North Park Craftsman Home Buyers Alert - In the 92104 there's some interesting signs that fly in the face of two stories reported this morning about the health of the housing market and its' impending demise.
Story one states that the federal government will no longer insure large home loans and the result will be higher lending standards for said loans from private lenders that will have to assume all the risk... no more taxpayer bailouts and goodies for bad practices. Nice. Good for you the taxpayer. Bad for high priced houses. Tighter money supply equals fewer qualified buyers.
Story two talks about more trouble and I want to highlight the appraisal part of the story. More and more deals are falling apart because of low appraisals coming in. Our federal government attempted to get the appraisal industry out of shady practices with buddy buddy lenders by making the system for choosing an appraiser much like a lottery. The fall out is that many appraisals are being done by out of the area practicioners who are unfamiliar with local conditions and it seems they are erring on the side of caution in valuation. Lower prices.
So this North Park Craftsman Home Buyers Alert wants to address the two competing issues in play. Supply and demand. Low supply of good quality North Park Craftsman homes and surprising demand for said items.
Currently there are 119 active homes for sale in North Park 92104, with 10 of these being bank owned foreclosures, or REO's. 29 of these homes for sale are short sale or "bank involved" sales. There are 52 new homes for sale in the last 30 days.
74 homes sold in the last 60 days.
35 homes sold in the last 30 days.
52 new listings in the last 30 days. 74 sold in the last sixty days. Of the home sales in the last 60 days 17 of them are bank owned foreclosures and in the last 30 days 8 of the home sales are bank owned foreclosures. This is the sign of a very strong market that's holding fast in the face of bad news across the national real estate market. 97% list price to sales price ratios over the last 30 days is indeed strong, with the time on market shrinking from avverage of 82 to 75 in the last 60 and 30 days of home sales respectively.
So... NO. The sky is not falling for this North Park Craftsman Home Buyers alert. Find yours here.
Thanks for reading this.
Vince
Vince McEveety is a licensed real estate agent with Keller Williams San Diego Metro and works in Hillcrest, North Park, Normal Heights and University Heights. This North Park Craftsman Home Buyers alert has been produced for informational purposes only, the North Park Craftsman Home Buyers Alert may not be reproduced without written permission.
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