What is Really Going on in the San Diego Real Estate Market?
Well, if you have been watching the news or reading the paper, you probably feel as though the real estate market is busted. While there are a lot of struggles with this market, it's not all doom and gloom. Although the reports say the "sky is falling," now is the time to buy! We are seeing more investors coming into the market with cash. If they see the value, so should we!
From my own experience working in the market, I'm seeing lots of buyers out, multiple offers on homes and great loans/down payment assistance for buyers. Right now, we are seeing homes priced at 20% to 30% under value, with some sellers are paying the buyer's closng costs! With the many different loan and down payment assistance programs, and lots of homes for sale, a first time homebuyer can get into a home with very little money.
I saw a newspaper article on Friday (10/3/08) that stated the San Diego real estate market will continue to go down over the next two years. Yet, I'm seeing almost daily on the MLS that homes, especially bank owned properties, are selling for more than their asking price and are off the market sometimes within a week! Once a buyer gives me a list of homes that they want to see, I will call the seller's agents to find out if there are any offers. I would say that 98% of the time there are mulitple offers on that property! Sometimes these properties have only been on the market for 2 days.
So, with all that said, do I believe that the market will continue to go down, no. But, I do believe that with all the changes in lending and the "bailout," inventory will start to dwindle. What does all this say, now is the time to get off the fence and buy!