Buyers: About 1/4 to 1/3 of current home sales appear to be in some type of distressed situation (i.e. foreclosure, bank-owned, short-sale). And in some areas of the county the ratio for distressed sales can be even higher. These areas are predominantly in the south and east county and the Route 78 corridor due to many of the problem type loans made there. I believe these deals are directly related to our sales numbers rising and will inevitably bring us closer to a stabilized market. Multiple offers are becoming much more common, as homes that have been priced too low are frequently bid up and end up selling at market value. Buyers, this is your time to aggressively secure a home that is priced well with a low interest rate. You can view all homes for sale, including foreclosures, online at SanDiegobythesea.com If you know anyone who is thinking about buying, please let me know how I may be of assistance.
Sellers: Currently, we have roughly a six-month supply of detached homes to sell countywide, but with our current sales rates, this number may continue to decline. When selling a property in this market it is now very common to find yourself competing with banks and/or other lenders that are also selling a property down the street or even next door to you. I must stress the importance of realistically pricing your property from the beginning and making sure your property’s strengths are played up as much as possible. In this declining market I believe it is also important to understand that when you get your first offer close to your asking price, it’s easy to hope that future offers will exceed it, but in many instances in this market, subsequent offers are often for less. Visit SanDiegobythesea.com to see how we can sell your property. If you know anyone who is thinking about selling, please let me know how I may be of assistance.
