North San Diego County Market Reports
For those of you watching the real estate market in the coastal communities of North San Diego County, here is a summary real estate market report with links to SEPTEMBER 2009 real estate market reports for the following communities:
Carlsbad
Cardiff
Encinitas
San Marcos
Oceanside
Rancho Santa Fe
Del Mar
Solana Beach
Each report also has some links to earlier market reports for those communities (some more than others). I can always provide detailed report susch as these for ANY community in San Diego as well as broken down by area/neightborhoods. Just ask.
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.
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?
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.
New Search Technology for Buyers
I am always tweaking my website, and my blogs, trying to provide the best information I can for buyers and sellers. It’s a challenge because it takes time, and there is so much out there.
You’re on the Internet every day and you already know this…it can be overwhelming.
For those of you who are actively involved in searching for a home, or who are thinking about it, I just added some new search technology to my website that is really topnotch – in my opinion (and that of many others), the BEST there is out there.
One of the best aspects is the ability to search using dozens of different search terms, not just square footage, town, number of bedrooms and baths as in the typical agent website. There’s some other good stuff, too, but why not just test it out yourself.
Just click on the Carlsbad Home Search link below and you will see. Why not sign up to be a VIP Buyer while you’re at it? It’s FREE and there is no obligation, and you get the best searching around for home buyers. Good luck and have fun.
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Start your CARLSBAD HOME SEARCH here (and other San Diego communities)
Download FREE BUYER AND SELLER REPORTS
What Should I Do? What Should I Do?
I think alot of buyers, especially those who are trying to buy their first home, are wondering “What Should I Do?” right now. Certainly with all the news about the mortgage industry many buyers are considering holding off buying to see what happens. And for some that IS the right decision, for financial reasons.
If you ARE still interested in buying, just make sure you
- examine your financial situation very carefully (especially your personal budget)
- get pre-approved with a competent and respected mortgage broker (need some names? Let me know)
- stay in touch around the rates and programs in case there are changes
- make sure you do not step outside your budget and overspend. Even if the home you really love comes along, do not let this sway you into paying more than you should.
We don’t know where the rates are going to go, nor the prices. They are all over the place in many areas, with some declines, so working with a knowledgeable REALTOR(R) will enable you to understand what is happening in your specific marketplace, so you can decide your best course of action. Local markets can be very different from what you might read on the Internet or in the media.
Obviously if you need to buy (relocation, family circumstances, etc.) then these recommendations are especially important so you make an informed decision. There is a good inventory out there, especially here in the San Diego area, and more and more sellers are willing to negotiate, and are pricing their homes in line with the market demands.
If I can provide any assistance, please don’t hesitate to ask.
Start your SAN DIEGO HOME SEARCH here.
Request Free BUYER and SELLER REPORTS here.
No – A Popular Word?
It’s an “interesting” market out there, at least here in Southern California. The issues in the sub-prime market and stricter standards on the part of mortgage companies (and the disappearance of some loan programs) has made it tougher for buyers to qualify for mortgages, especially first time home buyers. So many cannot qualify any longer for a home in our area because of prices, which had dropped in the last 1-2 years but seem to be rising in some areas (well, the median is, but that seems to be because higher-end homes are selling pretty well).
NO is a popular word on the part of mortgage companies.
In this type of market, with large inventories and lots of competition, many sellers still can’t face reality about prices. Some have unrealistic expectations about what they can get for their home sales. Or because of the situation they have found themselves in they NEED to get a certain amount (bought another home already….bad mistake).
NO is a popular word from sellers – NO, I won’t list at that price I need more; NO, my house is worth more than that; NO, that offer is too low; and so on.
Buyers, too, find that NO is a popular word. In many cases they are justified in saying NO, but not always. I hear it all the time.
- NO, that costs too much; I won’t pay that price
- NO, I don’t like the color of the walls, the size of the kitchen, the flooring, the way the house looks, and so on
- NO, I don’t need an agent; I’m just looking
Just a few examples of this popular word. Sound like YOU?
I absolutely do NOT advocate paying more than you should for a home, and saying NO to a seller’s price that is unrealistic is appropriate. Just be sure you know the market well enough to say NO. And are you missing out on a home that IS priced well but you just want a great deal. Or are in the habit of saying NO to every home you see.
Are you being too fussy? Do you want pie in the sky? Are you saying NO to things that can readily be changed? The paint color of the kitchen, the ugly tile floor in the bath, the linoleum in the hallway, and so on. Are you looking for excuses to not buy? Certainly there are things about a home you will not like, and with the inventory you might feel if you keep looking you will find exactly what you want. Maybe. Just be sure you are not being so fussy that you will say NO to every home you see and NEVER be able to buy anything.
Or pass on the home you love, thinking you will find something better, then go back to the home only to find someone else snatched it up. Happens all the time.
So consider what you are saying NO to. And why. It might be appropriate, but perhaps not. Don’t let NO become a habit. Use it when it’s the right thing to do.
Market Update from CHRIS COMER (guest blogger)
To All,
Since my last update we’ve seen a small up tick in mortgage rates. As you may have read, rates are at their highest since October of last year with the national average on a 30 year fixed at 6.34%. I hope that over the next couple weeks the bond market settles a bit and mortgage rates come down off their highs.
The biggest obstacle for mortgage rates, and interest rates in general, is the uncertainty of if and when the FED will begin lowering interest rates to spur growth. Rates typically see a bump prior to a FED meeting as bond traders position themselves for unfavorable news. The days leading up to this weeks FED meeting were no different. With the FED keeping bond traders on edge along with signs that the economy is stronger than most had predicted, the 10 year bond yield reached 4.9% which is the highest since last October.
A couple key things happened this week. As you know, the FED did not change their overnight lending rate voting to keep rates where they’re at. Minutes from the meeting suggest that inflation is still the biggest concern for the FED although they did mention inflation is moderating. Most economists hope the drop in oil prices would continue to keep inflation at bay and point toward the FED cutting rates sooner than later. However, the last three months employment reports paint a different picture. January’s employment report released today shows the economy added 111,000 new jobs. This was below forecast of 150,000 jobs. This had little effect on the bond market because the two reports prior, November and December, showed substantial job growth well above expectations. Not to mention, November and December’s numbers were revised upward another 81,000 jobs which help to more than make up for January’s weaker than expected reading. Employment continues to remain strong and is probably the strongest argument as to why the FED may just leave rates alone for all of 2007.
So it looks like my market report at the beginning of 2007 is still holding true. That is, it doesn’t appear at this point that we’ll see any significant changes in mortgage rates for 2007. Keep in mind this doesn’t mean we won’t see small movements of +/- .25% from month to month. Right now we’re on the high side of the .25% movement. Rates should continue to hold in a narrow range from 5.75% to 6.25%. Oh, and the national average of 6.34%, I can beat it rather easily. How about 6%? I’m recommending to anyone who isn’t closing for another 30 days to float their rate.
Stay tuned! If I hear something that will move rates immediately, I’ll let you know. For a daily market update, please visit my website.
Have a great weekend!
More News on the Housing Market
Here is another article that speaks to some of the positive changes that are taking place in the housing market.
If you have questions about what’s happening in certain communities here in Southern California, let me know – I track the MLS stats and can give you a summary. Or you can visit my website for more information.
How to Become a Good Buyer! (Part 5 of 5)
This is the last post in this series on becoming a good buyer. I hope you have found it useful and that you will take to heart these suggestions. Are there other things that should be done? No doubt. But I believe this captures the highlights that will enable you to be the best consumer you can be.
Let me summarize by talking some about what a good buyer is.
Being a good buyer means becoming as educated as possible about the home buying process, understanding local market conditions, and having realistic expectations of what your needs are relative to the amount you can afford to spend. Regardless of the amount you are planning to spend, if you are not honest about your needs and what you “must have” versus those things you are willing to trade-off, and you do not understand how the process works, you will not be effective, and will end up wasting time and becoming frustrated and disappointed. No matter how much or how little you spend, everyone wants to feel they are paying a fair price for what they purchase in their particular market, and so it is essentianl that you get to know the local market conditions. Part of becoming a good buyer also means being serious about making a purchase when you find the right property; if you are just spending time looking at properties without the intent to buy, or having no idea of what you want and where you want to live, you are wasting a lot of time – yours, your Realtor’s, and the owners of the homes you are visiting.
Another aspect of becoming a good buyer is the nature of the relationship you have with your real estate agent, and the on-going communication between you throughout the process. Your agent is there to assist you in finding the right property at a price you can afford, but s/he is also there to provide information, guidance, and support, negotiate the transaction, and coordinate the process with all the other parties who will be involved until the closing. Your agent needs you to clearly communicate your needs, concerns, and questions, cooperate with requests for information, and provide, as well as receive, open and honest feedback.
Good luck in your purchase. And if I can help in any way or answer questions about the process or the market, just let me know.
