This is a great question that I often am asked--What's new in the San Diego market for Buyers? What's the answer? Lots!
The market is very different than last summer, and even a different market from this past spring. Last summer, I worked 12 hours a day/7 days a week mostly showing buyers properties. It was very crazy for most agents and for their buyers. There were few properties on the market and buyers were out in large numbers. Most properties were either short sales or foreclosures. It was not uncommon for a property to have multiple, mulitple offers--some as high as 60 offers! Often times when my clients received a listing from me, they would quickly drive by that property, and if they liked the looks of the outside, they would then call me while sitting in front of the house and ask to see the inside. I would fly over to the property, and if they liked the inside of the property, we would fly back to my office and get an offer out ASAP. More often than not, by the time we would submit out offer, there would be mulitple offers already on the property. It became discouraging for most of my buyers, but most persevered and finally got into a home. For some of my buyers, it took them almost a year to get an offer accepted and close escrow.
This summer, there are more properties on the market and many are regular sellers! The investors are back in the market purchasing properties at the foreclosure auctions, fixing up the properties and then selling them. This is great news because it has brought more "regular" sellers to the market and the homes are usually move-in ready. Often times the investors are completing some major upgrades on the home. A "regular" also sale means buyers are not dealing with a bank and a sale close quickly.
As for the bank owned properties, I'm seeing a large number of these properties sitting on the market for weeks and months. There are not as many bank owned properties as there once was. As for short sales, there are still many out there and they still can take months to close.
So buyers, it's still a great time to buy! Interest rates are low, there are great loan programs, prices have stablized and there are more properties available. Hum, it's appearing that the market in San Diego may becoming a buyers market soon.