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Is Central San Clemente Right For You?

San Clemente offers a variety of real estate options and lifestyle choices spread throughout the nine different communities (with a 10th eventually on the way in Marblehead Coastal). However, Central San Clemente is considered the social hub of the city and features incredible diversity of real estate options; everything from a 1-bedroom condo to a 3,000-square-foot custom home is found in Central San Clemente. Central residents enjoy easy access to the beach, Downtown shopping and restaurants along Avenida Del Mar, and the San Clemente Pier. But is this area truly for everyone?

Due to the popularity of Central San Clemente, this is easily the most congested area in the city; foot and car traffic is prevalent throughout Central San Clemente as this is the main gathering point in the city. People who like to walk or bike to everything will feel right at home in Central San Clemente; also, be prepared to know your neighbors well as the majority of homes are beach-style properties built close together with little to no yard space (in beach communities, the beach is your backyard). One of the coolest things about Central San Clemente is the history…this is where city founder Ole Hanson began his vision for the city, and it can still be seen today in the red-tiled white homes sprinkled throughout the area and the Casa Romantica Cultural Center (Hanson’s former home).

For people looking to experience the true coastal lifestyle, it doesn’t get any better than Central San Clemente; you can smell the salt water and feel the ocean breezes from almost anywhere in the Central area. If you would like a tour of Central San Clemente, please do not hesitate to contact us.

Do You Really Want That New San Clemente Home?

Over the past several months, the San Clemente real estate market has become a very competitive place. Listings do not come up as often as they did over the past 4-5 years, and when they do they tend to move very quickly. Inventories are down throughout the country, yet there seems to be more potential home buyers than ever, making for an incredibly competitive resale market.

Facing this type of competition for San Clemente homes and condos means that serious buyers need to do just that – get serious. You should not seriously begin your San Clemente home search until you’ve really sat down and looked at your finances to know not only what you can afford but also that you have the funds in place for the down payment and closing costs. Many sellers are asking for proof of funds when you submit a purchase offer; they want to make sure you have the financial capabilities to close the escrow. Likewise, a loan pre-qualification or pre-approval letter should also be submitted with any offer…the seller needs to know that you have a lender willing to offer you a mortgage to purchase your new home.

Finally, the days of low ball offers and long listing periods are fading away; sellers know that, in order to sell their homes quickly, they need to price it as the current market dictates. The quickest way to lose the home of your dreams is to submit a low offer and wait for a counter; you can pretty much guarantee that yours is not the only offer on the table, and buyers these days are too savvy to current market conditions to play games with low ball offers. Today’s market requires aggression and preparation – if you’re not serious about these factors, chances are you will be waiting a long time for your new home in San Clemente.

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Median Home Price Gain Strongest in 6 years

It seems like everyday there is more good news about the health of the housing market, and last week DSNews.com posted an article that adds to this sentiment. The article in question, “Home Prices Show Strongest Gain in 6 Years: NAR,” highlights data released by the National Association of Realtors (NAR) showing the median home price nationally showed the largest increase when compared to year-ago numbers since January 2006, a six-year timeframe. The median home price in April 2012 was $177,400, a 10.1% increase from April 2011′s median price of $161,100. The article also shows that home sales rose from March to April, another excellent sign for the health of the housing market. For people thinking of buying a house or condo in San Clemente, don’t wait too long or you may miss out on the rock bottom pricing.

FHA Loans in Default Reach Troubliung Levels

If you own a San Clemente home or San Clemente condo and financed the purchase of this house with an FHA-backed loan, stay on top of your monthly payments and avoid a recent trend that has been creeping up lately. According to “FHA New Foreclosures Jump As Modified Loans Default,” an article from Bloomberg, the number of FHA-backed loans that entered foreclosure increased in March, a troubling sign that could lead to stricter lending standards from the FHA if this trend continues. With the housing market showing excellent signs of recovery, tighter lending from an agency that backs loans from less-qualified borrowers and demands a smaller down payment (as low as 3.5% of the purchase price) would be very costly for the growth and recovery of the market. FHA loans are an excellent tool for first-time homebuyers, so pay your mortgage on time if you want these excellent loans to remain available at the current terms. San Clemente condo and financed the purchase of this house with an FHA-backed loan, stay on top of your monthly payments and avoid a recent trend that has been creeping up lately. According to “FHA New Foreclosures Jump As Modified Loans Default,” an article from Bloomberg, the number of FHA-backed loans that entered foreclosure increased in March, a troubling sign that could lead to stricter lending standards from the FHA if this trend continues.

If you own a San Clemente home or San Clemente condo and financed the purchase of this house with an FHA-backed loan, stay on top of your monthly payments and avoid a recent trend that has been creeping up lately. According to “FHA New Foreclosures Jump As Modified Loans Default,” an article from Bloomberg, the number of FHA-backed loans that entered foreclosure increased in March, a troubling sign that could lead to stricter lending standards from the FHA if this trend continues. With the housing market showing excellent signs of recovery, tighter lending from an agency that backs loans from less-qualified borrowers and demands a smaller down payment (as low as 3.5% of the purchase price) would be very costly for the growth and recovery of the market. FHA loans are an excellent tool for first-time homebuyers, so pay your mortgage on time if you want these excellent loans to remain available at the current terms.

State Run Mortgage Assistance

For current homeowners still struggling to make their monthly mortgage payments, the state of California is hoping to help by making changes to the “Keep Your Home California” mortgage assistance program. An article in The Sacramento Bee, “California loosens requirements for mortgage aid,” highlights efforts by the state to change key aspects of the program so that more mortgage servicers will be enticed to participate. The biggest change is happening to the Principal Reduction Program, which is designed to decrease the amount due on a mortgage by up to $100,000. Mortgage servicers no longer have to match federal funds dollar for dollar; beginning next month, “Keep Your Home California” will fund the deduction up to the $100,000 limit. We encourage anyone struggling with the mortgage on their San Clemente house or condo to read the article and contact their lender about the program.

The biggest change is happening to the Principal Reduction Program, which is designed to decrease the amount due on a mortgage by up to $100,000. Mortgage servicers no longer have to match federal funds dollar for dollar; beginning next month, “Keep Your Home California” will fund the deduction up to the $100,000 limit. We encourage anyone struggling with the mortgage on their San Clemente house or condo to read the article and contact their lender about the program.

For current homeowners still struggling to make their monthly mortgage payments, the state of California is hoping to help by making changes to the “Keep Your Home California” mortgage assistance program. An article in The Sacramento Bee, “California loosens requirements for mortgage aid,” highlights efforts by the state to change key aspects of the program so that more mortgage servicers will be enticed to participate.

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