle, be sure you have the insurance to go with it too.

~ Cherie Young ~

Encinitas Real Estate – Does Home Financing Make Sense?

Encinitas Real Estate
One huge step when it comes to buying an Encinitas home is financing it. This is usually the most dreaded, least-exciting step of the process and for good reason. Just like your Encinitas home, your mortgage is going to stay with you for decades to come and it doesn’t care if you lose your job or have high medical bills.Unless you want to risk a foreclosure, you need to take this step very carefully. One option to consider is owner financing.

The Main Reason to Consider

Since the financial crisis, the U.S. government became more restrictive about lending requirements in an attempt to make sure only the most qualified could own Encinitas real estate and, thus, help ensure so many bankruptcies and foreclosures wouldn’t happen again. The problem is that they may have gone too far in that now many very qualified applicants are finding they can’t get a loan.

That’s no random assertion either. According to the National Association of REALTORS, these new requirements may have stopped as many as 15% of potential home buyers from following through on their purchases.

What Does Owner Financing Entail?

As the name suggests, home financing basically means that the owner of the home handles the majority of the financing themselves and, thus, holds the buyer’s note—or at least most of it.

Essentially, the owner takes the place of the bank and provides the buyer with a kind of mortgage. All it takes to do this is a specific legal document that will bind the two parties together. It’s no different than other contracts in this regard.

Benefits

The main benefit to the owner is that they can sell their Encinitas property during a bad market. These restrictions don’t just hold back buyers, obviously, they’re also hurting people who want to sell homes. By going with an option that isn’t controlled by such regulations, sellers can finally move on from homes they don’t want.

This also means buyers can get homes when they may have otherwise been restricted from doing so. Terms tend to be much more favorable too. A buyer who can’t afford a sizable down payment may be considered a renter until they’ve paid enough to equal a down payment and then begin acting like a traditional mortgagee.

Potential Risks

Every Crayon

Of course, both parties need to consider what could go wrong. There’s a lot of money involved in this arrangement, to say the least. For one thing, the buyer could simply stop making payments. They could leave the home or even damage it before taking off.

The buyer, on the other hand, could find out that the seller doesn’t actually have ownership of clear title to the property. Their owner financing could also turn out to be tied to the owner’s adjustable rate loan, which would be it becomes more expensive over time.

There are too many benefits tired to owner financing to completely ignore this option. However, you still want to make sure you weigh out the scenario like you would with any other big decision so you don’t wind up getting burned.

~ Cherie ~

Installing Encinitas Home Security Systems for Better Property Valuation

surveillance-apps-apple-android

There are a number of reasons it makes sense to have an Encinitas home security system installed. Obviously, you want your loved ones to be safe. However, you also want your things properly looked after in the event that someone breaks in while you’re not around. Either way, don’t forget that installing a security system is also a great way to get a better value for your property.

Encinitas Home Security

As we mentioned, most people install a system in their Encinitas home because they want to make sure the most important part of their life—their loved ones—remain safe at all times. This means having a system that will sound the alarm if someone were to try to break into your home.

Of course, as everyone has this need in common—to keep their family safe—you can expect a high-end security system to be a real selling point when you put your property on the market. After all, who cares how great the kitchen looks if the house isn’t even safe to begin with?

Monitoring and Surveillance

A simple alarm is a good idea, but it’s far from the end of the road in terms of your options. Nowadays, you can also get monitoring and surveillance systems that will keep an eye on your home even when you’re away. For one thing, this can deter criminals right off the bat. It can also help you find out who broke into your home if the worst were ever to happen.

However, these days, you can also get apps on your phone that allow you to see what’s going on at your house at all times. This is great for peace of mind when you’re going to be away for days on end. Even if you’re just at work all day, but you know your kids are home alone, having such an app means you always know they’re safe.

Keep an eye on your home with these two ridiculously simple surveillance apps.

Don’t Forget the Basics

medium_eye
It’s easy to get caught up in all the high-tech, high-end gadgets out there and forget how important the fundamentals of home safety are too. Obviously, you should teach your kids about answering the door to strangers and not letting anyone in.

However, make sure you also have secure locks on your windows. Your door locks should be reinforced as well. If you have a garage door code box, it needs to be one that can’t just be re-wired and your family must keep the code safe.

Like the other advice, checking all these boxes on your security items list will not only ensure that you have a safer home, it will mean having one that is also more valuable to potential buyers. Few features can say the same, so consider taking stock of your Encinitas property as it is and thinking about investing in its future.

A safer home isn’t just a better home for you and your loved ones. It also means getting more in the Encinitas real estate market. Fortunately, these days, security systems can be affordable and easily installed.

~ Cherie Young ~

 

 

 

Encinitas Real Estate – Living Solo in Encinitas

Encinitas Real EstateMore and more people are choosing to live solo and purchase Encinitas real estate, or find themselves living alone because of life circumstances, like divorce or death.  The number of young people choosing to live alone is ever increasing and the demand for housing for singletons is on the rise.  In addition, more and more seniors are living independently longer than ever before.

In Encinitas, even if you live by yourself, you will never feel alone, because every day the city offers something new for its residents and visitors to experience.  Located close to North County Coastal areas, Encinitas is a city filled with enough adventures to last a lifetime.

 

Golf

San Diego is home to some of the best golf courses in the country.  With the numerous San Diego golf clubs and courses in the area, you will have no trouble finding a league (or more than one league) to join to keep your golf game top notch and to meet other golf lovers.  Indeed, a golf lover could spend every single day of the week golfing here and never get bored with the courses.

 

Nature & Physical Activities

In addition, the beach (10 minutes depending on where you live), mountains and desert are within an 1 1/2 hours near Encinitas, and is ripe for exploring.  For people who love to hike and immerse themselves in nature, Encinitas is the place to be.  You will find countless parks and preserves to explore on your own, with your dog, or as part of a guided tour.  There’s also horseback riding, surfing and more for adventurous nature lovers.  If you’d rather exercise in an indoor setting, there are numerous gyms and clubs to join in the Encinitas area so that you can maintain your physical fitness and meet new people.   The Encinitas YMCA has a beautiful gym with a gorgeous pool area for adults and youngsters.

Encinitas Car Club

Photo courtesy of Brett Shoaf, www.ArtisticVisuals.com

Spas, Shopping, Art, & Food

life-and-love-driftwood-artThe spas in Encinitas are world-class and will ease your stress and make you feel relaxed and rejuvenated.  In addition, Encinitas is renowned for spiritual exploration, Swami’s surfing, vintage cars – a literal vintage collides with hip and modern!   If classic cars excite you we have a Classic Car Nights.  Encinitas areas have enough events, shops, and food offerings to allow you to explore and see new things every day.   Foodies will love the variety of Encinitas restaurants.

People

People from all walks of life make their way to Encinitas for the amazing culture, weather, and smorgasbord of things to do.  No matter where you are from, you can find someone else from your home state or country in living in Encinitas.  In addition, Encinitas is close to the San Diego Airport and Palomar Airport and is easily accessible, which is especially great when you have family members who want to visit you or for when you want to check in with family living elsewhere.  A quick cab ride to the airport and you’re off.

In addition, Encinitas condo living comes with the perks of not having to maintain a yard or deal with exterior home issues.  When you’re living solo, you deserve ease of living and the Encinitas real estate market has excellent options to serve you.

~ Cherie Young ~

 

 

Why is it still hard to get a Encinitas home loan?

Encinitas Home LoansIt’s been six years since the stock market crash of 2008. Since then the economy in the U.S. slowly has been improving. Jobs are coming back. Locally, Encinitas real estate prices are on the rise. So why is it still hard to get a Encinitas home loan? In an attempt to prevent what happened leading up to the financial crisis in 2008, new regulations and policies were put into place regarding financing to purchase property and homes. Lenders today want more than your W-2’s and a tax return. You may be asked to provide voluminous amounts of financial information to get a loan. This is especially so if you are self-employed or own a business. Securing all of this information can drag out the Encinitas home loan process and cause people who, ten years ago, would have been able to obtain financing without a problem, to be declined for a home loan.

 

What you can do when you run into financing problems:

First, to increase the chance you will be provided a Encinitas real estate loan from a lending institution, get your paperwork in order. Ask in advance of the loan application process what documentation your lending institution will need to process a loan application and provide financing. Gather all of that information before you apply for a loan and it will make the process much quicker. You might also learn in this process that you may have to wait a while before you will qualify for traditional financing. If you haven’t been at your job for very long or if you just started a business, you may need to wait one or more years before you will qualify.Pay as much in cash as possible. If you make as big of a down payment as possible, you won’t need to borrow as much. That way you won’t have to meet the requirements necessary to borrow more money.Get creative about how you go about financing. If you have chosen a home you want to purchase, offer to pay for the Encinitas home through seller financing. If the seller doesn’t need all of the cash up front for the purchase of the home, you can pay them for the house on time. Generally, seller financing is beneficial to both parties to such a transaction. The seller receives interest payments from the buyer on the sale of the home, which are usually higher than they could receive if they had the asset in a savings, money market, mutual funds, or other investment account. It is beneficial for the buyers because they don’t have to meet the strict requirements of lending institutions in order to finance the purchase of a home.In this same vein, as a buyer, you could also borrow part or the entire purchase price from a friend or family member. The person or people you borrow from will make more money in interest than they would if that money was in a traditional savings or investment account, usually upwards of 5%.

15113-spongebob-gary-the-snail-and-snelly-village-voice-love-hearts-cartoon_1920x1080

 

Another alternative is to have someone else with a very good credit history and financial backing, co-sign for the loan. Typically, this would be a parent or other close family member who trusts that you will make the installment payments to the lender in a timely manner. When someone co-signs for a loan, they are making themselves 100% liable for repayment of the money. That’s a big request to make of someone, but if they want to see you get into a home and start moving forward, they may be willing to help you out.

~ Cherie Young ~

 

 

Encinitas Homes – Move up or Stay?

You’ve been in your Encinitas home a few years and things are starting to feel a little tight. When you first moved in you had no children; now you have two. There’s no more spare bedroom for your mother to use when she comes to visit because you converted it to a nursery. It seems like all of your friends and coworkers are moving into newer and bigger Encinitas real estate. Is it time for you to follow suit? Ask yourself the following questions to help you reach a decision.

 

 

Why do you want a bigger Encinitas home?

Think about why you are considering moving to a bigger Encinitas home. Is it because you actually need more space? Do you want to keep up with your friends? Do you really need a house with a theater room and spa-grade bathrooms?

If you need more space, consider adding on to your existing home. Meet with an architect and/or general contractor and have some preliminary plans drawn up to see if an addition to your home is feasible or even legal. Sometimes building restrictions (zoning and ordinances) will prevent you from adding on to your home or restrict where and how you can build on your lot. If you can modify your home, adding on to your home can be more affordable than upgrading to a bigger home, but not always. Some older homes are not well suited for adding on and doing so can come with a high price tag. For example, if your home was built before 1978, it may have lead paint on the walls and contractors must be certified to work with such materials. Hiring certified workers can be pricey. When remodeling an older home, you might also discover problems lurking behind the walls that will mean extra cost and expenses for you. In these situations, purchasing a newly built larger home may be a better financial decision than adding on to your existing home. The Encinitas real estate market has a lot to offer in the way of new homes that can suit your growing family perfectly.

Encinitas Lagoon, photo courtesy of Brett Shoaf

Encinitas Lagoon, photo courtesy of Brett Shoaf, Artistic Visuals

Can you afford the increased expenses?

A larger home often comes with a bigger mortgage payment. Look at your income and expenses. How much more money can you comfortably pay towards a higher mortgage payment? You might want to get an appraisal or market analysis of your home to get an idea of how much equity you have in your home. That, in turn, can help you get a handle on how much you afford in a new home. In addition to an increased mortgage payment for a larger home, you are probably also going to be faced with increased property tax, home insurance, utility, and maintenance expenses. Homebuyers often overlook these costs when they are looking to upgrade their home. For example, your utility expenses will increase because you have to heat, cool, light, and bring electricity to more square footage. In addition, you may have to purchase more furniture to decorate and fill up the extra space. A bigger space means more to maintain, not only in dollars and cents but also in sweat equity. Are you willing to spend more time cleaning and maintaining a bigger space? Can you hire someone or a service to help you with home maintenance and cleaning?

Can you sell your current Encinitas home?

If your home is in need of repairs or if delayed maintenance problems need to be taken care of before you can sell your home, you need to take care of those things before you even consider buying a new home. If you don’t take care of these things, you will have a hard time selling your home and getting into a new one.

What do your spouse and kids think about moving?

If a move to a bigger home would take you out of your current school district, how would that impact your children? Would a move to a bigger home mean a longer commute to work for you or your spouse? Have a family meeting to let everyone voice his or her opinions and take everyone’s thoughts into consideration when making your decision.

~ Cherie Young ~

Pending Home Sales Surge in May

WASHINGTON (June 30, 2014) — Pending home sales rose sharply in May, with lower mortgage rates and increased inventory accelerating the market, according to the National Association of Realtors®. All four regions of the country saw increases in pending sales, with the Northeast and West experiencing the largest gains.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, increased 6.1 percent to 103.9 in May from 97.9 in April, but still remains 5.2 percent below May 2013 (109.6). May’s 6.1 percent increase was the largest month-over-month gain since April 2010 (9.6 percent), when first-time home buyers rushed to sign purchase contracts before a popular tax credit program ended.

Lawrence Yun, NAR chief economist, expects improving home sales in the second half of the year. “Sales should exceed an annual pace of five million homes in some of the upcoming months behind favorable mortgage rates, more inventory and improved job creation,” he said. “However, second-half sales growth won’t be enough to compensate for the sluggish first quarter and will likely fall below last year’s total.”

Beautiful San Diego Beach Sunset

Beautiful San Diego Beach Sunset

Despite the positive gains in signed contracts last month, Yun cautions that affordability and access to credit is still an area of concern for first-time home buyers, who accounted for only 27 percent of existing-home sales1 in May and typically carry student loan debt and lower credit scores.

“The flourishing stock market the last few years has propelled sales in the higher price brackets, while sales for homes under $250,000 are 10 percent behind last year’s pace. Meanwhile, apartment rents are expected to rise 8 percent cumulatively over the next two years because of tight availability,” said Yun. “Solid income growth and a slight easing in underwriting standards are needed to encourage first-time buyer participation, especially as renting becomes less affordable.”

The PHSI in the Northeast jumped 8.8 percent to 86.3 in May, and is now 0.2 percent above a year ago. In the Midwest the index rose 6.3 percent to 105.4 in May, but is still 6.6 percent below May 2013.

Pending home sales in the South advanced 4.4 percent to an index of 117.0 in May, and is 2.9 percent below a year ago. The index in the West rose 7.6 percent in May to 95.4, but remains 11.1 percent below May 2013.

Yun expects existing-homes sales to be down 2.8 percent this year to 4.95 million, compared to 5.1 million sales of existing homes in 2013. The national median existing-home price is projected to grow between 5 and 6 percent this year and in the range of 4 to 5 percent in 2015.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

# # #

person-change-life1May first-time home buyers data is from a monthly survey for NAR’s Realtors® Confidence Index.
*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.

NOTE:  Existing-home sales for June will be reported July 22, the next Pending Home Sales Index will be July 28; release times are 10:00 a.m. EDT.

Article Courtesy of Realtor.org