Walker Beeken

Below is a link to an article from Sign on San Diego showing the real estate market trends from February 2009 to Febraury 2010 for 6 counties in Southern California. The article suggests that San Diego County may be ahead of the curve in terms of its recovery from the real estate bust. The median home price in San Diego County is up 13% in February 2010 from where it was in February 2009. The article also touches on the other factors that are are making the cost home ownership as low as it has been in decades.

San Diego County Median Home Price Up 13% Over Last Year

I’ve linked below to my monthly San Diego real estate market update for February  2010. There is also a 2009 review and 2010 outlook.

Inventory is still very low below about $700,000 making it a seller’s market, where we’re seeing a lot of competition between buyers and multiple offers on many properties. This is taken to an extreme below about $400,000 where homes are selling very quickly as long as they are presented well and priced appropriately. It’s a totally different story above about $900,000 where it’s a buyer’s market with an abundance of inventory and not enough buyers.

There’s some good advice for buyers and sellers in the report too. Give it a read and please don’t hesitate to call me with any questions.

Walker Beeken February 2010 Real Estate Newsletter – SD Market Report

This link from Yahoo says that early 2010 could possibly be the best time of year to try and sell your home. Although the busy season in real estate is usually the spring and summer, this year there are reasons to beleive that could come earlier. Buyers need to be under contract by the end of April and close by the end of June to take advantage of tax credit, and with the possibility that interest rates could rise, there are plenty of buyers out there right now as long as you price your home realistically. I think if you’re in San Diego County and thinking about selling, and your home is worth something under about $700,000, then it’s a great time to get your home on the market and take advantage of the large buyer pool out there right now.

Early 2010 Could Be A Great Time To Put Your Home On The Market

This column from CNBC illustrates what many first time home buyers are facing in San Diego County as they try to purchase a home. They find themselves competing with investors who are buying with cash, and these cash offers are often trumping offers where a loan is involved, regardless of the purchase price offered.

I think it’s important for first time buyers to be patient with the process and realize that they may have to make offers on multiple properties before they get one accepted. The low inventory, the influx of investors with cash, and the heavy competiton from other first time home buyers are making it difficult to purchase a home. The incentives are there with the low interest rates, affordability, and the tax credit, but a good deal isn’t going to come easy.

CNBC Column Says Cash is King

I’ve linked below to my monthly San Diego real estate market update for December 2009. There is some good information on how short sales and foreclosures are putting pressure on pricing while the increased sales from the tax credit are helping to stabilize it.

Walker Beeken December 2009 Real Estate Newsletter – SD Market Report