The Answer To How's The Market For February 2011
What's the lastest on the San Diego real estate market?
So what is going on out there in real estate land? Well the latest numbers for the San Diego real estate market show some interesting things.
The first things that is apparent is that the prices in San Diego have dropped ever so slightly. The San Diego housing market has overall been doing better than the rest of the nation and that’s good news for us San Diegans. Though we did see a slight dip it was nothing compared to the other large metro areas. For now it looks like Yahoo Real Estate, Forbes and Case/Shiller are right on the mark about San Diego’s real estate market.
Another interesting statistic is the percentage that distressed properties account for in the county of San Diego. According to the most recent numbers distressed home sales, such as short sales, foreclosures or REOs, account for 55% of the homes sold in our San Diego real estate market. Buyers looking for a home to buy must be prepared to deal with these types of transactions that have longer time frames as well as different procedures.
In addition to larger number of homes sold being in some sort of distress the percentage of home bought with cash also went up. By February’s numbers 33% of all homes were bought with cash. You heard right 33% of homes were bought out right. This is up from 28% of homes in January being bought with cash. This is more than likely an indication that investors are starting to buy up inventory at reduced prices in order to hold them in anticipation of the market going back up.
Buyers in the San Diego housing market are going to find a different real estate environment when they do decide to move forward with their home purchases. With more investors now in the San Diego real estate market buyers are going to find a bit more of competition. This doesn’t mean that they won’t be able to buy a home it just means that now more than ever they’re going to need a real estate agent to help them place competitive offers in order to stay competitive when buying a home. If anything this shouldn’t discourage buyers from completing their home purchase but rather encourage them to move forward while interests rates are still low, prices are still good and inventory is still good.
If you are in the market for a home and want to know what’s different about us as real estate agents, email us at [email protected]
