San Diego Real Estate Market is changing from Buyers to Sellers Market
May 20, 2009
Is it a good time to buy a home in San Diego? It's a great question and one that I get asked quite often. My answer is definitely yes! Why? The interest rates are still very low and property values are at their lowest in a long long time. In fact, if you are looking to buy a home and don't hurry up and get in the game, you just might miss out on this buyers market!
The majority of homes for sale right now are either short sales or foreclosures. The prices that you currently see out there are way lower than what the properties will actually sell for. Banks are putting them on the market for less than other comparable homes in the area. They do this in order to start bidding wars and by the time they are ready to accept an offer, it's usually way above their original listing price.
The properties that are regular sales (either owner occupied or the owner/seller has equity in it) are definitely selling fast. Just today I saw a property that came on the market only yesterday afternoon. It was still available this morning, but by 3pm when I logged into the MLS (Multiple Listing Service) to print the information for a client, the property was already in pending status, meaning that the sellers had already accepted an offer and it was about to go into escrow.
The moral of this article? If you are interested in buying a home for your primary residence or for investment purposes, don't wait any longer or you just might miss the boat!
Amy Ruiz
Keller Williams Realty