So What's Going On With San Diego's Real Estate Market

The inventory of homes for sale is still really low. For the past 6 months or so, banks have been saying that they will be releasing their Bank Owned Homes into the market soon but it's just a few of them every now and then. Many buyers right now are getting really frustrated because of the low inventory and multiple offers on the properties for sale. Especially with the $8,000 First Time Homebuyer Tax Credit is going to expire soon and the Mortgage Rates are low, they are being really aggressive with their offers.

Speaking of mortgage rates, some Loan Officers are saying the rates are expected to be low for a few more months then will go up so if you are looking to buy soon and haven't got Pre Approved, let me know and I can refer you to someone who I trust. Having a very good Loan Officer on your side can save you a lot of money.

Ok, back to the market. Basically, if you are looking to buy a home under $200,000, the competition is really heavy. Then, the higher the price, the less buyers especially in the Jumbo Loan market. Mortgage loans of about $700,000 and higher, rates are pretty high so there aren't that many buyers which is good if you are looking in that price range.

As for Short Sales, they are still taking a while to get the Bank to approve them. It is all about the listing agent, if he or she know's what to do, then it will close. If not, better be looking at other options. For example, I had a client make an offer on a Short Sale on February and still nothing. My client did buy something else a few months ago but I can't believe still nothing on that Short Sale.

Well that is all I got right now. I am pretty sure I am forgetting to talk about another subject on San Diego Real Estate market so if something pops up, I will blog about it soon. Also if you have some questions or want me to blog about something particular about the market, let me know.

Paul Caparas
Broker Associate

Cell: 858-349-2390 | E-Fax: 619-209-7597
paul@paulcaparas.com | www.PaulCaparas.com
CA DRE # 01397640

Selling San Diego Real Estate since 2003