North County San Diego Coastal Real Estate and Home Search
North County Coastal San Diego Real Estate Home and Condo Search Made Easy - Find Homes and Condos by selecting the Community or Zip Code you want to look at Homes and Condos in - These North County Coastal San Diego Real Estate Listings are from the San Diego MLS and is updated daily.
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If you need help buying or selling a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.
I know it’s still 2009 November and it might be a little early for 2010 San Diego Real Estate Market predictions but I think I’ll give it a shot. 2010 in the San Diego Real Estate Market should show more foreclosures than we had in 2009. In 2009 many foreclosures were held off of the market due to the moratoriums. Now that many of the foreclosure moratoriums are lifted the banks are gearing up to get the REO’s off of their books. 2010 in San Diego and many parts of the country will be known as the year of the “Last of the Foreclosure Market”. There will be more foreclosures after 2010 into 2011, 2012 and 2013 but 2010 will be the last big year for foreclosures.
There will still be more short sales and some banks are moving faster on them. There’s lots of talk about the short sales being streamlined and moving through the system faster. In 2010 it might just be a lot of false hope in this area. I hope I’m wrong and we see the short sales as a whole (not just select banks) move through the system fast and to a sale but it might just be a lot of hype. Systems like REOTrans are setting up to do short sales but I’ll believe the push towards short sales over foreclosures by the banks when I see it.
For homebuyers in 2010 it should be a delight with more inventory coming into the San Diego Real Estate Market. In some price ranges like the lower end first time home buyer prices under $400,000 there still will be a fight with other buyers to get the homes. There are way too many buyers and investors in the under $400,000 range in many areas of San Diego County that will keep this price range in very short supply in 2010. The upper end in non-coastal areas will still slide a little lower in 2010. We’ll see how this worked out in 2011.
If you need help buying or selling a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.
I read a recent article titled: Realtors® Urge Congress to Act Now to Extend Homebuyer Tax Credit. In the article the National Association of Realtors included some facts about how many first time home buyers were helped into their new homes by the tax credit which will end on November 30, 2009. I know it’s helped here in the San Diego Real Estate Market and many of our clients have taken advantage of the incentive.
Below is an excerpt from the article:
The National Association of Realtors® is calling upon its 1.2 million members to urge Congress to extend the successful homebuyer tax credit into next year.
Since its inception earlier this year, the $8,000 first-time homebuyer tax credit has brought 1.2 million new buyers into the market—350,000 of whom would not have purchased a home without the credit, according to NAR. The credit is due to expire November 30.
“Now is the time for Congress to keep this recovery going by extending the tax credit through 2010 and making it available to more homebuyers. We have all seen how the credit has been a spur to bring homebuyers into the market, and have seen the beginnings of a real recovery in the housing market. Housing has always led this nation out of economic downturns, and can do so again,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth.
Realtors®, the leading advocates for homeownership and housing issues, will be writing to their Senators and Representatives to tell them of the successes with the tax credit thus far and to press them to extend and expand it now.
The San Diego Real Estate Market has seen better days. It’s not that there aren’t buyers seeking that perfect place to call home sweet home it’s the little inventory they have to choose from. Inventory is low especially in some areas of San Diego County in the first time homebuyer price ranges. So low that many VA and FHA buyers are taking their chances on short sales, which may or may not ever close escrow, and waiting it out.
I can’t tell you how many questions I answer on Trulia about buyers and short sales. Buyers are always asking, what takes so long, how come the banks won’t approve my offer, what’s going on, why did they take another offer, why did the bank foreclose on the home when I had an offer on it for 8 months, why is the seller declaring bankruptcy, and on and on. It’s like writing an offer on a home and putting it into a black hole and hoping something good comes out on the other end. It usually doesn’t.
Keep in mind if you’re a buyer who wrote an offer on a short sale you probably are in competition with 5 to 50 other buyers. Only 1 of those offers will get accepted and many times the home will go to foreclosure and no one gets it. It’s frustrating for everyone involved including all agents, the negotiators at the banks, sellers and all the other buyers trying to buy the home. Just think how the seller feels….. they are losing their home, their dreams, their investment, they and their family – kids, dogs, cats now need to find another place to live, most likely a rental or in with family, and their life is being turned upside down. Kind of puts things in a different perspective when you look at it from the side of the one who is losing the home.
San Diego Home Buyers using a VA or FHA Loan to buy a home or condo are often in third and fourth place when writing offers on foreclosed properties. They have that going for them too. The problem is with so many investors in the market buying foreclosures for cash or large sums of money down in conventional loans the VA and FHA loans aren’t usually the best way to go for an asset manager looking at offers on the REO asset they are managing. On cash offers they don’t have to worry about appraisal issues or finding out a buyer really doesn’t qualify for the loan to buy the foreclosure. It’s an unfortunate situation that people who want to buy the home to live in and be part of the community are being put in the back seat to investors looking to make a buck. But it is what it is and for now it’s bad news for some VA and FHA buyers. Hang in there. Times will change.
If you need help buying or selling a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.
Foreclosures of San Diego is your source for all foreclosures in San Diego. We have tools to search all homes and condos for sale whether they’re Bank Owned REO Foreclosures, Short Sales or just normal listings. You can Search the San Diego MLS or use our San Diego Foreclosure MLS to find Foreclosures, Pre-Foreclosures or Auction Properties. Did I mention these Search Tools are FREE.
Thousands of people use our search tools every week and find the home or condo they are looking for in San Diego County. We allow visitors to use our tools because we want them to have a portal to search for their home or condo in the comfort of their home or office. If you need help seeing the property or writing an offer on the property or just some real estate advice please contact us.
I Googled San Diego Real Estate this morning and saw the top rated spot was a news article from the Union Tribune, Real Estate Expert: San Diego at Leading Edge of Recovery. The Real Estate Expert they site in the article is Lawrence Yun the Chief Economist for the National Association of Realtors. Yun is known for making many blunders and erroneous predictions in the past. Check out http://www.lawrenceyunwatch.blogspot.com/ for some in depth research on Yun’s other predictions and faux pas. I’m a big fan of laying all the facts out on the table for anyone buying a home in San DiegoCounty. A prediction like this headline needs to have all the facts including the ones behind the scenes.
The article Real Estate Expert: San Diego at Leading Edge of Recovery bases the recovery on rising prices and sales. Yun states that there is only a 2.5 month inventory of homes for sale and new home construction sluggish. He said that the demand is strong. In an excerpt from the article Yun confesses: “He began with a confession about how he missed the real estate bubble of 2004-06. Surely, the system had enough checks and balances to avoid a runaway market, he thought at the time. “I was clearly wrong,” he said.” My concern now is what else is Yun overlooking through assuming that others have checks and balances in place.
In the UT Article, “He also predicted that foreclosures will continue at high levels for the next 12 months because of the weak economy. But unlike last year, he said this year’s foreclosures are being snapped up in many markets, including San Diego.” The market in many areas of San Diego is saturated with many short sales. Many of the short sales have homeowners in them not making mortgage payments and in the foreclosure process while trying to short sell their home. I think the foreclosures at high levels will carry on well past 12 months. Related Blog Post : http://www.responsiblelending.org/mortgage-lending/tools-resources/new-foreclosures-by-state-for.html
Many agents and asset managers speak of the tidal wave of foreclosures that are coming. I wonder why the banks are holding back all of the foreclosures that should be on the market. If the foreclosures are being held back and not put on the market for sale then there is a false sense of inventory. They are foreclosed on or will be soon but the homes are intentionally not being made available to home buyers. Why? Maybe this is to stabilize and firm up the market. But is this real or false stabilization?
The question is by doing this is it creating another problem of false values like the bubble we just came out of. I don’t know but the information needs to be out there for potential home buyers so they have all the facts when buying. Let’s face it, when NAR says something the news and the public listens. Let’s make sure they have all the facts not just the talking points for getting buyers to buy homes.
Is this last spike in sales and home prices in San Diego due to the mass of foreclosures being held off the market and only a trickling of foreclosures being released for sale? Is there a Great Wave of foreclosures coming? Just do a Google search for REO Tsunami and you will have plenty to read.
I think it is a great time to buy a home in many areas of San Diego County in certain price ranges. I think interest rates are low and the $8,000 tax credit is a helping hand for first time homebuyers. I also think that a home buyer needs to be aware that there are many more foreclosure due to hit the market and the word on the street is that the banks are holding back many foreclosures. If you are considering a home purchase in San Diego do your homework and gather all of the facts.
With San Diego real estate moving in an upwardly direction over the past couple of months recent interest rates could slow home buying activity. Home buyers in San Diego have been, in some areas of the county, fighting over homes that come up for sale. Many San Diego home buyers have offers in on short sales and jump all over the bank owned REO foreclosures the day they hit the market. Unfortunately the bank owned REO’s already have offers on them the day they come up for sale and sometime even before they show up in the MLS.
This has many home buyers frustrated and wondering what they have to do to get a house or condo in today’s San Diego Real Estate Market. Another issue that has been waiting to rear its ugly head is interest rates. When interest rates rise home buyers see their purchasing power reduced. Keep in mind when interest rates go up the monthly payment for a homebuyer also goes up and sometimes more than what they are comfortable with. Many times the lender will have to reduce the purchase price of what the homebuyer can qualify for.
This scenario can also have a real negative effect on the real estate market in general. If a home buyer wanting to buy a home has had a certain purchase price and monthly payment in mind for a certain size and quality of home and then they’re told that they can’t buy the same home at the same monthly payment, many of them will decide not to buy. Some will wait for the homes that they were recently able to buy at a certain price range to come down into the loan amount of what the comfortable monthly payment is that they had already had their hearts set on. Some of them won’t be able to afford the same home they thought they could buy and won’t settle for less of a home now. These factors could show a decline in demand and then a decline in home prices. We’ll have to wait and see. Oh, and don’t forget about the foreclosures to keep the median home price in San Diego from gaining too much ground. There are a few years of that left.
If you need help buying a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.
Ashlon Langley Writer and Director of The Car a 1970’s film starring James Brolin was interviewed on Shameful Cinema. I write many Blog posts about San Diego and San Diego Real Estate and after reading the Ashlon interview about this 1970 movie I thought I would deviate and write about something out of the ordinary. I like the 1970’s low budget movies without all of the special effects and outspoken actors of today’s Hollywood. Ashlon responding to a question from the interviewer Andy about the car design he said;
Ashlon: The under-cranking was reminiscent of the Adams Family and The Munsters television series, making that quality silly to me. However, the design is choice! I love that one of the confusing points for the cops in the movie is that they can’t tell what make or model the beast is. And… it has no tags! If only they could get a license plate, the bungling cops could stop all the mayhem, yeah right!
I wrote about this movie and this interview because things are also reminiscent of the 1970’s even though it’s 2009. We are now like in the early 70’s in a recession and inflation is due to rise. America has taken a hit in the pride department due to the media’s constant attack on the good things America stands for and good things the United States does for so many around the world. The 70’s brought about the 80’s and the economy started gaining ground again and Americans had a lot of good things to feel good about. Watch The Car if you can and read the Ashlon interview. It’s truly entertaining.
If you need help buying a home, condo, Bank Owned REO, Foreclosure or Short Sale in the San Diego area including Chula Vista make sure you contact us we’re your San Diego Realtor.
There are many foreclosures because of the Foreclosure Moratorium that are waiting to be put on the market for sale by banks, asset managers and REO agents. The foreclosure moratorium here in San Diego County as well as most areas of the United States has kept homeowners in their homes through the 2008 holidays and then extended into 2009. Now that we’re well into 2009 there are many wondering why hasn’t the banks released the foreclosures. Many of them are vacant and the buyers are looking for new foreclosures to buy. In fact there are so many buyers here in San Diego they are starting to get discouraged in some San Diego markets and price ranges on the lack of inventory. There are also multiple offers on many homes sometimes exceeding 30 offers.
Some say the foreclosures are being held off the market because the banks are waiting to see if the Obama administration will subsidize the banks for their toxic assets. If that’s the case one of two things will happen the government “our tax dollars and our kids and grandkids tax dollars” will bailout the banks once again and then the foreclosures will come onto the San Diego market or the administration wont bail them out and the foreclosures will come on the market. Either way if this is the hold up let’s make a decision already because my buyers are getting real tired of waiting.
The word here in San Diego is that there are buyers galore and not enough homes for sale in some areas and some price ranges. Mostly first time home buyer price ranges. The inventory is filled with REO’s that are heavily damaged and needing lots of work or short sales with many offers and slow moving negotiators at banks. I HOPE by summer the Obama administration will CHANGE what’s going on.
If you need help buying a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.
