Above $1,000,000 or below $250,000 - Take your pick!!

As of April 2012, in San Diego, we are beginning to see a shortage of inventory - in other words less homes for sale than we did at this time last year.  In fact we have half as many properties on the market than in March of 2011.

Depending on the amount of money you want to spend, can afford to spend, qualify to spend, there is still a wide choice for potential buyers. 

Just for fun here is a breakdown of properties priced UNDER $250,000 ($200,000 for townhomes and condos) and properties priced OVER $1,000,000 throughout San Diego County ...

Detached Homes UNDER $250,000                             Townhomes/Condos UNDER $200,000

North County (Including La Jolla)    155     .............................       172

South Bay                                                  87     .............................       150      

Metro Areas (Including Downtown)   99     .............................       109

East County                                              94     ..............................        56

Detached Homes OVER $1,000,000                              Townhomes/Condos OVER $1,000,000  

North County (Including La Jolla)   1015    .............................       103 

South Bay                                                 118    .............................         51 (Includes Coronado)

Metro Areas (Including Downtown)  613    .............................         36

East County                                               29    .............................           0

There's a LOT available obviously priced between $250,000 and $1,000,000, and if you would like more information about your neighborhood, or where you would like to live, let me know, I am here, I can help!       



Jane Loveday
DRE # 01439083
Pacific Sothebys International Realty
619-519-1615 Cell
http://janeloveday.com
http://www.facebook.com/realestatesandiego
http://www.twitter.com/sdrealestate
http://www.linkedin.com/in/janeloveday

Trouble (as in housing not beer!) brewing in San Diego....

Yes we do have good local beers here in San Diego but there is not a problem with our beers, our problem is with housing prices at the lower end of the scale. Want a cheap beer - no problem, want a cheap home - big problem. It's not good news...

I have written about this in indirect ways before but we are definitely seeing a big issue with first time homebuyers who are desperately trying to get into their first house before the $8,000 tax credit ends November 30th. The issue is the shortage of homes available in the right price range.

For example, looking for a single family home under $200,000 that will qualify for an FHA loan - 3.5% down and all the regulations that go with the loan, it is nearly, actually almost impossible in San Diego. Wanting to do a VA loan with zero down and closing costs paid by the seller, not really an option when you are competing with offers that do not ask for any costs back to the buyer or a cash investor (and there are plenty out there).

Wanting a house that qualifies for any other State or government loan, the same - almost too difficult to achieve.

WHY?

There are too many buyers, too little inventory (homes for sale) and too much competition with multiple offers for all lower priced properties.

Even in the condo market we are seeing the same situation, if it's a deal, a steal, then be prepared to compete with everyone else thinking the same. Even cash offers are often beaten by investors with higher cash offers and nothing, absolutely nothing, priced under $350,000 goes for asking or lower than asking price today.

What are we to do? I'm not sure, the bottom hit a few months ago, it's a seller's market and even with foreclosures about to be released after a moratorium, their low prices increases the bidding wars and invariably they sell for 20 - 30% over list price.

It's not fair, it's frustrating, ask any Realtor who works with first-time homebuyers and ask how many offers they are submitting for each client - I can guarantee it's more than at least 4 or 5, more like 10 - 12 or more.

So the answer, there is none, try and find a seller willing to accept your offer, or keep saving and keep fingers crossed for that one home that you can qualify for.

Back to a good cheap beer, relax, take a deep breath and know your Realtor is really, really trying their best to help YOU!

For the latest on the housing market check this article published this week:

San Diego Daily Transcript

Jane Loveday
Windermere Real Estate Agent
619-519-1615 Cell
http://www.JaneLoveday.com

Where Has The Buyers' Market In San Diego Real Estate Gone?

When the housing inventory (for sale homes) drops below the 6-month mark here in San Diego it becomes a “sellers” market. We now have under a 5 month supply.

What that means is, if all homes currently for sale are sold, we will have none left after 4 ½ months. Even if banks decide to unload more foreclosed homes, it will not affect this by much at all.

With new regulations on listing a home on the MLS (Multiple Listing Service) here in San Diego coming into affect at the end of May, we will only have a 2 month supply.

For homes priced under $500,000, there is the situation of multiple offers (my client just won out from 11 other offers) which means property is moving quickly, even with short sales. And talking of which, the new regulations mentioned above now require that short sales are placed into a ‘contingent’ status, between for sale and pending, as many of the short sales already have offers submitted to the lenders, with back-up offers being accepted only.

Is the bottom of the market here? What do you think …. If you are waiting for prices to drop further, look no more, they will be dictated by the sellers now, it’s a cycle, and we enjoyed the buyers market up until earlier this year, the wheels have turned.

Jane Loveday
Windermere Real Estate Agent
619-519-1615 Cell
http://www.JaneLoveday.com

San Diego Property Virgins

Here in San Diego we are experiencing (what is not usually known either in our local press or the national press) a very, very busy buyers’ market with investors who usually peruse the stock market, now buying real estate. So what does that have to do with Property Virgins to coin a phrase from HGTV?!

Well, pretty much everything. With investors not taking stock in the stock market, they are taking leaps and bounds into our real estate market and buying with cash the best buys they can find. It is not unusual to find a property, call on offers in advance (we are a multiple offer market here now) and find you are gazumped (does anyone remember that phrase) by an all cash buyer.

It is inherent in this economy to look for the best investment for your dollar. First time homebuyers are beginning to get on the bandwagon, only to find in a lot of cases that investors are beating them to the post.

I frequently call ahead to ascertain if there are any offers on the table, at or above asking – no actually figures quoted – only to be asked if I am representing an investor (all cash) or a home-buyer.

What is going on????

I now tell my buyers NOT to listen to the media, read the press, listen to the news, because in reality we are in the middle of a crazy, frenzied situation. Tonight I showed 6 properties, of those 3 we had to wait for the key to be returned as it was already being shown and this is within a 1 hour window in the middle of the week – goodness knows what is happening with the rest of the hours in the day. One property was already in escrow – YIKES!

So my take… my point … we need to educate buyers as to what to expect in REAL LIFE, not in the media, and to be on top of all offers they think they need to make, give their highest and best, and have realistic expectations that the bargain is no longer there. Tomorrow may be too late, yesterday was right and today was a competition…..

Jane Loveday

Windermere Real Estate Agent
619-519-1615 Cell
http://www.JaneLoveday.com