11965 Ericas Way

11965 Ericas Way 92040
2 bedroom 2.5 bath 1806 SqFt 
$649,000

Welcome to Eucalyptus Hills! This custom built home has dream views and over two acres of useable land. The home features upgraded kitchen with new granite counters, stainless steel appliances, custom tile back splash, and new cabinets. The kitchen flows into the living room for ease of entertaining. Living room features stone fireplace, 60in Pioneer Kuro Plasma with surround, two double doors to the back yard and big windows to take full advantage of the views.  The master bedroom has a walk-in closet, attached bathroom suit, and double doors to the back yard. Eucalyptus Hills is known for its views of mountains, san Vicente Dam, and out door activities. San Vicente Dam is only 7 miles away. 

Wilcox Estates Moved!

I am so excited to announce I have moved my Real Estate business to Canter! If you know anyone thats looking to buy, sell, or invest in real estate now is the best time. Rates are low and prices are competitive. At Canter I have a great team of Lenders, Lawers, Wealth Management Team, and Development Team who are ready to help with any project big or small.

About Canter: 

Canter Companies is a full-service investment firm headquartered in San Diego, California. Offering comprehensive services, Canter can easily oversee the entire lifecycle of a project through acquisition, funding, development and sales. Our proprietary research and analytical processes help us identify potential opportunities and exploit market inefficiencies. Because of our well-honed ability to pinpoint unrealized opportunities, Canter has a proven track record of success throughout various market cycles. We also have affiliates and advisors in the Central Valley and Bay Area to service our growing clientele. Our relationships with our partners and affiliates allow us to entertain other unique investment opportunities outside the real estate industry.

Why Canter: 

Canter Brokerage is known for offering the most innovative marketing strategies to attract potential buyers. We believe there are many elements to a successful marketing program and take pride in our implementation of traditional tactics with an innovative approach. A customized blend of these elements combined with your property’s features and a suggested price range delivers signi cant results. Our network and reach extends throughout the San Diego community, the region of Southern California, and around the globe. We are constantly working to gain access to more qualified, motivated buyers and bring them to your home. Our primary goal is to sell your home.

We are always searching for new ways to draw attention to your home making it more appealing to buyers, ensuring you have the best results. We want your home to be seen by as many audiences as possible. Print and digital advertising allows us to leave a lasting impression of how special your home is. Our adverting campaigns are strategically designed to attract qualified buyers. The Canter Brokerage marketing department includes graphic designers and copywriters who create advertisements with impact. We have the ability to advertise your home in several print publications, which may include local and regional, daily and weekly newspapers, real estate and lifestyle publications, and periodicals. Cory Wilcox

760.707.6021
corywilcoxre@gmail.com

4 Reasons To Stay Invested In U.S. Housing

The stock market’s wild ride over the last couple of months may have introduced a measure of uncertainty into the investment outlook for some sectors of the global economy. However, U.S. housing was not one of them. 

America’s housing market is continuing to grow faster than the economy overall. We are seeing a number of opportunities and remain constructive on the sector. Here are four reasons why:




1. Strong job growth and consumer confidence: The U.S. economy has added roughly 3 million private sector jobs over the past year. This includes more than 750,000 new jobs in the 25- to 34-year-old cohort, an important segment for first-time buyers, a rate that is near a 15-year high. A pickup in wage growth is likely given the improvement in the labor market; the unemployment rate declined by 2.4% in the past two years to reach 5.1%. We expect more jobs and higher incomes will lead to rising consumer confidence and demand for homes, even in the face of modestly higher mortgage rates.




2. Low inventories and rising pent-up demand: Both the absolute level of inventory of new and existing homes (now 2.5 million units total) and inventory as a percentage of households (now 1.6%) are at or near 15-year lows. Over the past year, 1.5 million new households have formed; that compares with less than 1.2 million new housing units. In addition, over 30% of 18- to 34-year-olds are living at home. What does this mean? A lot of pent-up demand, and if it picks up, as we expect, housing starts will likely rise toward 1.5 million units (or higher) in the next two to three years. Simply put, with residential investment spending at 3.3% of GDP, the U.S. has been significantly under-building relative to long-term demand (the 55-year average is 4.5% of GDP – see Figure 1).

3. Willingness to lend and expanding demand for credit: Banks are finally lending again! In reviewing second quarter 2015 earnings details, we noticed that mortgage origination growth at all four of the largest U.S. banks rose by double digits. At the same time banks are increasing their willingness to lend, households are becoming more confident and many are now in a position to re-lever: Consumer debt service ratios are near 35-year lows. Importantly, a significant number of previously foreclosed homeowners could become eligible to buy a home over the next five years. As such, the demand and supply of credit is likely to pick up, which should support the U.S. housing market.




4. Relative affordability: At this juncture, owning a house is incredibly cheap – both from a historical affordability perspective and relative to the cost of renting (see Figure 2). Although some have expressed concerns rising rates will reduce affordability, keep in mind that it would take a two percentage point rise in mortgage rates to go back to the long-term average. A very modest pickup in mortgage rates, which are currently under 4%, can be handled by an economy adding 3 million jobs in the private sector alone, in our view.

How to take advantage of current trends

In many regions across the country, there is a significant shortage of housing inventory relative to job creation. In Orange County, California, for example, job growth is overwhelming housing inventory by a ratio of five to one. Our view based on the most recent data is that home ownership is cyclical: As housing prices rise, people become more confident, credit becomes more available. The most recent data on housing starts suggests a shift toward single family home construction. Home builder sentiment is at the highest level it’s been since November 2005. We expect companies tied to housing will see earnings growth much higher than the markets overall.

Investors seeking to capitalize on these trends should stay overweight U.S. housing and housing-related sectors. We continue to see value in select companies in areas such as building materials, home improvement, title insurance, homebuilding, banks and specialty finance companies as well as in non-agency mortgage-backed securities(MBS).

10 Things You Absolutely Need To Know About Buying A Home

Ready to buy a home? Buying a home is one of the most significant financial decisions you’ll make in your lifetime. From figuring out pricing to why you should consider a realtor, here are 10 Things You Absolutely Need To Know About Buying A Home:

1. Use a trusted realtor. We all know that realtors get a cut of the sales price of a home which makes some buyers hesitant to use a realtor: they believe it drives up the overall cost. Keep in mind that the seller, not the buyer, pays the commission. Cory Wilcox, real estate agent at Keller Williams in San Diego, says that potential buyers should keep in mind that a listing agent (the agent representing the seller) doesn’t protect your interests and “that agent would simply pocket both sides of the commission.” That means that you’re not saving money. A savvy realtor who works for you can protect your interests and guide you through the buying process – from negotiating a price to navigating home inspections.

2. Remember that a house purchase involves a contract. When you’re buying a house, there are papers to sign. And more papers to sign. Many of those papers – which are actually contracts – look like “standard” home buying contracts with no room for negotiation. That isn’t true. Contracts are meant to be negotiated. You don’t have to sign a standard agreement. If you want more time to review your inspection, wish to waive a radon test or want to make a purchase subject to a mortgage approval, you can make that part of the deal. That’s where a savvy realtor can help. See again #1.

3. Don’t necessarily buy for the life you have today. Chances are that buying a house will be one of the bigger financial commitments you’ll make in your lifetime. Before you agree to buy what you think might be your dream house, consider your long-term plans. Are you planning on staying at your current job? Getting married? Having kids? Depending on the market and the terms of your mortgage, you may not actually pay down any real equity for between five and seven years: if you aren’t sure that your house will be the house for you in a few years, you may want to keep looking.

4. Think about commitment. I’m not talking just about your mortgage. When you get married, the laws of your state generally determine how your assets are treated – and ultimately how they’re distributed at divorce. The same rules don’t necessarily apply when you’re not married. That means you need to think long term. When you buy a house with your significant other who is not your spouse, make sure you have an exit plan if things don’t go the way you hope. It’s a good idea to have an agreement in place with respect to titling, mortgage payments and liability, repairs and the like: it’s best to get it in writing (and yes, I’d recommend getting a lawyer).

5. Look beyond paint. It’s often the case that your dream house has that one room that you’re already fantasizing about changing. Willmes says to remember that it’s fairly inexpensive to fix cosmetic issues (a bit of paint or some wallpaper) but making changes to kitchens and baths can be expensive. She says, “People tend to focus on the cost of cabinets, appliances and counters but sometimes forget about the cost of labor which can double to triple the cost.” That doesn’t mean that you should give up on a house in need of a significant fix but you should factor in those costs when determining whether you can afford to buy.

6. Buy the house you know that you can afford. This can be different from the price that your mortgage company believes that you can afford. When my husband and I bought our first house, we were approved for a mortgage of about three times more than we ultimately ended up spending. Fresh out of law school and working for established firms, our finances looked good on paper. But we dialed back our expectations because we weren’t convinced that our income and expenses would remain at those levels. We were right: two years later, we started our own business just as the economy turned south. The less expensive house meant that we could still make our payments even with less income in pocket. So what’s the best ratio to use? Some lenders suggest that you can afford mortgage payments totaling about 1/3 of your gross income but others suggest closer to 28% for housing related costs including mortgage, insurance and taxes. There are a number of factors including your projected income, interest rates, type of mortgage and the market. Ask your mortgage broker to help you understand what’s in play.

7. Don’t fixate on the purchase price. The purchase price is just one piece of owning a house: be sure to consider all of the costs associated with your potential new home. That includes the cost of insurance, homeowner association fees and real estate taxes – depending on where you live, those can quickly add up. And it’s not just home improvements that can cost money: maintenance costs dollars, too. It’s a good idea to ask questions about upkeep for extras like swimming pools, fancy heating and cooling systems and out buildings. Finally, Willmes suggests that you make sure you’re comparing apples to apples: a condo with a large fee that’s priced low may be more costly than a higher priced one with lower fees while a cheap home with high taxes may cost you more a month than a more expensive one with lower taxes.

8. Consider your student loan debt. Following the housing crisis, lending laws tightened. Student debt isn’t merely an annoyance: it’s treated like real debt. Aleyna Groves, a licensed Mortgage Broker at Movement in Ca, explains that a major revision to FHA guidelines in 2015 negatively affects many first-time homebuyers with student loan debt. Prior to this change, a borrower with student loans deferred for more than 12 months could discount that debt from their liabilities: now, for purposes of determining purchasing power, a borrower is charged with 2% of the outstanding balance of the student loan regardless of deferment status (in a non-FHA, or conventional loan, it’s just 1%). If your student loan is in deferment and you’re planning on buying a home, Griesser suggests enrolling in a properly documented income-based repayment plan so you have the documents your lender will need to properly assess your ongoing liability.

9. Don’t get carried away by the home mortgage interest deduction. Many taxpayers are tempted to buy more house than they can afford by figuring that they’ll save enough with the home mortgage interest deduction to make up for it. The mortgage interest deduction is only deductible if you itemize on your Schedule A: only about 1/3 of taxpayers claim the itemized deduction. You itemize if your deductions exceed the standard deduction: for 2015, the standard deduction rates are $12,600 for married taxpayers filing jointly and $6,300 for individual taxpayers (those rates stay put for 2016). Assuming that you do itemize, remember that your out of pocket will still be more than your tax savings (if you’re in a 28% bracket, paying $5,000 more in interest will only “save” you $1,400 in taxes). And you can’t count on the same level of savings forever: mathematically, the longer you own your house, the less you will owe in interest. That’s good for building your equity but it means a smaller deduction come tax time.

10. You don’t have to buy a house. There’s no rule that says you have to buy a house by the time you’re 35 – or ever. Buying a home is a big decision and while it can be a sound financial investment, it’s not for everyone. There is a lot to consider, including the housing market, interest rates, timing and your future plans. You might want more flexibility or mobility, or your career and family plans may be in flux. If you’re not sure about a neighborhood, consider renting as a test drive: a realtor can help you with that, too (see again #1). Even then, you don’t have to pull the switch: there are healthy rental markets throughout the country and in some areas, young professionals are choosing rentals over homebuying to preserve cash and remain mobile. That’s showing in the stats: last year, the U.S. Census Bureau reported that the home ownership rate was 64.9%, not counting borrowers in risk of default. In contrast, ownership in 2010 was nearly 69% (downloads as a pdf): for purposes of context, a one-percent change in the ownership represents well over a million homeowners. For more on the decision to buy versus rent, check out my book, Home, Sweet Rental: Busting The Hype Of Homeownership, available on Amazon.

2015 Real Estate Review

Last year was a great year for Real Estate in San Diego and 2016 is just going to get better. In 2015 San Diego sold $15,105,240,866. Thats right 15 BILLION! The average home sale was $675,004 and average day on market was 40. (this is only the detached housing market) The biggest home sale was 7007 country club drive La Jolla listed for $19,800,000 and selling for $17,000,000 cash!

6266 Camino De La Costa - On the market for $15,500,000 selling in 

6 days for $14,300,000 cash! 

6102 Camino De La Costa - On the market for $12,500,000 selling in 

330 days for $12,450,000 cash!

9046 La Jolla Shores Lane - On the market for $13,599,000 selling in 

49 days for $12,000,000 Cash!

341 Sea Ridge - On the market for $12,500,000 selling in 

1 day for $11,500,000 Cash!

310 Dunmore Drive - On the market for $12,980,000 selling in 

21 days $11,400,000 Cash!

15651 Puerta Del Sol - On the market for $36,000,000 selling in 

42 days for $11,200,000 Cash!

3006 SANDY LANE - On the market for $12,995,000 selling in 

133 days for $11,000,000 Cash!

17025 Sobre Los Cerros - On the market for $10,250,000 selling in 

158 days for $9,300,000 Cash!

2611 Crown Crest Lane - On the market for $9,200,000 selling in 

1 day for $9,000,000 Cash!

Call cory today for more info on any of these properties. Also if your looking to

buy or sell call me 760-707-6021 corywilcoxre@gmail.com

MILLION-DOLLAR HOME SALES UP AGAIN IN THE GOLDEN STATE

MILLION-DOLLAR HOME SALES UP AGAIN IN THE GOLDEN STATE Source: DQNews La Jolla, CA.—-The number of California homes that sold for a million dollars or more rose to its highest level in seven years last quarter, the result of rising home prices and an improving economy. The luxury market’s high end continues to do best, with record sales above the $2 million mark, a real estate information service reported. A total of 12,826 homes sold for a million dollars or more during the April-through-June period. That was up 60.4 percent from 7,994 during this year’s first quarter, and up 9.1 percent from 11,758 in second-quarter 2013. Last quarter’s $1 million-plus sales were the highest for any quarter since 13,681 homes sold for $1 million or more in second-quarter 2007, according to CoreLogic DataQuick. The all-time high was third-quarter 2005, when 15,898 Golden State homes sold for a million dollars or more. The nine-county San Francisco Bay Area stood out last quarter: The 5,734 sales there of $1 million or more represented an all-time high. The previous peak was 5,699 in second-quarter 2005. While statewide $1 million-plus home sales rose 9.1 percent year-over-year in the second quarter, total sales across all price categories fell 7.4 percent. Two of the main reasons for the increase in $1 million-plus sales are increased demand, and robust price appreciation that over the past year has pushed more homes up over the million-dollar threshold. “It’s always fascinating to watch this part of the real estate market. It behaves differently, responds to its own set of criteria. These buyers, especially those in the multi-million-dollar market, are less likely to agonize over credit scores, income and job security, down payments and mortgage interest rates,” said Andrew LePage, CoreLogic DataQuick analyst. “While we can only speculate, it seems self-evident that luxury home buyers have substantial assets, and they’re constantly evaluating where to park those assets. Right now it’s interesting that there appears to be enough inventory to meet the demand for luxury homes. That’s not always the case in many mid-priced and lower-cost housing markets, where demand continues to outweigh supply,” LePage said. A total of 265 homes sold for more than $5 million last quarter, an all-time high. In the $4-$5 million range, a record 213 homes sold. In the $3-$4 million range, 469 homes sold, also a record. In the $2-$3 million range, 1,595 homes sold, another high. In the $1-$2 million range, 8,381 sold last quarter, still behind the record 9,885 sold in second-quarter 2005. There were 1,923 sales where the price was unavailable, but where it could be determined that the price exceeded $1 million because of the size of the mortgage. San Diego-based DataQuick was acquired in March by Irvine-based CoreLogic, a leading global property information, analytics and data-enabled services provider. CoreLogic DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. The million-dollar transactions include home sales where it could be determined from public records that there was a buyer, a seller, that money changed hands, and that there was a legal transfer of property ownership. Not included were property swaps, sales of multiple lots, sales where no price or loan amount was available, teardowns, and large farm or ranch properties. Sales to companies and trusts were included. Last quarter 3,882 of the homes that sold for $1 million or more were purchased with cash. In the luxury market, the higher the price, the more frequently cash was used. Of those who did finance their purchase last quarter, the median down payment was 30.0 percent of the purchase price. The lending institutions most willing to provide mortgage financing for homes that sold for $1 million-plus were Wells Fargo, Union Bank and Bank of America. The most expensive confirmed purchase last quarter was a 11,637-square-foot, 4-bedroom, 6-bathroom Westwood mansion built in 1931 which sold for $45,000,000 in May. The largest was a 16,840 sq.ft. 6-bedroom, 13-bathroom mansion in Indian Wells that sold for $4.5 million. In some communities virtually all home sales were in the million-dollar category. Among them: Hillsborough, Rancho Santa Fe, Atherton and Los Altos. Newly-built homes accounted for 8.8 percent of last quarter’s $1 million-plus sales. Condo sales made up 10.1 percent. Most $1 million-plus condos were sold in Los Angeles, San Francisco and San Diego counties. The median-sized $1 million-plus home was 2,400 sq.ft. with 4 bedrooms and 3 bathrooms. The median price paid per square foot for all million-dollar homes last quarter was $729, up 7.6 percent from $678 in second-quarter 2013. For the overall California market, the square-foot median was $226 last quarter, up 13.0 percent from $200 in second-quarter 2013, CoreLogic DataQuick reported. There are 8.85 million houses and condos in California. Of those, 277,666 are assessed for more than a million dollars by county assessor offices, CoreLogic DataQuick reported. To view the ranking of cities by the number of million-dollar home sales, please visit DQNews.com.

The Millionaire Real Estate Agent

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