Buyers: As consumer confidence continues to rise, so do county sales. For the eleventh month in a row, home sales have been higher than the year before. The real estate market continues to mirror prior months with extremely strong activity in the sub-500k market. Yet, throughout the market, multiple offers continue to dictate true market value. When homes are priced too low, you may have to make offers slightly above the asking price depending on the desirability of the area and the condition of the property. Investors beware, banks prefer to not sell their homes to non-occupancy owners, so be prepared to come in with a significant amount of cash to be the winning bid. Also, all buyers that plan to purchase a condo or townhome need to be aware that tougher mortgage rules may be included, as lenders are tightening their belts to protect themselves from unsecure investments. 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: Even when we reach the bottom, this market will continue to be unfavorable to the majority of sellers because of the continued growth of distressed sales in all neighborhoods. It is possible that the foreclosure rate could still spike again as lenders release their moratoriums. Short sales have been, and continue to be, an option prior to letting your property go through foreclosure. But, remember that a short sale may not mean you’re home free. Many sellers who successfully sell their properties as short sales will receive deficiency claims from the mortgage companies trying to collect on their losses. If you intend to sell your property in a traditional manner, it is imperative that you contact a real estate professional that is going to help you compete against other local distressed properties. Visit SanDiegobythesea.com to see how I will sell your property. If you know anyone who is thinking about selling, please let me know how I may be of assistance.
