REAL ESTATE WATCH

from 92064 Magazine - February/March 2020

IN OUR OWN BACKYARD

Acommon theme I hear among Poway parents is the concern that their kids will never be able to afford to buy a home here. Although this is an exaggeration, it is a valid concern, as home prices have continued to increase, and salaries have not kept up.

With that in mind, many parents are considering options for how they can help their adult children in this big step. Luckily, there are many ways a parent can help, but financial resources, planning, and careful consideration of all factors are all necessary to make this a reality. The first way to help your child purchase a home is to plan ahead. Teach your kids about the value of outstanding credit, and help them to achieve it. This can be done by adding them to your credit card as an authorized user early on. The longer they can show they have credit, the better their own scores will be. Further, if your credit is stellar, theirs will reflect it. You can also add your child to your savings account, which will show as additional reserves they can tap into to make a payment, should

they lose their income. This needs to be done several months before applying for the loan, so planning ahead is critical.

A second way you can help is by assisting with the down payment. Although the magic 20% down is not required to get a loan, it does help by eliminating additional fees to the monthly payments, allowing the borrower to afford more home. For many loan options, a parent may gift a down payment to their child. Be aware, however, that you may be required to pay taxes on this gift, and you will probably have to sign a letter for the lender stating that this is not a loan, and does not need to be paid back.

Finally, you can be a co-borrower on the loan. This means you can be financially responsible for making the monthly mortgage payments, should your son or daughter fail to do so; however, unlike co-signing, you own part of the property, making this a much better option. If you have a reliable income, excellent credit, and additional assets, this option makes the loan approval far more likely. Each of these tips can have serious repercussions, both positive and negative, so be sure to contact a financial advisor or accountant before making any large financial decisions. In addition, have a serious discussion with your kids, to make sure they understand and are ready for the financial burdens as well as joys of homeownership. When you have a plan in place, be sure to contact a Realtor to help with the search and negotiation. There is too much at stake to take any chances. 

CYNTHIA ELIZONDO CalDRE #: 01924853

Halcyon Real Estate Services 858-353-1638 www.CynthiaElizondo.com

RECENT SALES ACTIVITY

FOR THE MOST COMPREHENSIVE LIST OF PROPERTIES SOLD WITHIN THE LAST SEVERAL YEARS, VISIT 92064MAGAZINE.COM

Information is compiled from a variety of databases and published by Susco Media Inc. for entertainment purposes only. Reproduction is strictly prohibited. Sales statistics are not affiliated with or provided by any participating advertiser or real estate professional contained in this publication. Properties contained in this list and online were sold by a variety of real estate brokers. Information considered reliable, but not guaranteed. Please check with a licensed real estate professional for more information. Not all sales are listed. ADDRESS BEDS BATHS EST SF PRICE ADDRESS BEDS BATHS EST SF PRICE

13742 Mckenzie Avenue 4 2 1,961 $660,000 12831 Stone Canyon Road 4 3 2,370 $879,610 13942 Olive Crest Way 3 2 1,344 $665,000 13242 Edina Way 3 3 2,308 $885,000 13747 Eisenhower Avenue 4 3 2,412 $665,000 14351 Crestwood Avenue 4 3 2,573 $900,000 14157 Ezra Lane 3 2 1,785 $672,500 14341 Range Park Road 4 2 2,554 $915,000 11904 Allbrook Drive 3 2 1,684 $675,000 15330 Markar Road 5 5 4,108 $927,000 12445 Robison Boulevard 5 3 2,329 $679,000 15341 Via Molinero 4 3 3,190 $1,015,000 12677 Oak Knoll Road 4 3 1,914 $680,000 15973 Crown Valley Road 4 5 2,905 $1,075,000 12256 Old Stone Road 3 3 2,330 $685,000 13711 Vista Poniente 4 4 3,184 $1,080,000 12882 Francine Terrace 3 2 1,529 $690,000 15686 Summer Sage Road 5 3 2,967 $1,100,000 12858 Rios Road 3 2 1,421 $710,500 15686 Summer Sage Road 5 3 2,967 $1,100,000 13102 Decant Drive 4 2 2,156 $730,000 15476 Markar Road 4 4 3,415 $1,120,000 12476 Whispering Tree Lane 4 2 1,695 $732,900 16558 Corte Paulina 4 3 3,076 $1,145,000 14127 Tricia Street 4 2 1,935 $740,000 16876 Saint James Drive 4 3 3,026 $1,175,000 14136 Mazatlan Court 4 2 1,935 $740,000 16274 Country Day Road 4 3 3,320 $1,260,000 14135 Segundo Court 4 2 1,799 $745,000 18116 Old Coach Road 4 4 3,568 $1,350,000 13327 Cicero Way 4 3 2,000 $755,000 11736 Treadwell 4 4 3,316 $1,370,000 14616 Acton Court 4 2 2,076 $760,000 14044 Iris Lane 5 5 3,780 $1,385,000 14627 Jeff Park Lane 4 3 1,848 $775,000 12143 Travertine Court 4 4 3,316 $1,418,000 13365 Twin Circle Court 3 2 1,936 $785,000 15643 Boulder Ridge Lane 7 6 7,370 $1,429,500 12856 Oakfield Way 4 2 1,971 $795,000 15480 Markar Road 4 3 2,600 $1,430,000 12742 Triumph Drive 3 2 1,957 $800,000 14341 Twisted Branch 4 4 3,746 $1,450,000 15732 Hidden Valley Drive 5 3 2,949 $825,000 14060 Iris Lane 4 6 4,266 $1,595,000 14705 Deerwood Street 4 2 2,238 $847,000 15410 Harrow Lane 4 5 4,223 $1,600,000 12815 Indian Trail Road 4 2 2,437 $849,000 14369 Horizon Court 4 6 5,474 $1,830,000 13702 Somerset Road 4 3 2,236 $850,000 14755 Valleyview Road 4 4 4,951 $1,950,000 14283 Woodcreek Road 4 3 2,483 $857,000 15664 El Camino Entrada 6 6 8,083 $2,700,000 14565 Budwin Lane 4 2 2,171 $865,000 Visit www.92064magazine.com for a complete list of homes sold in 92064.