Without much discussion, I’ll tell you that the Real Estate market is dominated by conditions for which we have no direct control. The market is forecasted for a slow recovery, but for now, consider it a potential buyer’s paradise. Just keep in mind that, in spite of the market conditions, we all have choices as to whether, and how to buy and sell homes.
Simply stated … the market as it is, presents opportunities for buyers, and challenges for sellers. A few of my thoughts for your consideration appear below, followed by a few statistics of interest relevant to the San Diego market as a whole, and also for a few surrounding neighborhoods.
Opportunities for Buyers :
1. Market values are 30% less than at the peak in year 2005 / 2006.
2. The supply of homes is adequate
3. The inventory selection is good-to-excellent, with premiere properties available, and many being sold at equity sale – my advice – stay away from short sales or foreclosures
4. Interest rates are still very favorable, and more money in all categories is becoming available
5. Escrows are typically closed from between 20 to 30 days from opening
6. Upgrading in a down market sometimes makes great sense
7. Great investment prospect with potential for future gains
Challenges for Sellers:
1. Listing your home at market value to cause it to sell
2. Updating and maintaining the appeal and functionality of your home in preparation for sale
3. For Sale by Owner (FSBO) – not a good idea – hire a competent broker
4. Websites such as Zillow and Truila can be deceiving and often suggest purchase prices to on-line seekers at 5+% below market value
5. Neighborhood foreclosures and short sales that drive area sales prices downward
6. Reducing you listing agent’s commission rate – not a good idea
###################################
Full-Year 2010 (Units except for $’s)
Beginning Inventory 15,147
New listings 56,557
Sold (31,522)
Expired/Cancelled (26,851)
Adjustment 1,244
_________
Ending Inventory 14,575
Inv. Months-on-Hand 5.6
Average Days on Market 76
Avg Listing Price $ 433,077
Avg Selling Price $ 418,086
% of Price Sustainability 96.5%
###################################
Market Value Ranges
Neighborhood Average $ / Square Ft
North Coastal
Oceanside = $ 185 to $ 205
Cardiff = $ 430 to $ 476
Carlsbad = $ 246 to $ 272
Encinitas = $ 319 to $ 353
South Coastal
Solana Beach = $ 444 to $ 490
Del Mar = $ 566 to $ 626
La Jolla = $ 530 to $ 586
Pacific Beach = $ 427 to $ 471
North Coastal Perimeter
San Marcos = $ 185 to $ 205
Vista = $ 174 to $ 192
South Coastal Perimeter
Carmel Valley = $ 316 to $ 350
Rancho Santa Fe = $ 400 to $ 442
Sorrento Valley = $ 271 to $ 299
UTC = $ 297 to $ 329
Inland
Escondido = $ 169 to $ 187
Poway = $ 252 to $ 278
Rancho Bernardo = $ 241 to $ 267
Rancho Pena = $ 244 to $ 270
Scripps = $ 243 to $ 269
Our goal is to help and guide people to buy and sell San Diego Homes: Contact us soon - and let us apply for the job of being your Real Estate agent.
Charles M. Schevker (CPA)
DRE # 01875556
Broker Associate
Prudential California Realty
1299 Prospect St.
La Jolla, CA. 92037
Google Keyword = Homes in La Jolla CA
Main Office: (858) 357-9814
Sattelite Office: (858) 459-0501 ext. 319
Home Office # 1: (858) 750-2578
Home Office # 1: (858) 750-2578
Home Office # 2: (858) 412-6082
Mobile: (858) 449-8250
No comments:
Post a Comment