If you are considering buying a home in 2009 you might want to consider starting your home shopping during the Christmas Holiday. Over the years I have noticed that there are far less buyers looking to buy a home during the winter holidays. Most people and families are way too busy during the holidays to even consider looking at buying a new home or condo. Because of this there are far less offers on real estate during the winter months than any other time of year. Sellers start getting very anxious when fewer and fewer buyers come through there home the deeper we get into the holiday season. In high foreclosure and short sale areas like San Diego County the banks looking to get some assets off the books before 2008 is over will be looking at all offers.
I personally purchased a home several years ago during the Christmas Holidays and paid about $30,000 less than market value on a home in the low $200,000 range. The sellers were anxious and had already purchased a home in another state and were more than willing to accept my low offer. It was gain and worked out very well. If you considering buying in 2009 in the San Diego area you should consider looking now in 2008 and buying your home for Christmas. I couldn’t think of a better present.
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Comparing Foreclosures and Short Sales is sort of like comparing Apples to Oranges. Foreclosures in San Diego will sell fast and get multiple offers if they are priced correctly and in a desirable price range. It seems that the magic number or price range for a single family detached home is anything under $400,000. Most of the time there are aggressive offers and many offers in this price range which will also drive the price up on the REO. Not only is the price important to the asset managers who will ultimately decide which offer to take but also things like, how much money “non loan amount” is in the deal, is it an all cash offer, what has the mortgage holders lender determined the purchasers credit looks like, and others. Foreclosures are in many cases not in as good condition as short sales are because the previous owner in some cases might have removed essential items like lighting, stoves, water heaters, outlets etc …. Where on a short sale most of the time the seller or renter is still in the home maintaining it and will not usually do any destruction while in their possession.
Short Sales have the length of time issues unpopular to agents, sellers and buyers. Short sale packages are submitted to the bank by the listing agent and offers are taken and submitted to the bank. The process of the bank looking at offers and accepting one or countering the offer can take a long time. The factors include, which bank has the short sale, who the negotiator at the bank is, what the offers look like to name a few. Sometimes the short sales are unbelievably fast at 60 to 90 days and sometimes they can take over a year and in some cases get foreclosed on despite the efforts of everyone involved. When the bank is interested in selling the home as a short sale and not pursuing a foreclosure they will approve the short sale at a price and terms and this is when a buyer can pick up a home at a great price. Sometimes the prices are better than the foreclosures which can be bid up to more than what they should be selling for. Some people are under the false impression that just because it’s a foreclosure it’s the best deal on the market. The short sale is also in many cases in better condition.
Carlsbad real estate has lost $140,000 in median home price value in a period of only 1 year. This data is from single family detached homes from San Diego MLS stats. I just finished running the closed comps from October 2007 to October 2008 and the stats are some of the worst in San Diego County. Yeah I know Carlsbad is Coastal and in North County and many agents have said this area will withstand the real estate storm in San Diego but boy have they ever been wrong.
October 2007 had 4 homes close escrow with a median price of $689,500 and an average price sold price of $761,500. I like to have more than four closed comps for accuracy but we will use what we have for this one year comparison of Carlsbad 92008 Homes. The highest closed comp in the 2007 data was $1,070,000 located on Tamarack and the lowest closed comp was $597,000 on Blenkarne Drive.
October 2008 shows some major drops in sold home prices. There were 13 homes that have closed escrow in October 2008 which shows that sales are up from last year in Carlsbad as it is throughout most areas of San Diego County. The median home price in Carlsbad 92008 was $549,500 which is $140,000 less than this time last year. The average sold home in October 2008 was $602,992 which is also a dismal $159,208 less than the numbers from only 1 year ago.
Many inexperienced or entrenched real estate agents were toting the invincibility of the Carlsbad area noting that only areas like Chula Vista or San Diego Inland areas would suffer this real estate downturn. They might want to second think their short sightedness and re-evaluate the Carlsbad area.
When you need a Carlsbad Real Estate Expert make sure you visit our Carlsbad Real Estate Blog or just call us anytime!
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OPEN HOUSE SAN DIEGO – This open house video in San Diego County will show you a beautiful country estate in the horse community of Bonita. New Construction and built with quality craftsmanship and upgrades that you would expect in a fine estate. Flooring includes travertine, granite and wood. High ceilings with decorative columns have the effect of grandeur and a home that is stunning to the senses. Kitchen has granite counters and custom dark wood cabinetry and Viking stove and stainless steal appliances. Gorgeous custom iron railings guide you up the stairs. Many more upgrades and fine details so make sure you watch the San Diego Open House Video.
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CHULA VISTA REO – BANK OWNED HOME CHULA VISTA CALIFORNIA – 3 bedroom home with 4th bedroom as an office downstairs. 3 full bathrooms with one downstairs. This Chula Vista REO has it all including wood floors, custom granite entry, dramatic staircase with wood and iron hand rail, Berber carpets, travertine floors, fireplace, built ins in master closet, views to Downtown San Diego, Pacific Ocean and Coronado Islands. This bank owned home is located in the community of San Miguel Ranch on the border of Bonita. Come see this before it’s sold!
BANK OWNED REO IN SPING VALLEY SAN DIEGO CA - Great 2 bedroom condo in Spring Valley. Tile and carpet floors, bar seating in kitchen with lots of storage, private patio and is located in a beautiful park like setting with private pool. Located close to shopping and freeway this is one to put on your list to see.
On November 20th, 2008 Fannie Mae and Freddie Mac announced that they would be stopping foreclosures and putting them on hold “Until the streamlined modification program is fully implemented” as stated by Fannie Mae President and CEO Herb Allison. Not only has the two mortgage giants stepped up to embrace the “streamlined modification program” but so have Hope Now and 27 other mortgage servicers. This could be a nice Christmas present for many homeowners throughout the United States. Being thrown out of your home is hard enough but being thrown out around the winter holidays would be devastating.
Foreclosures scheduled to happen between November 26, 2008 and January 9, 2009 would be suspended during that time period. Fannie Mae has said this will encompass more than 10,000 homeowners. Fannie Mae as part of its “Second Look” initiative will be continuing workout efforts for homeowners seeking help.
I have personally heard a lot of talk and read many sensational headlines about helping homeowners in trouble but the truth of it has been that most are not being helped. I think giving false hope can be an even crueler way to deal with this problem of epidemic proportions. I think a homeowner should try to modify their loan and work with their lenders but through my experience they should also realize that most homeowners that I have spoken with have not been successful with this approach. Maybe Freddie and Fanny are more eager and sincere than most banks and mortgage holders that I have witnessed drop the ball when helping homeowners with workouts and loan modifications.
Freddie Mac Chief Executive Officer David M. Moffett said that Freddie Mac is on track to help three out of five troubled borrowers with Freddie Mac loans to avoid foreclosure in 2008. Out of the 140,000 homeowners delinquent on their Freddie Mac loans it is estimated according to Freddie Mac that they will approve 84,000 of them for workouts in 2008. I can’t wait to see what these numbers really look like once we look back at them and count them up in early 2009.
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The median home price for a 3 bedroom house in Chula Vista in the 91910, 91911, 91913, 91914 and 91915 Zip Codes for the month of October 2008 shows great value and a high volume of sales. The vast majority of homes sold in Chula Vista are either foreclosures or short sales. Older areas of Chula Vista have seen a surge in sales equal and in some areas greater than the newer areas of Chula Vista like EastLake, Otay Ranch, San Miguel Ranch and Rolling Hills Ranch have felt the sting of the declining market.
91911 Chula Vista - October 2008 had 22, 3 bedroom homes close escrow. The lowest priced 3 bedroom home sold was on Walnut Drive in Chula Vista 91911 and sold at $152,000. The highest priced 3 bedroom home was on Pappas Court in Sunbow and sold for $415,000. This home on Pappas was an REO or bank owned home in Chula Vista that was listed by Dawn Lewis and her Dawn Lewis REO Team. The median 3 bedroom home price in 91910 Zip Code for October 2008 was $297,000.
The median 3 bedroom home price in the in Chula Vista in the 91910, 91911, 91913, 91914 and 91915 Zip Codes for the month of October 2008 shows great value and a high volume of sales. The vast majority of homes sold in Chula Vista are either foreclosures or short sales. Older areas of Chula Vista have seen a surge in sales equal and in some areas greater than the newer areas of Chula Vista like EastLake, Otay Ranch, San Miguel Ranch and Rolling Hills Ranch have felt the sting of the declining market.
91910 Chula Vista - October 2008 had 19, 3 bedroom homes close escrow. The lowest priced 3 bedroom home sold was on 4th in Chula Vista and sold at $235,000. The highest priced 3 bedroom home was on Camino Catalonia in Rancho Del Rey and sold for $435,000. The median 3 bedroom home price in 91910 Zip Code for October 2008 was $300,000.
The median 3 bedroom home price in the EastLake area of Chula Vista in the 91913, 91914 and 91915 Zip Codes for the month of October 2008 shows great value and a high volume of sales. The vast majority of homes sold in the EastLake area are foreclosures or short sales. The newer areas of Chula Vista like EastLake, Otay Ranch, San Miguel Ranch and Rolling Hills Ranch have felt the sting of the declining market.
91915 EastLake area including Windingwalk – October 2008 had 21, 3 bedroom homes close escrow. The lowest priced 3 bedroom home sold was on Turtle Cay in EastLake EastLake Greens and sold at $320,000. The highest priced 3 bedroom home was on Hilton Head Road also in EastLake Greens and sold for $465,000. The median 3 bedroom home price in 91915 for October 2008 was $388,000.
For more information on real estate in EastLake visit our EastLake Real Estate Blog or call us. We are the EastLake Realtors and Real Estate Experts.
buyers looking to buy a home during the winter holidays. Most people and families are way too busy during the holidays to even consider looking at buying a new home or condo. Because of this there are far less offers on real estate during the winter months than any other time of year. Sellers start getting very anxious when fewer and fewer buyers come through there home the deeper we get into the holiday season. In high foreclosure and short sale areas like San Diego County the banks looking to get some assets off the books before 2008 is over will be looking at all offers.
of the worst in San Diego County. Yeah I know Carlsbad is Coastal and in North County and many agents have said this area will withstand the real estate storm in San Diego but boy have they ever been wrong.
San Diego Real Estate Blog
Not only has the two mortgage giants stepped up to embrace the “streamlined modification program” but so have Hope Now and 27 other mortgage servicers. This could be a nice Christmas present for many homeowners throughout the United States. Being thrown out of your home is hard enough but being thrown out around the winter holidays would be devastating.
91911, 91913, 91914 and 91915 Zip Codes for the month of October 2008 shows great value and a high volume of sales. The vast majority of homes sold in Chula Vista are either foreclosures or short sales. Older areas of Chula Vista have seen a surge in sales equal and in some areas greater than the newer areas of Chula Vista like EastLake, Otay Ranch, San Miguel Ranch and Rolling Hills Ranch have felt the sting of the declining market.
