The New Equilibrium in San Diego real Estate
After years of roller coaster pricing, the San Diego real estate market shows signs that it may settle in to a new normal as we wait out increases in rates and consumer confidence… and witness the return of liberal credit underwriting. Second mortgages and stated income loans have started to pop-up again. And, I am seeing some buyers prevail on 100%, no down payment, loans.
Sales are slightly down against 2013 perhaps due to a shortage of homes for sale – a shortage of the type of home buyers are looking for. Well priced, well-presented homes are selling quickly. Spikes in rental rates, low interest mortgage loans, and liberal credit products should soon create a small storm of buyer fever – perhaps in 2015
Sellers may have less equity than they expected, having taken out large loans out in the late 2000’s. This may impact inventory, or the seller may not see the house they want and so not list.
Today both buyers and sellers are seeking “instant information” or “information on demand.” This often leads them to incorrect information. An automated value on a piece of real estate is about as reliable as the local weather anchor. Here’s what I found when I did a search on one of my own listings.
I caution both buyers and sellers to use the automated information as a point of departure on their journey, but I remind them to manage expectations accordingly. It’s easy for me to confirm the true information in live time.
Shiny sells fast. Correctly priced homes with little or no deferred maintenance, smart staging, and a little extra shine sell in days or weeks. Otherwise, they sit idle and sell below the market.
The most significant trend this year seems to be led by young professionals, who are happy to pay high rents for the bells and whistles…and appear less willing to sacrifice location for amenities.
Homes in San Diego will continue to sell. In fact, Zillow, Inc. lists San Diego as one of the top ten hottest markets where you should buy in 2014. Our average number of days on the market stands at approximately half of the national average. The distressed market is all but gone in most areas of San Diego, for now.
Here’s why San Diego is a top choice for both singles and families; for students, retirees, and those in the workforce; for northerners who choose to winter in the sunshine, and for overseas investors.
Whatever the market… Tom Dunlap sells homes
San Diego’s real estate market in recent years has resembled a roller-coaster, but it makes no difference to Tom Dunlap. He’s been through the downturns and the upswings many times, and through it all still gets the results his clients want and need.
Since 2009 Tom’s annual dollar volume has been higher than that of 99% of the 18,000+ REALTORS® in San Diego County.
When you want results, ask a busy person. When the result you want is a successful San Diego home sale, ask Tom Dunlap. He has the skills, the experience, the energy, the drive, and the desire to turn your real estate goals into reality.
Write email@example.com or call 619-325-4170.!