The number of homes for sale in the local San Diego MLS is approximately 8,000. This number may seem high but based on the current pace of homes being sold, this amounts to 3 months worth of inventory. Basically, this means if no more homes come on the market everything will be sold in a matter of a few months.
The San Diego market hasn't experienced this kind of "sellers market" since four to five years ago. As the experts like to say things are heating up in the San Diego housing market for 2012.
Short sales make up the majority of homes for sale in the San Diego area. Some areas like Chula Vista, CA has significantly more short sales than others because many home owners were impacted by the downturn in the market. It is expected that more short sales will hit the market as the foreclosure notices are forecasted to increase now that banks reached a settlement with the government over the robo signing debacle.
What should you do if you're a home owner facing foreclosure? Carefully look at all your options and evaluate whether a short sale or foreclosure is the best solution for you. With there being an increase in demand for homes, a short sale might seem more appealing. The likelihood of getting your home under contract with a buyer could happen pretty quickly with an offer amount that's acceptable to the bank.
Wondering what to do next?
Contact us to receive an in depth custom evaluation for your home, with a comparison of homes recently sold in your neighborhood. This will guarantee you'll receive the most accurate information available. To find out what your Mission Valley home is worth, fill out the information below:
Lorraine Santirosa is a San Diego realtor that specializes in the sale of homes including short sales and foreclosures. http://www.buyhousesinsandiego.com 619-248-5484
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