Call Lorraine Santirosa 619-200-3633. San Diego Military Short Sale Specialist. Http://www.sandiegohousingoffbase.com
San Diego's housing inventory hits a new low of less than 5,000. For the first time since the downturn of the market in 2008, the inventory is at 4988!!! This includes single family and attached homes.
What's driving down inventory? Supply and demand. While house prices for 2012 is expected to be up by 5.1% from last year state wide, sellers are unsure about listing their homes. Approximately, 30.5% of homeowners are UNDERWATER and many are still undecided about what to do. Many homeowners are debating whether to foreclose, request loan modification or short sale. This delay is causing a drag on the housing market which cannot get back to normal until the underwater inventory has cleared out.
Homeowners that have equity are closely watching the market and are reluctant to sell unless there's a life event like divorce, marriage, job loss, job relocation, or death.
MILITARY homeowners are seeing some relief due to the new servicer's guidelines regarding Permanent Change of Station (PCS) orders and short sale.
Here's an excerpt from the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2013 California Housing Market Forecast,” released on October 2nd, 2012.
"The statewide median home price is forecast to increase a moderate 5.7 percent to $335,000 in 2013. Following a decrease in 2011, the California median home price will climb a projected 10.9 percent in 2012 to $317,000.
“The housing market momentum which began earlier this year will continue into 2013,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Pent-up demand from first-time buyers will compete with investors and all-cash offers on lower-priced properties, while multiple offers and aggressive bidding will continue to be the norm in mid- to upper-price range homes.”
“The actions of underwater homeowners will play an important role in housing inventory next year, with rising home prices inducing some to stay put and others to list and move forward,” she said.
“The wildcards for 2013 include federal, monetary and housing policies, state and local government finances, housing supply, and the actions of underwater homeowners – not to mention the strength of the overall economic recovery,” Appleton-Young continued."
Contact Lorraine Santirosa at 619-200-3633 if you're thinking about selling your home or not sure whether to stay put.