Although the market is very much a buyers' market, we are starting to see signs of a turnaround. Sales have dramatically picked up along with the competition. Deals are still abundant; however, because of the increased competition, it's taking longer for buyers to solidify a deal. We have been in this real estate funk for almost 3 years with market values plummeting to 12 year lows in many areas. I'm currently selling detached homes for in some cases at lower prices than one-bedroom condos once sold for. Affordability has dramatically gone up, and is now at a very reasonable valuation compared to renting. Buyers now have the option of buying a home at or near the market bottom and pay payments that are only slightly higher than the cost of renting. Owning real estate and the equity potential is a life-changing proposition that can change someone from financially unstable to financially strong.
I'm very excited for buyers right now because this market is ripe for the picking. I do believe that as a buyer if you want to take advantage of this market; you need to do it soon. Again, I am personally starting to see signs of a turnaround in the real estate market. Market time for well priced properties is as short as 1 day and buyer activity and property showings have increased.
Homebuyers are unlikely to find a more opportune time to purchase their dream home. The current inventory in San Diego County is at 18,263 detached home and townhome/condo listings, this inventory number is up by 5 % from previous months.
Additionally, buyers wishing to buy a foreclosure property at a fantastic price will for the first time in years have easy access to thousands of bank owned and short sale deals.
Buyers wishing to purchase a home in the San Diego market will find more hospitable conditions and a much better chance to find their dream home.
Another reason for a buyer to act now is that interest rates appear to be on the rise. Increasing interest rates tend to have a much greater impact on mortgage payment amounts than the price paid for the home.
Flippers & speculative investors are starting to find deals that make sense again. Although it may not be an instant flip, the prices at this point are making a lot more sense.
Don't miss out on the current low interest rates and low payments. Remember, as with any investment, the time to buy it when others don't want to buy.
For more information on the San Diego real estate market, foreclosure homes, or any aspect of real estate, please contact Paul Miller @ 1-800-996-7285 or visit my web site at www.paulmiller.net.
About Paul Miller: Paul has 23 years of experience as a full-time realtor. Since 1985 Paul has worked hard to become one of San Diego's leading Realtors. Ranked in the top 8% of Prudential Realtors nationwide, Paul's only goal is to serve your real estate needs with knowledge, honesty and integrity and a no-nonsense approach to your real estate transaction and to make the dream of owning a home your reality.
About Paul Miller:
As a licensed Realtor since the age of 18, Paul Miller has worked hard to become one of San Diego and Temecula's leading real estate agents. With over 23 years of full time real estate experience, he has literally hundreds of satisfied clients. His relaxed business style will put you at ease, as Paul's number one concern is to help you find the home of your dreams at the best price and with the least amount of hassles to you. So whether you are a home seller, a first time home buyer or a seasoned real estate investor; you can always count on professional, quality service from Paul Miller's team of professionals.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
