5 I ISSUE | VOLUME VOLUME 7 | NOVEMBER 20225
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MeganÕ s Message
Ken-Tal Events!
What the heck is happening in San Diego real estate?! Are homes even selling? Can I even get a loan right now? BUYER AND SELLER CLOSING COSTS DEMYSTIFIED Shana for These are some of the questions I get on a dailyVote basis in Hazan School Board on At the closing of a real estate transaction, there are a number of fees charged to the buyer and seller that the midst of our COVID19 shelter in place period. Tuesday, Nov. 8th! one needs to be aware of. Closing costs vary widely depending on where the home is located, the home
Meet your neighbor Wendy Reynolds
Our spotlight this month is on Wendy Reynolds of Talmadge. itself and the type of loan, if any. Although some items can be negotiated as to who pays for what, this and benefit thanks to their service!), and if A San Diego native, Reynolds I am here to tell you that indeed, homes guide explains how the fees are generally split here in San Diego (this varies from region to region even Shana Hazan brings the you are borrowing $701,500 or less, which grew up in Clairemont, went to are selling and people are getting loans. within CA). I have itemized this list of fees typically paid for by each party. Keep in mind that in real estate, leadership, experience, puts you financing Mission Bay High School and a bit early to see any price just as with many things in life, all mayIt’s be still negotiable. I have simply noted the customary standard of in the conventional and insight to help our kids category, many lenders willsostill allow attended San Diego State for adjustment trends as we tend to measure practice. succeed every oneyou of to put as little as 5% down. All loans and college, “GO AZTECS!” Along that trend over a 3–6 month time frame them can reach their full all lenders are not created equal, nor are the way Reynolds moved to and we just don’t have that hindsight potential. She came in first SELLER PAID COSTS: their financing programs. Contact me 3for San Francisco and after 20 as of yet. But I can tell you that I am still in JuneÕ s competitive ¥ ¥ Real Estate Commissions - often approx. 5-6% of the sales price, however this can be negotiated. way primary election a referral to a trustworthy lender that with can years in the Bay Area, she consistently seeing multiple offers on ¥ Title Search & OwnerÕ s Title Insurance Policy - $1200-$3000, on average, but dependent upon more than 52% the to vote. provide you the information you of need decided she needed a change properties in San Diego, particularly in the the sales price. It may seem unnecessary but actually insures the seller has the right to sell the Shana is endorsed by the get started in your research. and made the move back to her $1.2 million range and below with both home and that nobody else has claim to the title. San Diego Union-Tribune, hometown of San Diego. After my buyer and seller clients. Of course, ¥ Pest Inspection - Also known as a Wood Destroying Organism Inspection and Report, approx. elected andbuying community If you would like to explore and/ going to area open houses, this depends on the location and overall $75-$200 for the report/inspection and if any active infestation and/or wood rot is found, you can leaders, and more than or selling in this ever changing market, she came across Talmadge. presentation, but with an already very anticipate an average cost of about $2500 to correct. ItÕ s ideal to have the inspection done prior 6,500 teachersoracross San give me a call at 619.944.2798 email According to Reynolds, “I loved limited set of housing inventory for buyers to listing so that when you get an offer you are prepared to negotiate and respond when the Diego because skillfriendly set we need now to deliver me at Megan@MeganB.com. I’dshe be brings happythe exactthe neighborhood vibe out there to -choose from, it’s even buyer asks for a Ò section 1 pest clearanceÓ deliver the property freetighter and clear of active student-centered results to streghten our schools. Support Shana and to discuss with you what sets my service and all the planned activities. now. Those that can still qualify for a infestation. help make our schools stronger! I haven’t seen a neighborhood apart from loan Fees are able to take of the in a development ¥ HOA Transfer & Document Prep - When sellingadvantage and/or purchasing thatthe rest! quite like Talmadge.” still low rates and achieve their dream of has a HomeownerÕ s Association, there will be a processing fee to transfer in the new owner, as well homeownership, movingwith up, or as for processing all the various documents associated thedownsizing. HOA such as the Conditions, In May of 2019, Reynolds made Covenants & Restrictions (CC&R’s), Budgets, Meeting Minutes, Insurance Certificates, etc. and 1st - Dec. 10th usually costs about $300-$700. Talmadge Nov. her home. A graphic Loans can be a little tricky these days Holiday Toy Drive designer for 25 years, she has primary residence stillfor a home warranty for ¥ Home Warranty - $500-$800,fora abuyer will often requestand thetrickier seller pay owned her own design business, for an investment Forthe a primary them. While not required, it offers a buyer peace property. of mind that major appliances will be covered during the first year of their ownership. Olive Design for 20 years and residence loan, with many (but not all) Megan Beauvais & is currently freelancing. lenders, on having at but a good rule of Associates isUltimately, organizing a ¥ Real Estate Transfer Tax - Varies fromyou Cityshould to Citycount and county to county, Toy Drive kids of all she is looking for a for permanent least 20%purchase down if price you are needing to thumb to estimate is to use .12% of the in support of the employee ages position (hint, hint). borrow $701,501 higher as this you ¥ Natural Hazard Zone Disclosure Report - $100oron average, lists puts any documented natural hazard Copley-Price You can find her onlineFamily portfolio zones the property falls within.in the “jumbo loan” category. Most lenders YMCA & Toys for Tots. at wendyreynolds.myportfolio. are still VA loans up to $1 ¥ Escrow Fee - Split between buyer andprocessing seller, and dependent upon themillion sales price, each party can Donate a new, unwrapped com. In her free time, Reynolds $0 down (always an incredible opportunity expect their portion to be about .5% of the purchase price. toy starting Nov 1st loves hiking, mountain biking, through Dec 10th, drop off print making, art shows and between Monday - Friday, BUYER PAID COSTS: happy hour. Her passions 9am - 5pm or by ¥ Loan Origination Fees - This is usually about 1% of the loan amount, but can vary from lender to include travel, photography appointment at 4134 lender. and she loves herAvenue adorable Adams Ste dog, 105, in ¥ LenderÕ s Title Insurance - Approx. $400-$700, a policy that protects the lenderÕ s investment in the Diego. If you them out in thesee heart of Kensington. home. the neighborhood, be sure to Have questions about real estate? Contact Megan! ¥ Home Inspection - Not really a closing cost as it is paid at time of service (while in escrow).The Happya to have you this Spread the joy of the holidays and say helphello! us brighten child’ s holiday buyer is highly encouraged to learn as much as possible about the property including costs to here, Wendy! season! Megan Beauvais
repair, if applicable. There are a number of inspections that can be had including a general megan@meganb.com REALTOR physical inspection, sewer line camera scope, roof, foundation, electrical, mold, engineering, to 619.944.2798 DRE 01426805 name a few. A buyer will typically spend about $800-$1000 and have a few of these inspections done at a minimum, but can sometimes expect to pay about $3000 if a deeper dive is necessary. Home Appraisal - Ordered through the loan process, this is to verify the fair market value of the home and ensures for the lender (or their investors) that the investment is a sound one for the lending institution. On average $400-$700, depending on the purchase price of the home. Escrow Deposit for Property Taxes, HomeownerÕ s Insurance (and, if applicable, Mortgage Insurance) - A fair estimate is about 6 months of payments for each. If securing a loan, you will have an option to impound these expenses (include them with your monthly payment), and are sometimes required, depending on the down payment or the loan structure. You might consider paying them separately (not impounded), if you are able to. Property taxes in CA are 1% of the purchase price + any local bonds an assessments (in San Diego, the average estimate is 1.25% total). HO Insurance will average between $1500-$3000 annually, and Mortgage Insurance will depend on the loan program and structure. Escrow Fee - Split between buyer and seller, and dependent upon the sales price, each party can expect their portion to be about .5% of the purchase price. ®
December 11th, 3pm The 8th Annual Holiday Lights Bike Ride
Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01527365. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate.
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In this current market, with BUYERS having a bit more negotiating strength, and SELLERS often facing the need to compromise in a way they did not have to do in previous months and years, a creative solution could be had in addressing some of the costs above. Perhaps the seller gets a higher price while contributing to the buyerÕ s closing costs or credits for a rate buy-down. I ALWAYS STRIVE FOR A WIN-WIN for all parties. If you’d like help finding a solution to get you in to or out of a property, please just give me a call at 619-944-2798. IÕ d bet happy to help you!
Join your neighbors for 1 of 2 family-friendly group rides (3miles & 1.75 miles) around Kensington to see the holiday lights! Tickets include bike decorations, a guided, safety-patrolled ride, free treats, and specials from participating businesses. Don't miss one of the best neighborhood events in San Diego (according to the San Diego Reader)! Purchase your tickets by Dec. 9th at KenTalBiz.org. This event is sponsored by the Kensington Talmadge Business Association.
Have Questions About Real Estate? Contact Megan! Megan Beauvais REALTOR¨ , GRI, DRE# 01426805 | 619.944.2798 | Megan@MeganB.com | www.MeganB.com Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01527365. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. This information is provided for informational purposes only and is not a solicitation, recommendation, offer or promise to provide services. Compass is not offering legal, financial or other professional advice. Compass reserves the right to refuse, reject, or cancel the program for any reason at any time without liability. Compass offers no guarantee or warranty of results. Subject to additional terms and conditions. Home must qualify under Compass Concierge guidelines. Subject to additional terms and conditions.