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Current Homes for Sale in Ramona, California, 92065

Interested in living in Ramona, California? As of today, May 7, 2020 there are currently 65 detached homes for sale in Ramona, California, 92065.

One-Bedroom: There is only 1 one-bedroom for sale in Ramona listed at $795,000. It has been on the market since November 2019 and is located at 925 E Old Julian Hwy. This new build is 1,672 Sq Ft on 9.85 acres of land.

Two-Bedroom: There are actually no two-bedroom detached homes for sale in Ramona!

Three-Bedroom: Unlike two-bedrooms in Ramona there are plenty of three-bedrooms for sale, over 31 for sale! Asking prices range from $499,000 – $995,000. There are two listed in the millions at $3,750,000 and $4,500,000. The median lot size is a little over 30,000 Sq Ft. Average days on the market is 39 days. The average square footage is 2,375, ranging from 1,200 Sq Ft – 4,560 Sq Ft.

Four + Bedroom: There are 33 four plus+ bedroom homes for sale in Ramona. List price ranges from $449,900 – $995,000. There are an additional three homes listed in the millions: $1,100,000, $1,200,000, and $7,495,000! The latter is 8,000 Sq Ft custom home with 360 degree mountain views, built in 2009, and is on 352 acres! It is a four-bedroom / 5-bath home that has been listed for 16 days. This Equestrian Estate and Arabian Horse Ranch includes amenities such as several other historical homes dating back to 1890, a 35 Stall State of the Art Barn with covered riding Arena, an additional 12 Stall barn, a Breeding facility, a 12 Stall Mare Hotel, a Presentation Office, a covered Bullpen, numerous dry turnout pastures and irrigated pastures, two wells and much more. Wow!

The average days on the market for four + bedrooms is 33 days and the average square footage is 3,034 Sq Ft, ranging from 1,950 Sq Ft to that massive 8,000 Sq Ft.

If you are interested in a market analysis for a certain zip code or area in San Diego please let Garrett Trainor at First Line Realty know and he will be happy to help! Stay tuned for Just Sold data for Ramona, California!

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First Line Realty – Just SOLD – 5310 Rex Ave #1, San Diego, CA 92105

Congratulations to my buyer of 5310 Rex Ave #1, San Diego, CA! We were able to sell her home and find her this beautiful home closer to her work! We were also able to purchase this property below appraisal price! If you are interested in purchasing a home please reach out to Garrett Trainor at First Line Realty. Property With A Purpose! 

  • Just Sold May 2020
  • Selling Agent
  • Sale Price $236,500
  • 1 Bed / 1 Bath
  • Year Built: 1973
  • Home Size: 630 Sq Ft
  • Community: City Heights
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Five Possible Electric Home Dangers

The leading cause of home fires is due to electrical mishaps. Learn about the most dangerous things electricians see homeowners do most often that could be putting your home at risk.

  • Using Adaptors on Two-Prong Outlets: Some older homes may have old two-prong outlets, but many of today’s appliances are three-prong. Instead of using adaptors, upgrade your outlet to a three-prong version.
  • Using Loose Electrical Outlets: Plugging into loose electrical outlets can lead to fires. Replace loose electrical outlets ASAP.
  • Using the Wrong Extension Cords Outside: Make sure the extension cord is rated for outdoor use. Otherwise, it could overhead and potentially cause a fire.
  • Overloading the Circuit: Look for signs that you may be overloading the circuit. If you suspect an overloaded circuit, contact a licensed electrician to inquire about upgrading your panel.
  • Overlooking the Importance of Ground Fault Circuits: All outlets in the kitchen and bathrooms should be equipped with ground fault circuit interruptors which will shut off power then they sense water near.

Source: https://www.car.org/marketing/clients/infographics/Electric%20Dangers

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First Line Realty Explains Different Types of Home Loans

Are you interested in purchasing a new home and not sure which type of home loan to apply for or what different options there are out there? See which one makes the most sense for you!

There are various types of regulations, guidelines, and fees out there for the home buying process. Not every mortgage is right for everyone. That is why there are a variety of home loans available. Let’s look at the various options out there.

1. Conventional Loan:

  • What Is It? A conventional loan is a loan that isn’t backed by a government agency. These are the most common type of loan. Conventional loan terms come in 10-, 15-, 20- and 30-year terms, with 30-year terms being the most popular option.
  • What Do You Need? You can get a conventional loan with as little as 3% down payment and a 620 credit score. But the lower your credit score, the more money you might need for a down payment.
  • Who Is It Good For? The majority of home loans — around 75% — are conventional loans, so it’s good for most people. You can use it for your first home, second home and even investment properties.
  • Who Should Skip It? Borrowers who don’t have the minimum credit score requirements or need payment assistance.

2. FHA Loan:

  • What Is It? An FHA loan is backed by the Federal Housing Administration, which provides mortgage insurance to lenders who provide FHA loans. It’s the largest mortgage insurer in the world. Loans are administered by FHA-approved lenders. This can be local banks, credit unions and online lenders. Loans come in 15- and 30-year terms.
  • What Do You Need? To secure a 3.5% down payment rate, your credit score will need to be 580 or above. If it’s below 580, you can still qualify, but you’ll need at least a 10% down payment. For down payments of less than 20%, your loan will require private mortgage insurance. PMI protects the lender just in case you default on your loan. PMI will get removed from your mortgage payments once you have at least 20% equity in your home.
  • Who Is It Good For? Borrowers who don’t have strong enough credit to qualify for a conventional loan. FHA loans also offer down payment loans and grants through federal, state and local programs whereas conventional loans don’t.
  • Who Should Skip It? If you have good or excellent credit that would qualify you for a conventional loan.

3. VA Loans

  • What Is It? VA loans are offered through the US Department of Veterans Affairs. Military veterans, those in active duty or in the reserves qualify for VA loans.
  • What Do You Need? There’s no down payment or minimum credit score requirement to get a VA loan.
  • Who Is It Good For? Those who serve or have served in the military.
  • Who Should Skip It? Borrowers who aren’t in the military, obviously. VA loans are only good on primary residences so if you need funding for a second home or investment property, you’ll need to look at other options.

4. USDA Loans

  • What Is It? USDA loans are funded by the US Department of Agriculture. They’re available in specific regions across the country. They’re made for borrowers in mostly rural areas who might not otherwise qualify for a traditional loan. Loans are backed by USDA-approved lenders (similar to FHA-backed loans).
  • What Do You Need? There’s no down payment required for a USDA loan. Most lenders require at least a fair credit score.
  • Who Is It Good For? Families in rural areas as long as you meet income and location limits.
  • Who Should Skip It? Those who don’t meet the location and income requirements. If you qualify for one and not the other, you also might want to look into alternative loan options.

Source: https://www.cnet.com/personal-finance/all-the-different-types-of-home-loans-you-should-know-about/

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First Line Realty – Just SOLD – 6750 Beadnell Way #20 San Diego, CA 92117

Congratulations to my seller of 6750 Beadnell Way #20! We were able to sell for full list price and purchase a new home for her as well! If you are interested in selling your home please reach out to Garrett Trainor at First Line Realty. Property With A Purpose!

  • Just Sold April 2020
  • Listing Agent
  • Sale Price $289,900
  • 1 Bed / 1 Bath
  • Year Built: 1994
  • Home Size: 609 Sq Ft
  • Community: Clairemont
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First Line Realty – What is an Earnest Money Deposit in a Real Estate Transaction?

What is an earnest money deposit in a real estate transaction? Many buyers know they need to spend money to purchase a home, but many do not know when they need to put a deposit down or how much that typically can be. The earnest money deposit is the initial deposit that a buyer would put towards purchasing a home to show good faith. This usually happens within a day or two of submitting the residential purchase agreement, or “offer.”

The earnest money deposit is considered a good faith deposit because it shows the seller of the home that you are willing to put money on the line and you are serious about the purchase. This deposit is typically held by the listing agent and can be cashed and put into an escrow account. If the offer is accepted and a contract is finalized the deposit will be treated as part of the down payment. However, if the buyer breaks the contract there is a chance that the earnest money deposit can be lost and kept by the seller.

The seller may be able to keep this deposit if the buyer breaks terms of the contract. That being said, the buyer has rights set forth in contingencies that will allow the buyer to walk away from the contract and have the earnest money deposit returned. These contingency periods are determined by the buyer in the offer so it is important to make sure the buyer is working with an educated Realtor to make sure they are aware of these time periods so they know when they can cancel the contract without losing their deposit.

There is no definitive amount for an earnest money deposit. It is simply up to the buyer to decide how much they would like to put down. Typically, it can be anywhere between 1-5% of the home’s sale price. A buyer may want to put more money down to show the seller that they are very serious about the purchase which could make your offer stronger when comparing with others.

In summary, it is important for the buyer to know the contingencies and what obligations and responsibilities they have during these times periods. It is essential to pay close attention to what needs done when so the buyer does not lose the earnest money deposit. If you are unsure of this ask your Realtor for guidance. A good Realtor will keep track of these time periods for you so you can rest assured knowing there is an extra set of eyes on these time frames.

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Current Homes for Sale in Alpine, California

Are you looking to possibly live in Alpine, California? Let’s take a look to see what is for sale in Alpine. There is currently one 1-bedroom home for sale with a median price of $220,000. With the assumption of 20% down that would be a $44,000 down payment with monthly payments of $1,038. The median asking price for a 2-bedroom in Alpine is $274,000. There are currently four 2-bedroom homes for sale. With the same down payment assumption of 20% that would be a $55,000 down payment with monthly payments of $1,293. Looking for something bigger? The median asking price for a 3-bedroom in Alpine jumps to $670,000 and 4+ bedroom median asking price is $849,000. There could be several factors for this such as lot size, home square footage, age of home, or interior design amongst many other factors. There is more inventory available for 4+ bedrooms in Alpine with fifteen homes for sale compared to five 3-bedroom homes. Remember, these are just asking numbers and not a good representation of sold prices. If you are interested in the Alpine area please reach out to Garrett Trainor at First Line Realty and he will provide a detailed report to you catered to your specific interests.

Please keep in mind these are general figures and the home you are looking for could be reflected in a higher or lower price. Also, your monthly payments may vary given your financial situation. The estimated monthly mortgage payment assumes a 30-year fixed-rate mortgage (FRM) at the current interest rate. Current interest rates are favorable at an average of 3.45% down from 3.46% last month and 4.26% from last year. Payments mentioned above also includes an assumption of 1.38% for property taxes and insurance. 

Source: https://www.car.org/marketdata/interactive/citybuyersguide

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Top Reasons To Become A Homeowner

Buying a home is a complicated process. Even finding the right home can be difficult in California’s inventory- constrained market. Once you do, there is the negotiation process, contracts, inspections, appraisals, financing, and myriad other issues that pop up along the way. In many cases, your monthly mortgage payment when you do purchase a home can be more expensive than your rent, and that’s without considering the upfront cost of a down payment.

Taking all of this into account, why should you invest in homeownership? First, and perhaps most important, homeownership is the one tried and true way that Americans have actually managed to generate wealth in this society. In part, this is because home prices appreciate over time—even after adjusting for inflation. Back in 1980, the typical home in California cost less than $100,000. Today, that number is more than $600,000.

However, price appreciation is only part of the story. The leveraged/collateralized nature of the investment is also critical. Let’s face it, if you walked into your local bank branch tomorrow and asked for $500,000 because you had a hot stock tip, the conversation probably wouldn’t last very long. However, if you ask that same bank for money to invest in buying your own home, there’s a much higher probability of getting that loan. And, you are only required to produce a fraction of the upfront costs yourself—in some cases as low as 3.5%. However, when it comes time to sell, the bank does not require a 96.5% split of your profits—you keep it all despite putting a much smaller amount down.

Next, your rent will continue to increase, but your mortgage payment won’t. Aside from wealth creation, locking in a fixed-rate mortgage is one of the best ways to hedge against housing inflation. Since the 1980s, rents have more than tripled nationwide. In California, the typical apartment ranges from roughly $1,200/month for a studio to as much as $3,000 for a 4 bedroom unit. In some coastal metros, rents are significantly higher than that. Locking in a fixed payment now can generate significant savings over the course of 30+ years.

Also, interest rates are almost as low as ever. Today, the median-priced home in California exceeds $600,000, but rates have fallen. It has never been more affordable in modern history to borrow for homeownership than in the past few years. Although rates are not forecasted to rise rapidly, even an increase to 5% will cost you significantly more over time. At 4%, the monthly mortgage payment for a median-priced home is $2,713 including taxes and insurance. At just 5%, that monthly payment goes up by $259 per month—costing you an additional $93,240, over the life of the loan.

Not only will your future generations benefit from the wealth creation and savings generated by your decision to purchase a home, but studies have shown that even after controlling for parents’ incomes, race, education levels, and other socioeconomic factors, homeownership has a positive impact on children’s health, high school graduation rates, and college attendance.

Although homeownership has big paybacks for the economy as well as society at large, it is not for everyone. Just because I discussed some favorable reasons for homeownership does not mean you should start looking without addressing your current and future financial goals. Sometimes renting makes the most sense given your current finances and your plan for the future. Everyone’s situation is different so please keep that in mind. If you have any questions if homeownership is right for you please reach out to Garrett Trainor at First Line Realty to discuss further.

Source: https://www.car.org/-/media/Sites/CAR/Documents/temp/673221_pdfFooter_20200424070258.pdf

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Deciding if You Should Sell Your Home in San Diego?

You’ve probably already considered your personal reasons for selling. Now you need to take into account the other factors involved, such as market conditions, your property’s value and tax implications. Unless you’re locked into selling your home (e.g., you’ve already accepted a job offer in another city), it’s a good idea to look at the whole picture before deciding to sell.

Assessing Market Conditions

There’s a rule of thumb to keep in mind when deciding to sell your home: Your home is only worth what a qualified buyer is willing to pay at the time it’s on the market. The current real estate market fluctuates based on supply and demand, interest rates, general economic conditions, and other factors. The same house may sell for more or less under a different economy. Garrett Trainor at First Line Realty can inform you of the going price for homes in your area at the current time; this data is included in a comparative market analysis that he could kindly provide.

Tax Implications of Selling

There are many dynamics that can affect your tax liability upon selling your home. These issues include whether you purchased the home or inherited it, if you used your home for business or rental purposes, costs associated with selling your home, and any home improvements and additions that you’ve undertaken.

The Federal Taxpayer Relief Act of 1997 provides capital gains tax exclusions of up to $500,000 for married taxpayers filing jointly and $250,000 for single taxpayers or married taxpayers filing separately. Current capitol gains rates are 20 percent for those in upper tax brackets and 10 percent for those in lower tax brackets. Overall capital gains rates have been lowered even further — to 18 percent and 8 percent respectively — for assets acquired after December 31, 2000, and held five years or more.

To qualify for this tax break, you must have used the home as your primary residence for at least two of the prior five years; these two years don’t have to be consecutive. If you relocate for your job but don’t meet the requirement, you may be allowed to take a capital gains exclusion proportionate to your circumstances. This exclusion is not a one-time benefit; you may take advantage of it once every two years as long as you meet the qualifications.

The tax rules differ when you sell a home that you’ve inherited. If you sell the inherited home for a profit, you’re required to pay federal and state taxes on the gain. If you keep the house as a second residence and/or eventually move into it after renting it to tenants, you may take the $250,000/$500,000 capital gains tax exclusion if you meet the requirements. When you’re deciding what to do with inherited property, you should consider the current estate tax laws and basis practices.

Beyond these general rules, it’s wise to discuss your home’s sale with a tax professional who can advise you on tax benefits in more detail.

Timing Your Decision to Sell

Because most sellers finance a new home purchase with the sale of their present home, they usually put their homes on the market before they begin their search for a new home. Learning the price you can expect from the sale often sets the pricing parameters for your new home search.

Obviously, it’s not wise to wait until the sale on your property closes completely before beginning to look for your new home. Timing your search properly with the buyers’ transaction can make the difference between having the available funds to buy a new home and cutting down on the interim period between homes.

Source: https://www.car.org/marketing/clients/selling/decidingtosell