It looks like the next leg down is coming, so much for green shoots. **SEARCH BANK OWNED HOMES FOR SALE Sales fell in August. Is this due to higher prices driving out entry level buyers, or reduced REOs for sale? The detailed research for this is available in our proprietary research reports that I publish for institutional clients, but here, let me just state that sales are down.
Almost every home under $300k, and many homes under $600k, that are listed as Active, are really not Active. There are still so many buyers competing for the same set of affordable homes, and listing agents don't update the MLS as they should. Before I show a home with a market time over 3 days, I always call first to verify it is indeed active. Most of the time, the listing agent tells me one or more offers have been received.
In the affordable price ranges, sellers are getting so many offers, that listing agents stopped calling for feedback over a year ago. Gone are the days when I would get automatic emails asking for feedback. There is no need - everything sells. An exception is for higher priced homes. My higher-end buyers are really relishing the lack of competition, and are in the driver's seat. There are some gorgeous homes around $ 1 - 1.1 mil with ocean views, in Carlsbad and Carmel Valley.
Distress sales are shrinking, as homeowners are opting for the loan modifications, banks are avoiding foreclosures because they don't want to recognize losses. Regular sales are over half the listings, and make up over 75% of sales in most size ranges.
I have noticed that it's rare now to see an overpriced home. Surprisingly, when I come across an overpriced home, typically the owner is a realtor!
Location Characteristics: San Diego is a beach town, a high-tech and biotech jobs center, a city where the freeways are congested only during rush hour....from most homes, you are 30 minutes from the beach, one hour from the mountains
About Schahrzad Berkland:
Straight talk on San Diego real estate. Tired of real estate salespeople that push you to buy? Hungry for data and information, knowledge? Do you want to be treated like royalty, whether you are buying a $3 mil home or a $200K starter house? Then you've come to the right place. Straight talk, personal service, analysis as #1, that's what you'll find.
You won't find my photo here, on my cards, on my website. The focus is on you, on the homes, not about how pretty I am. Like I said, I do things different from anyone else. In 2005, I told everyone to sell their homes. I warned the media about the impending real estate collapse, an economy built on housing. I made the case for shorting the stock market and earned a 30% return in 2008. In early 2009, I saw the new trend: declining supply and rising demand was fueling a new bubble.
I'm an advisor to the City of Poway, New York hedge funds, local and out-of-town investors, buyers, sellers, homeowners, friends, neighbors...I've been interviewed by Bloomberg, local TV and radio stations, newspapers along the coast, investment newsletters. I love analysis and learning. I have an MBA, a degree in computer science, and a job history in the computer industry. My analytical bent comes from studying all those math and programming courses.
But one thing that really matters is insatiable hunger to find the best deal. I show buyers dozens of homes, and never stop until we get the right deal. I have to know that the home "we" buy, is the best deal. No matter of the price range, I pick you up, drive you around, spend all the time you need. It's personal.
Come to one of my real estate seminars, and learn more about the San Diego market.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
