New Construction Homes in Carlsbad
These may not fit many budgets, especially those of you who are buying your first homes.
Model Homes at Rockledge in La Costa Oaks Carlsbad
There are several communities of new construction homes in Carlsbad that may be of interest. What I find particularly impressive is that these homes are going QUICKLY – quite a change from a year ago when homes were languishing on the market and new home building sorta stopped.
Now there are 5 new communities that are building with another (53 Melrose) just starting in South Carlsbad.
Read more about COPPERWOOD and ROCKLEDGE in the La Costa Oaks master planned community in Carlsbad. If you want new construction for under $250/SF here is your chance – but it’s going fast.
Use Your Common Sense, and Others Too
I realized that I wrote this article some time ago that I didn’t share here.
I think it’s an important one.
Buyers, especially folks going at it for the first time, sometimes just don’t use their common sense. It’s easy to get swayed by a beautiful home, or turned off by an ugly one, without using your common sense about what really is important and what your ultimate goal is.
But in this market of short sales, REOs and sellers who just may not give a hoot about how their home looks, using ALL YOUR SENSES makes, well, sense (cents??).
Read on to learn more how and why YOU better come to your senses while house hunting.
Buyer’s Market? Hmmm
The media implies that it is a buyer’s market out there. In many areas, and many segments of the market, that IS, indeed, true.
People also seem to think that this is true for the REO/bank owned market.
That may be true in some areas but it is certainly not the case here in North San Diego County in Carlsbad, San Marcos, Escondido, Oceanside and similar areas. Multiple offers on just about every REO (and short sale) and with these properties selling in many cases over asking suggests it is a BANKS’ market, NOT one favoring buyers.
Buyers are, in many cases submitting offers on multiple properties, and are losing out on several properties before they are successful. While this is not the case in mid- and high-range properties it is very much a part of the lower end market where many first time buyers need to start out.
The other shift we are seeing is many more cash buyers (often investors) who will often beat out regular buyers with loans since the REO banks (1) do not have to worry about an appraisal or a loan, and (2) they can get their money more quickly.
This is not to scare you away but just to paint a bit of a reality picture so you are not surprised. Given me a call if you have questions, or talk with YOUR agent to learn more about the reality of YOUR market. It may not be what you think it is.
READ MORE:
10 Buyer Challenges for Today’s Market
The Question Used to be – How Much Less Will the Sellers’ Take?
First Time Buyers – What Are You Missing in Your Home Search?
Believe it or not you may be missing some things in your home search.
This is especially true if your interest, or budget, puts you in front of a lot of short sale and REO (foreclosure or bank-owned) homes.
And it may not be what you think.
Read more about buying a short sale or REO – What Am I Missing?
The 10 Buyer Challenges YOU Must Be Aware of
There are plenty of challenges to buying a home in today’s market. Here is a list of the 10 I think are the most relevant to buyers.
First time buyers have some challenges because for many the price range limits them, in large part, to homes that are distress sales and REOs (at least here in Southern California. And that means lots of competition.
And lots of patience.
Take a look at this list so you will be prepared. If I can help, just let me know.
Before You Open That Refrigerator…
If you are looking at distress sales – short sales, foreclosures, REOs – you may want to read this short article I wrote about my own experience with buyers and opening refrigerator doors. The clues may or may not be there.
WARNING – Don’t Open That Refrigerator
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If I can provide more information about Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your home search, please contact me by phone or text at (760) 840-1360 or email me at JDowler@remax.net.
All content copyright © 2009 Jeff Dowler
Are There ANY Homes in My Price Range That Are in Move-In Condition?
Above a certain price range in the Carlsbad area it is possible to find homes that are in move-in condition, or new. But for many first time home buyers, finding a home in their price range that is in move-in condition is difficult, if not impossible. That may be true in your area as well.
Everything else being equal, a home in beautiful shape that needs no updating or cosmetic work will simply cost more. Folks are willing to pay for this so homes that are move-in ready will be more expensive. And they tend to not stay on the market for long because they are ready to go.
The other issue, increasingly, that impacts the number of fixer homes is that there are many more homes at the lower end of the price range, say under $500,000 (less in some communities) that are distress sales – short sales, foreclosures or bank-owned properties (REOs). In most cases these homes need work, sometimes substantial. Some have been poorly maintained or even trashed by the occupants, or occasionally vandalized since they are vacant. You will also see some homes that are not livable until you fix them up, and supply appliances and fixtures.
While some buyers are really looking for a fixer, one that they can put their personal touches on, others prefer minimal work/updating. Being realistic about the market you are shopping in will help you from being too frustrated when every home you see in your price range needs work.
Keep in mind that while having to do work on a home may not be in your plans, or something you planned to do this can work to your advantage. Since fixer homes tend to cost less, you can possibly add more to your equity by buying such a home and fixing it up, rather than paying a premium for a beautifully done one that is otherwise comparable. Just be careful to not overdo it on the redo, or to expect a 100% ROI – an over-improved home will not likely return your investment, especially if other homes in the area are less valuable.
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If I can provide more information about Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your home search, please contact me by phone or text at (760) 840-1360 or email me at JDowler@remax.net.
All content copyright © 2009 Jeff Dowler
Do You Have A Buying Strategy? You Should for 2009
If you are considering buying a home in 2009, or perhaps have been working on it but it hasn’t happened, you might want to do some planning.
What IS your real estate buying strategy?
Do you HAVE a strategy or are you going to just go about it haphazardly?
Consider the following:
DON’T IGNORE THE INTEREST RATES
Interest rates are historically low and there are predictions of 4.5%. It’s worthwhile checking into what programs you can qualify for and what this means financially for your monthly budget. Be aware that loan qualification requirements remain very tight and a good number of folks may simply not qualify for the lowest rates, or at all.
UNDERSTAND NEW LOAN LIMITS AND CHANGES AND GET PRE-APPROVED…
You can read the rest of this article on my ActiveRain blog.
If I can provide more information about Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360 or email me at JDowler@remax.net.
All content copyright © 2008 Jeff Dowler First Time Home Buyer Central
Are Your Expectations Realistic?
Given the buyer behavior I have observed in recent months, I have to wonder…are YOUR expectations realistic?
Primarily I am speaking about pricing, and what you can obtain for the price you would like in a particular area. It can be a challenge in this market, because we don’t have a good handle on what is actually happening with respect to prices. And what we hear and see in the media sometimes leads folks to think they can acquire properties for far less than what we see in reality in the market, despite the already depressed values.
Granted there are some pretty good deals, especially if you are willing to buy a short sale or foreclosure ( and compete with all the folks who are doing the same thing – it is not uncommon to see a dozen offers on a distress property) and have the patience to work through the many months it will likely take. Plus take on the needed repairs at your expense.
Despite the fact that prices have dropped in most markets, and here in the San Diego area we see prices that are similar to 2005 or earlier in some areas, it seems that some buyers are not being realistic in their expectations about what they may need to spend to get what they want. My best advice is to get to know the market by looking at listings and obtaining sold information from a qualified agent in your market area. Don’t waste your time looking for a $150K detached home in a market where nothing is selling for less than $400K.
My First Time Buyers Handbook
I have done a lot work with first time buyers, both back in Boston and out here in Southern California.
There is so much for new buyers to learn and often they do not even know the right questions. Working with a REALTOR who takes the time to explain the process, answer questions, and truly help buyers become as prepared and educated as possible is so important.
I finally completed my first time home buyers handbook, which I will begin sharing with new clients. however, if you would like to download a summary of my first time buyers handbook feel free to do so. The real thing is, of course, much more detailed, but the summary will get you started.
And of course if we decide to work together to find you a home in the Carlsbad area (including Oceanside, San Marcos, Vista, Encinitas, Cardiff, Solana Beach, Del Mar, Rancho Santa Fe, La Jolla) you will get the entire handbook to help you.
I would love to know what you think. Are there other important things to include (of course you are not seeing the entire thing but let me know what stuff is important to you)? Are there particular questions that you have? Please let me know.
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If I can provide more information about Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360 or email me at JDowler@remax.net.
All content copyright © 2008 Jeff Dowler Carlsbad Homes and Real Estate Tidbits
