Ryan Blanco San Diego real estate agent

Scary Facts About Credit Reports

Most of us don’t give much thought to your credit score in our day-to-day lives. But when the time comes for a major purchase like a house or a car, the information in your credit report is crucial. People are often surprised at how much incorrect information can show up in their credit report when they finally take the time to look at it. It’s important to monitor your credit report so that it can look its best when it really matters!scary facts about your credit report

There are some problems that commonly arise in credit reports, and knowing about them will help you to avoid them. A look at some statistics is a good way to get a picture of how credit reports are affecting people just like you.

Understanding the importance of our credit score

  • According to Student Monitor research, 74% of college students do not know their credit score.
  • The American Bankers Association found that 44% of adults mistakenly think that the credit report and credit score are the same thing.
  • More than half of U.S. adults had never reviewed their credit reports, according to a 2014 survey by Consumer Reports.
  • Debt collectors are most frequently responsible for errors. According to the Consumer Financial Protection Bureau, 40% of disputes filed with credit reporting companies are related to errors made by debt collectors.
  • The credit score you see may not be the same as the ones your creditors see. According to the CFPB, about 25% of the time the score supplied to a creditor will differ from the one on your credit report enough to place you in a different credit-quality category.
  • The Federal Trade Commission reports that one in four consumer credit reports contain errors. These can be related to your identity (the report gets your name wrong), details about accounts, or including accounts that you did not open or authorize.
  • It can be difficult to correct credit report errors. The Consumer Reports survey found that more than half of the consumers who attempted to fix problems with their reports ran into significant challenges.How your credit score is determines

Your credit score doesn’t just affect loans. While a low credit score can stop you from getting a loan, it can also cause you to pay a higher rate of interest on money that you do borrow. It affects insurance premiums, and even your likelihood of being hired for a job. Unfortunately, credit agencies are not able to ensure that your report is error-free, so it’s critical that YOU keep up with this information yourself and be proactive about protecting your credit.

Start by ordering your free credit report annually (maybe each year on your birthday?) at a site such as https://www.freecreditreport.com. Be sure to get the reports from all 3 bureaus: Experian, Transunion, and Equifax, since one may have mistakes that others don’t.

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A Word About Protection For Home Sellers

Attention home sellers! If  you see someone walking around outside and looking at your home, that doesn’t necessarily mean they are interested in buying it. They may even knock on the door and ask for a tour. Again, that doesn’t necessarily mean they are interested in buying the place.

There are all sorts of reasons someone might want to get into your house or take a closer look at the outside of it. It’s surprising at how a for sale sign will embolden some folks, and how they can cause homeowners to suddenly trust everyone who givens the house a second glance.Protect your home from thieves when selling

It’s recommended home sellers always remove valuables and sentimental items before showing their home or holding an open house. Valuables should include prescription drugs and personalized paper products.

After a property showing or open house, doing a quick check of everything is a great idea. Be sure nothing is missing or out of place. Make sure that all access points are locked and secure. Someone could unlock a door or window and come back when people are not likely to be around.

Do NOT let anyone in your home without a confirmed appointment. Protect yourself. If someone knocks on your door and wants to see your house, direct them to your agent.


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How To Save On Mortgage Closing Costs

Good news for home buyers! A recent study by Bankrate.com shows that over the past year, mortgage closing costs dropped by 7%. The national average is currently $1,847 on a $200,000 loan. This is down from an average of $1,989 in 2014. Mortgage closing costs can vary in every state.

As a home buyer, you have more say over closing costs than you think. Costs vary between lenders, so everyone should compare at least three different companies. You don’t have to go with the lender your agent suggests, you should go with who is the best fit for your needs and offers you the a good deal.

Even though the average mortgage closing cost is on the decline, it still pays to shop for the best deal. Over time, every dollar you save can make a difference in your financial health. Know that you have the option to compare prices when it comes to closing costs. You can’t get a anything better on fixed charges such as taxes, but you can save money in other areas.

how mortgage closing costs can vary between lenders

Loan origination and third-party fees can often be negotiated. Take a close look at your good faith estimate and ask your lender to explain them. Also see if they are willing to lower some of them. This is where shopping around comes in handy, since this can be used as leverage in the negotiation process.

The good faith estimate comes in the form of an itemized list of estimated closing costs for everything from the lender’s fees, appraisal cost, title insurance premium, and partial month’s interest payment. The lender or broker charges some fees for themselves, along with some to third parties. The first step is to find out which are loan origination fees and which are third-party fees. If you aren’t sure, ask the lender or broker.

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San Diego Housing Market Update-July 2015 Sales

Below is my monthly analysis of the San Diego housing market. It will show many different metrics to help us get an accurate “feel” for what is happening in our local real estate market!

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One year change in homes for sale




Inventory levels (the number of homes on the market “actively” for sale) continues to increase. This San Diego housing market update shows san diego housing market updatethere are currently 7125 active residential listings in San Diego county, which is up when compared to last month of 7039.

According to Bankrate.com, interest rates have continued to hover around the 4% level. They are currently at 4.07% for a 30-year fixed loan (they were 4.11% at this time last month). This is still well below the historical average of 6% or so, which is great for home buyers. To calculate your potential mortgage payment or see what you can afford, go HERE.

Finally, as you will see on the chart below, prices are starting to take on a more normal pattern. There are much more modest changes than the previous year, with a 7.0% increase in median prices, compared to over 20% we saw in 2013 and early 2014. However, these higher prices are now resulting in a considerable slow-down of the number of homes sold over a year ago.

The San Diego Association of Realtors analyzes housing market data for San Diego county every month. Below is their monthly report for home prices. The figures represents ALL property types.



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Pricing Your Home To Sell

Finding out what your home is truly worth can be tricky — but pricing it right can make a big difference in how quickly you are able to sell your home. When you are trying bring potential buyers to your home, pricing and packaging are more important. Depending on your mortgage situation and your unique home, you can get your home set apart in a positive way. The tips below to help you find the optimal price to sell your home quickly, and for the most money.

Research the Area

Of course, you don’t just pick an asking price out of thin air. Doing your homework will help you discover what your home is actually worth. A real estate appraiser or Realtor can help you with a comparative market analysis (CMA) to see what sellers near you are getting for their homes. A professional appraisal averages $400, while a Realtor’s CMA is free (and likely the best starting point). It’s easy to get some information on your own with the help of sites like Zillow and Realtor.com. It’s important to factor in your unique situation (like how soon you want or need to sell) as well as a realistic price range for your neighborhood.

pricing your home to sellLeave Room for Negotiation — But Don’t Overreach

Now that you have found a price good range or target number in mind, you can think about what price will motivate buyers. Of course, you don’t want to sell for less than your home is worth, but at the same time, no buyer wants to overpay. It’s a good idea for your price to give yourself some negotiating room. If you price it too high, you risk the house not selling, and if it’s too low, you risk leaving money on the table.

Think Like a Buyer

One of the best ways to succeed as a seller is to consider what a buyer may be thinking. In addition to understanding the market and knowing market prices, along with the time of year. Spring and summer are hot seasons for the housing market because people with children want to be moved in before the start of the school year. It’s also a good idea to stay informed about current interest rates, which can have a big impact on how many potential buyers are out and their buying power. You can also think about what you value in your home like the great neighborhood, large yard, or layout. Buyers likely value similar things , and can help highlight your home’s best assets.

When you are putting your home up for sale, try to keep your emotions in check. Let the facts — and real estate experts — guide your decisions.


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5 Tips To Help Your Realtor Help You!

In the often confusing and overwhelming process of buying or selling a home, a real estate agent can serve as a guide, helping you to determine the best price at which to list your home and navigate complex documents and regulations. While most realtors are committed to serving you to the best of their ability, they are frequently busy juggling multiple clients and responsibilities. You can maximize your experience of working with a realtor by following some simple tips: 1. If you are a seller, be realistic about the listing price for your home. Any home that you have lived in for a significant amount of time is likely to hold sentimental value. Therefore, you may be prone to perceiving it as more unique than it is and overestimating its worth. Before agreeing on a sale price with your realtor, try to emotionally detach yourself from your property and view it objectively, as a buyer would. Since properties that are priced too high at the outset are likely to linger on the market and ultimately sell for less than properties that were priced appropriately, you will help your realtor make the sales process go as smoothly as possible if you are willing to accept a realistic listing price. If you are a buyer, avoid making lowball offers without justification. 2. While your home is on the market, keep it tidy and free of clutter. Consider hiring a professional stager or stowing excess belongings in storage until your home sells. Ensure that all necessary repairs are made and the yard is free of dead or overgrown shrubbery. By enhancing curb appeal, your realtor will be able to demonstrate your home s full potential when showing it to buyers. 3. Practice common courtesy. Most agents work with more than one client simultaneously, and will be deeply appreciative if you demonstrate respect for their time. By exercising simple courtesies like communicating when you are running late or cannot make an appointment, you will help lay the groundwork for a mutually respectful relationship. If you are a buyer, do not contact an agent until you are serious about making a purchase. If you have not quite reached the buying phase, consider going to open houses, conducting research about different neighborhoods, and making sure that you understand the limitations of your budget before you contact a realtor. 4. If you are a buyer, be clear about your expectations and desires, while being realistic about what you can afford. If you have a well-defined wish list that you share with your agent, he or she will be better able to help you find a property that meets your needs. Realtors understand that buying a home is a major decision and expect that you may change your mind about specifics during the course of your house hunt, but you will help your agent deliver the best possible results if you have a general idea of what you want and need before beginning the process. 5. Do not ask your agent to do anything illegal or unethical. Realtors are bound by laws and strict ethical guidelines that may not always be obvious to laypeople. For example, the Fair Housing Act prohibits agents from disclosing information about the ethnic make-up of a neighborhood or using certain words in advertising a property.

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