So...How is the Real estate Market???

This is a question I hear every day, and in all honesty...there is no simple answer.
The reality is that it all depends on why you are asking? it is not that the facts change, it is that the focus you have while looking at those facts creates a whole different explanation.

And as if that was not enough...we cannot talk about a Real Estate market in San Diego in general and expect to have an accurate picture of all areas. You have to clearly define what area in San Diego county you are interested in. If you look at Chula Vista it is an entire different picture than Encinitas for example.

Now having said that, let's take a look at certain current conditions that do affect the market in general.



Even though there has been talk about the banks shifting their aim from foreclosing on faulty loans to attempting to work things out and renegotiating with the homeowners who have this loans, it takes time...unfortunately for those people already going through the process of being foreclosed upon, this shift has come too little to late. And we have yet to hear from this lenders, who will be able to renegotiate, under what terms and for how long. Until this does not come to fruition we are not certain how it will affect the market



New loans are hard to qualify for and are taking much longer than expected which in turn is causing homes to stay on the market for longer periods of time and escrows to take much longer than before and in some cases to even fall through. So even though rates are at a very attractive level right now, that means nothing unless you can qualify for one, and then actually get funded.



Most sellers are more sensitive to the conditions of the current market that what they were let's say one year ago, which in turn translates to more offers being accepted and more homes going into escrow. From our experience, generally speaking if a home is priced correctly and marketed correctly it will get sold, it is just taking longer.


Now, interestingly enough, for the first time in months I have found ourselves in multiple offer situations, it might have been a coincidence and it has not happened consistently enough for me to consider it a trend, but it is a start.


So in closing, we are in a challenging market but not everything is looking grim, and I actually do believe we are reaching a turning point.

In one of my next postings I will address specific areas and data to give you some facts and numbers.

If you have any specific areas of San Diego county you would like me to address please let me know and I will do so.


Best regards for now!