Calling all investors…excellent opportunity to rehab cute home in a desirable Chula Vista neighborhood. Located just 1.5 miles from the harbor, home features hardwood floors, spacious living room & walk-in closets in bedrooms. Large lot, with separate detached workshop, offers additional value for the savvy investor. Potential may exist to build a large garage and/or Grannie flat. Bathroom in the workshop, however, unclear if functional. Off street parking can accommodate 6 + cars.  Home is located within walking distance to public transportation (bus stop just steps from home), Chula Vista High School & Lilian Rice Elementary. San Diego Country Club, Hilltop Park, Chula Vista Shopping Center, entertainment, and restaurants and so much more close-by. Chula Vista Convention Center slated to begin construction in 2019. All these amenities, plus approximately 1.5 miles to harbor and I-5 freeway make this a wonderful neighborhood to call home.

Just Reduced to $730,000.00

Open house July 15th 12-5 PM

5309 Redding Road, San Diego, CA 92115

Fall in love with this single level 4 BD 2 BA mid-century modern charmer.  Meticulously maintained home features open concept living with dining and living rooms opening to backyard, separate family room with brick fireplace, generously sized kitchen with lots of cabinets and separate breakfast nook, low maintenance landscaping, and 2 car garage.  Master bedroom boasts coved ceilings, double closets, and its own private bathroom.  Soffit in the living room and kitchen with custom LED lighting brings art and elegance into the home.  Upgrades include beautiful wood floors, central HVAC with a new air conditioning system, new roof, new solar (owned free and clear), Blink car charging station, upgraded electrical panel, LED uplighting, elegant dining room chandelier, private backyard with anti-microbial pet turf, whole house fan, and new garage door.  Convenient location with easy access to I-8 and I-15 freeways, walk to San Diego State University, Trader Joe’s, shopping and more. This wonderful home in the neighborhood of College View Estates will not disappoint.

Why Have Interest Rates Jumped to a 7-Year High?

Interest rates for a 30-year fixed rate mortgage have climbed from 3.95% in the first week of January up to 4.61% last week, which marks a 7-year high according to Freddie Mac. The current pace of acceleration has been fueled by many factors.

Sam Khater, Freddie Mac’s Chief Economist, had this to say:

“Healthy consumer spending and higher commodity prices spooked bond markets and led to higher mortgage rates over the past week.

Not only are buyers facing higher borrowing costs, gas prices are currently at four-year highs just as we enter the important peak home sales season.”

But what do gas prices have to do with interest rates?

Investopedia explains the relationship like this:

“The price of oil and inflation are often seen as being connected in a cause-and-effect relationship. As oil prices move up or down, inflation follows in the same direction.”

You may have noticed that filling your gas tank has become substantially more expensive in recent months. The average national gas price has climbed nearly $0.50 from the beginning of the year, leading to the highest price for Memorial Day weekend since 2014.

As rates go up, your purchasing power goes down, but don’t worry; rates are still well below the averages we’ve seen over the last four decades.

“Freddie Mac said this year’s higher rates have not yet caused much of a ripple in the strong demand levels for buying a home seen in most markets, but inflationary pressures and the prospect of rates approaching 5 percent could begin to hit the psyche of some prospective buyers.”

Buying sooner rather than later will help lock in a lower rate than waiting, as the experts believe rates will continue to climb.

Bottom Line:
If you are planning on buying a home this year, keep an eye on gas prices the next time you’re at the pump. If you start to feel a big jump in price, know that rates are probably on their way up too.

If anyone has bought or sold a home recently, you know there is a LOT of paperwork to a real estate transaction.  One very import disclosure that must be disclosed to a prospective buyer, for homes 1978 or older, is whether or not the home contains lead-based paint.  Recently in the news, there has been a lot of talk on the issue as certain paint manufacturers have come under fire for promoting lead-based paint. In lieu of this, many of my seller’s have raised the question “how do the actions of such companies affect me?” The illustration below, provided by the California Association of Realtors, helps to clarify a few points on this very important issue.

It is important to remember, when selling a home, the homeowner has the responsibility to accurately disclose known issues to prospective buyers. Failure to do so is often where many homeowners find themselves in trouble. When in doubt, seek the advice of a trained Realtor, whether it is lead-based paint or a flood in the bathroom, it’s important to share what you know.

Most home buyers have probably heard by now, mortgage interest rates are slowly on the rise in San Diego.   What many people do not understand is just a small rise in rates can have a big impact on your monthly payment.  The chart below, provided by the California Association of Realtors, provides a good snapshot of how quickly your monthly bottom line can increase with rate increases.

In addition to, rising interest rates have not adversely affected home prices in San Diego.  Month over month we continue to see increase appreciation in home values as demand for real estate continues to remain at a historical highs.  If you are waiting for prices to come down before entering San Diego’s real estate market, I’d encourage you to re-think your strategy.  Most experts to do predict a downturn in pricing for several more years but they do agree interest rate will continue to increase.  Take advantage of todays affordable interest rates; over the life of your home loan, you will be glad you did.

Shopping for a home in San Diego is both competitive, and at times, overwhelming.  Multiple offers are the new normal and the lack of available homes to choose from can frustrate even the most prepared buyer.  That’s why it is important to work with a professional, experienced agent who can not only help you avoid home buying blunders, but make your offer the winning offer.  If you or someone you know is shopping for a home in San Diego, give me a call today.  With over 14 years experience in our local market, I can help make your dreams of home ownership come true.

Don’t Make These Key Mistakes When Buying a Home in San Diego