Recent numbers released by the N.A.R. shows homes sales are up across the country.... and they definitely are here in most neighborhoods in San Diego.
The one part of the real estate market being affected right now due to all this economic uncertainty is the higher-end communities of San Diego as loans for those home over $1.5M are needing 30%++ as a down payment and the rates are down right ugly.
Combine that with the stock market taking some huge losses lately, and you could see we could be in for a pullback in high end property values, and what actually sells in the next 6 months in higher-end areas like La Jolla, Del Mar, and Point Loma. All these places had been somewhat immune during this current real estate downturn.
With all that being said, there are terrific buying opportnities for those looking to purchase a home under $1M. Loan rates are competitive, and there are some really motivated sellers out there. Simply put, if a home is listed on the market today, the sellers likely are for real.
The under $1M market seems to be returning to normal and may soon be in equilibrium with absorption rates as low as 3 months in several communities like Scripps Ranch and Rancho Penasquitos.
Wednesday, October 8, 2008
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