Pancake Breakfast in Encinitas February 12th 8-12pm

PANCAKE BREAKFAST sponsored by THE Encinitas Kiwanis Club and Encinitas Parks and Recreation Department

February 12, Saturday 8am to 12pm The Encinitas Kiwanis Club and the Encinitas Parks and Recreation Department of Encinitas are announcing their 4^th annual Pancake Breakfast. Proceeds support Encinitas Youth Basketball; and, the Encinitas Kiwanis Club’s “kids in need literacy program” and Captain Book; Rady Hospital, and other community service projects.

The Pancake Breakfast will be held at the Encinitas Community Center, 1140 Oakcrest Park Drive, Encinitas. Suggested ticket donation is $4.00. Come and help support our kid’s programs in Encinitas. You’ll have a great time!

Join us to continue helping the kids!

Contact Bob Chase for more details: bchase@cox.net or visit our web site at http://www.encinitaskiwanis.org/

FHA and 1099 Loan Qualification

FHA Loan Myths -- The Self-employed and FHA Loan Qualification One of the biggest myths about getting an FHA home loan? The idea that self-employed people are automatically disqualified for an FHA mortgage because of their employment status. While it’s true that it’s tougher for some in the early stages of a small business to make ends meet, being self-employed is not the kiss of death on an FHA loan application.

Proof of this can be found on the forms and FHA mortgage pages of lender websites—most financial institutions offering FHA loans offer a page on the bank’s website offering “FHA loan prep” checklists which include advice on what to submit if you are self-employed. The notion that you can’t qualify if you work for yourself isn’t shared by lenders.

That said, it can be more difficult for some small business owners to qualify for an FHA loan, FHA refinance or homeowner bailout program for one simple reason; not keeping good records. You may be quite successful in your small business or as a freelance contractor, but if you can’t show on paper that you have a consistent income, the FHA can’t conclude that you are a good risk.

Your FHA loan application requires you to show not only that you were gainfully employed, but also what your net income was compared to business expenses. Self-employed people will also need to show a profit-loss statement. If you don’t keep good records of legitimate business expenses, don’t have your taxes professionally prepared, and guesstimate your profits and losses, the FHA loan process could come to a halt very quickly for you. The question your loan officer will ask goes from “Can you afford your monthly FHA home loan payments?” to, “How long until my applicant needs some kind of homeowner bailout program?”

This is why self-employed people should take plenty of extra time when planning to buy a home. For some, the average prep time is about one year—especially if there are issues with credit repair or disputes on credit reports to deal with. For a self-employed person, showing reliable income for two years is a very good way to make conditions as favorable as possible to get approved for an FHA mortgage.

That means solid record-keeping, an aggressive approach to finding (and keeping) steady work, and paying strict attention to your taxes. Remember that unlike those with traditional careers, there’s an additional layer of scrutiny to the ebb and flow of steady income. If you went a long period between contracts, or if your business shut down for a time, your loan officer will want to know why and whether such periods of inactivity could happen again or how they affect your ability to make your FHA mortgage payments.

Is it more difficult for self-employed people to get an FHA mortgage? Yes. Is it impossible? Absolutely not, but you need to plan for extra scrutiny to your personal bottom line, keep good records, and be able to show your loan officer that you are indeed a good risk.

Now you can search for homes on any (3) of our web sites. www.thechaseadvantage.com
www.chasera.blogspot.com or www.topsolanabeachhomes.com

San Diego County 2010 Housing Reports signals Pricier Homes are Hot Deals

As reported by the California Association of Realtors less expensive inventory generally saw big jumps in median price from 2009 to 2010, but dipped in sales, while high priced homes were HOT sales but fell in median price. Although I personally view the real estate market as very dynamic in 2011, we should see aggressive sales in the higher priced homes over $1 million, which as reported in Rancho Santa Fe and Solana Beach were hot zones because sellers gave in and reduced their asking price, and buyers were eager to now capitalize on the reductions.

While Rancho Santa Fe's single family median price dropped 11% in 2010 from 2009; Solana Beach single family median price slipped 2.2% from $1,329,000 in 2009 to $1,300,000 in 2010, all the while the number of resale houses rose from 136 to 205.

Oceanside, Carlsbad and Encinitas all saw slight increases in median home sales from 2009 to 2010 of up to 9% in some cases.

I would be pleased to provide a study of your particular zip code or market area.

California home sales hit 7-month high in December

I had a great discussion today with our Broker at Sea Coast Exclusive Properties, Mike Evans and he is as excited about the Southern California real estate market as we are at Chase & Chase. Mike's take on 2011 is, the year will be an exciting one not only for real estate investors but first time home buyers, and others who plan on taking full advantage of the existing real estate market in San Diego County. While most would agree, the news we hear now a days is negative as it pertains to real estate, the evidence produced just recently from the the California Association of Realtors tells a different story on a state level. I've posted a report by CAR which provides further evidence of the upswing in real estate throughout a few of the more notable communities in California. Although admittedly, most of the towns mentioned occurred in LA, Orange, Merin counties and others, but Poway made the list in San Diego County. The bottom line is the selling price on homes is increasing while inventory is shrinking.

The Report by CAR

California home sales rose in December to their highest level since May, according to a report Friday from the California Association of Realtors, as the inventory of unsold homes dwindled.

December’s sales were up 5.9 percent from November’s revised figure of 491,590 but were down 6.8 percent from the revised 558,840 of December 2009.

The unsold inventory index for existing, single-family detached homes was 5 months in December, down from 6.2 months in November but up from 3.8 months in December 2009. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

Statewide, the 10 cities with the highest median home prices in California during December were: Beverly Hills, $2.18 million; Los Altos, $1.30 million; Calabasas, $1.17 million; Laguna Beach, $1.10 million; Manhattan Beach, $1.8 million; Newport Beach, $1 million; Santa Monica, $921,000; Cupertino, $904,500; Rancho Palos Verdes, $849,000; Los Gatos, $840,000.

Statewide, the cities with the greatest median home price increases in December compared with the same period a year ago were: Beverly Hills, 54.3 percent; Calabasas, 39.1 percent; Poway, 25.5 percent; Ridgecrest, 23.3 percent; San Juan Capistrano, 19.2 percent; Compton, 17.5 percent; Laguna Hills, 15.7 percent; Santa Cruz, 14.1 percent; Gilroy, 14.1 percent; La Habra, 13.2 percent.

At Sea Coast Exclusive Properties, we're convinced the real estate market particularly the the coastal community in general has tremendous upside to buyers and sellers alike. Why? It's back to basics....Location, Weather and The Ocean.

Chase & Chase Join the Encinitas Kiwanis

Our real estate company saw the importance of community service and chose an organization with a sterling legacy of giving back to the community and particularly the kids in need. International Kiwanis was founded in 1915 and is headquartered in Indianapolis and is a thriving organization of service and community-minded individuals who support children and young adults around the world. More than 500,000 Kiwanis-family members in more than 80 countries make their mark by responding to the needs of their communities and pooling their resources to address worldwide issues.

In Encinitas our local Kiwanis Club supports and provides service in many ways.

• Children's Hospital, San Diego

• San Diego Blood Bank

• Solutions for Change, Casa de Amparo, and others

• Community Events through Encinitas Parks and Recreation

• "The Kiwanis Cup" Girl's Softball Tournament

• With CRC, Food and Gifts during Holidays

• K-Kids
  

• Literacy Campaign
  

  • Treasure Chests Filled with Book To Children through Headstart, YMCA, CCHAT, Casa de Amparo, Encinitas Public Schools and others.
    

  • Members Reading to Children

Chase & Chase Aligns with Sea Coast Exclusive Properties in January 2011

On the first of January 2011, Sheryl and I switched real estate brokers and aligned with Broker Mike Evans of Sea Coast Exclusive Properties. Sea Coast was the viable alternative for us since we rely on state of the art marketing skills, listed properties, an experienced team of Lenders, a Title Company, Experienced Escrow, and Home Inspection pros all of whom are in place and ready to help our clients.

Chase & Chase as our real estate company is known, has several web sites for providing easy state of the art Home Searches and more. Our areas of expertise span the entire coast line in San Diego County with emphasis from Del Mar through Carlsbad, extending east through Rancho Santa Fe and Fairbanks Ranch. Chase & Chase has four office locations from which to serve our clients all conveniently located in North San Diego County

Check us out at www.thechaseadvantage.com or www.topsolanabeachhomes.com or if you prefer contact us by email: bchase@cox.net or phone: 760-497-2227. We're here to help with all your real estate situations.