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San Diego Real Estate - to the minute - 06/21/09
Currently in San Diego County we have diminished inventory after a previously steady uptick in cheaper homes and way too many condos. So what's happening today? There is nothing zippy, chippy, cool or interesting to show buyers, and what's out there is a bit tired. There has been a slight decrease in both foreclosed homes hitting the market because there has been a decrease in actual foreclosures. There has been a decrease in homes listed for sale if the seller doesn't have to sell. Houses have been pulled off the market when sellers can't get their price. And the frenzy of buyers under $300,000 has subsided somewhat because of the low inventory. So all in all, this week, it's sleepy.
- There are currently (only) 6,117 houses for sale in the county. Currently, 3,180 condos for sale. A year ago we had about 20,000 homes and condos for sale.
- In escrow right now: 4,955 houses and 2,562 condos.
- Over the last 30 days: 1,786 houses closed escrow. YIKES. And only 928 condos closed escrow in the county in the last 30 days. Cough, cough.
What's with this weird count? Well, what's on the market may not be sellable quickly because of a short sale (avoid!) or it's too expensive (La Jolla and Solana Beach, I am talking to you ~ ), or the property is a mess. And some properties that go into escrow don't close. A lot, apparently.
Because this much is true: if it's a clean house and well priced, it will sell in a week at most. There is a great pent up demand for reasonably priced property in a good location, with good schools and shopping. And with a garage NOT turned into a funky bedroom with no heat.
The hardest thing today is to get your loan. So buyers please, visit your bank before talking to a real estate professional. There is zero sense in looking at even one house, including open houses, without knowing that you can get a loan. Home buying is not a fantasy. Take yourself seriously, have someone run your credit and look at your income.
Once you're pre-approved, then you know exactly what you can buy. We highly recommend avoiding condos at all cost unless that is absolutely what you want. If so, then make sure you get the CC&Rs, budget and by-laws of your future HOA within five days, not 10. You need to make sure there is no litigation and plenty of money in the bank to please your lender. Run these things by your lender as soon as humanly possible.
Avoid condos if you can. Houses ~ Over $500,000 and you can take your sweet time. But under $325,000? You'll be in a bidding battle with people like yourself. Be patient.
The numbers above change at every moment. Write to us if you need current information or have a quirky San Diego real estate question we can answer for you.
Because this much is true: if it's a clean house and well priced, it will sell in a week at most. There is a great pent up demand for reasonably priced property in a good location, with good schools and shopping. And with a garage NOT turned into a funky bedroom with no heat.
The hardest thing today is to get your loan. So buyers please, visit your bank before talking to a real estate professional. There is zero sense in looking at even one house, including open houses, without knowing that you can get a loan. Home buying is not a fantasy. Take yourself seriously, have someone run your credit and look at your income.
Once you're pre-approved, then you know exactly what you can buy. We highly recommend avoiding condos at all cost unless that is absolutely what you want. If so, then make sure you get the CC&Rs, budget and by-laws of your future HOA within five days, not 10. You need to make sure there is no litigation and plenty of money in the bank to please your lender. Run these things by your lender as soon as humanly possible.
Avoid condos if you can. Houses ~ Over $500,000 and you can take your sweet time. But under $325,000? You'll be in a bidding battle with people like yourself. Be patient.
The numbers above change at every moment. Write to us if you need current information or have a quirky San Diego real estate question we can answer for you.
Article by Open House Genie
Copyright 2009
Used, copied or quoted with permission only.