Buyers: With inventory levels high, there are plenty of deals throughout San Diego County. Whether you are looking for your dream home or another income unit to add to your portfolio, right now in the middle of the summer is when you will find the largest selection of homes to choose from. You can view all homes for sale, including foreclosures, online at SanDiegobythesea.com.
Sellers: To stay competitive in this market you have no choice but to PRICE IT RIGHT from the beginning. Inventory levels are commonly higher during the summer months and your property can get lost in the shuffle if it is over priced. A prudent and thoughtful marketing strategy is also crucial to make your property standout from the rest. Remember, homes do not sell by happenstance. Visit SanDiegobythesea.com to see how we would sell your property.
Are We There Yet?
- REREPORT: June, 2008
With all the news of foreclosures headlining the news, it is easy to overlook the signs that we may be near the bottom of the market.
According to a May 19, 2008 Southland Home Sales Report released by real estate news source DataQuick, “Southern California home sales surged last month to the highest level since August as bargain shoppers took advantage of price slashing. Although some higher-end costal markets also posted gains, the swell in transactions mainly reflects more sales of homes under $500,000 in inland areas where depreciation and foreclosures have been greatest.”
In other news, a May 22, 2008 RealtyTimes article entitled, “Real Estate Outlook: Worst is Over,” “The housing market offered some immediate hints of recovery with new home starts up by 8.2 percent last month [April, 2008] and building permits up by 5 percent.”
The California Association of Realtors reported on May 23rd that “Home sales registered a 2.5 percent year-to-year gain compared with April 2007, ending a 30-month string of year-to-year percentage decreases that began in October 2005.”
Other signs that we are at, or near, the bottom of this cycle are:
Buy and hold investors are coming back into the market.
Multiple offers on bank-owned properties, trophy properties, and well-priced homes in the best school districts.
If you have been sitting on the sidelines waiting to enter the market, there may not be a better time than now. Prices in some markets may not have hit their lowest point, but they probably aren’t far off. In many areas, only the pace of sales has been affected while prices have held firm and in some cases, have gone up.
In a changing market, it is more important than ever to have the assistance of a knowledgeable, local REALTOR®.
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