Market Update:
We dropped below 4000 properties for sale in all of San Diego County while there are still about 15,000-20,000 active buyers! It’s been over 10 years since we had such low inventory.
Where are the hot spots?
Southbay and Central SD like City Heights, and North Park seem to have the most buyers fighting for properties. Although the demand for downtown properties hasn’t been high in a while, it seemed to rise overnight. It seems people are thinking these areas just hit bottom, but the reality is these areas have been at the bottom for years and now they are going up in value and all of the sudden everyone is fighting for them. I think some of the best deals can be found in many areas of San Diego from North County and below in the $400,000-$700,000 range because the competition is less (with the exception of some areas like Rolling Hills Ranch, Mission Hills and Bonita).
Sellers:
There hasn’t been this strong of a “sellers market” in a while. If your’e a seller, the ball’s in your court for sure. There are advantages in a market like this that you won’t have if you wait for it to be a buyers market again. If you’re curious what you would walk away with if you sold right now, I’ll do the numbers for you for free in like 5 minutes.
Buyers:
Getting an offer excepted takes skill, persistence, and resources from a highly qualified agent. That friend of yours that has another job but still does Real Estate too, won’t cut it in this market. And if you’re thinking of putting offers with the listing agents, beware. When you call that sign and have them write your offer, you’re lacking a professional negotiator that has your best interest. It’s the Listing agents duty to put the sellers best interest first so you’re at a disadvantage from the get go. Hire a qualified Realtor like myself to get you a good deal on a property.
Upside Down Homeowners:
The laws got extended which means if you short sale this year you most likely won’t have to pay anyone anything, which is great! If you’re thinking of doing a loan mod, don’t send in your paperwork without speaking with me first. Too many people send in their paperwork then call me after they hurt their chances of getting their loan mod approved.
Thanks and keep me in mind when hear someone talk about needing to sell their home or buy a home. I work the Greater San Diego County and even work some listings outside of San Diego.
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