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What is the current market in San Diego?

Hi, I would like to buy a 2-3 bedroom & 2 bath home in North Park, Clairmont, or Mission Valley. What is the market in San Diego now?.  The range is 200-350K Is short sale or foreclosure is a good deal?  I have time to wait.  What is your suggestion? 
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April 02 2011 - North Park
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Answers (6)

Mati
The current market is dominated by short sales and foreclosures. Short sales take longer to complete than foreclosures and regular sales. Also as Cory mentioned, a short sale may be canceled by the bank and foreclosed upon. Most short sales and foreclosures sell at close to "market" because the banks have other brokers or appraisers give their opinions on the market conditions to determine a fair price.
All of that being said, in the 30+ years I have been in the real estate industry I have never seen both prices and rates low at the same time. I feel that the prices of homes will remain low for a few more years but I cannot say the same for the interest rates. There are too many factors that affect rates.
I would buy now to take advantage of the low rates and prices.
Jerry Heard - Broker
CA DRE # 00648687
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April 04 2011
Hi there,

More and more short sales are closing, but not all do, and for many reasons. A short sale can be canceled even if you made it to escrow. If you have a a time constraint, a short sale may not be the way to go. If you don't have money saved for repairs, it may not be the way to go either. Banks often have a repair budget,. but if it doesn't cover everything you need to get your loan, you'll most likely be paying out of pocket.

You'll find homes in your price range, homes from fixers to move in ready, depending on the area, size of home, etc. To help you decide on an area, I can send you some listings in each neighborhood, and a couple of others you might like too, so you can see what's available in your price range. Just let me know, I'm happy to help, and you'll be able to narrow down your search, and really understand the market(s).

Regards,
Cory
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April 04 2011

Hi Mati, not a simple one size fits all question you asked:

What would you be doing with the home or condo?
Are you buying for you to live in the home or would this be a rental unit?
Can you do some work on a property or do you want a home already fixed up?
How long do you plan to own the home?
Are you paying cash or will you be getting a loan for the home?

Your answers to these very important questions will help me give you my professional opinion of the San Diego market and help me to formulate a plan for you.  
Thank you
Michael Salois - [phone removed by Zillow moderator]

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April 02 2011
I think its a great time to buy, for all the right reasons, and those are great neighborhoods to purchase a home in. The economy is starting to rebound, and we are seeing signs of increased buyer activity, which means that as things move along, we should see prices settle (and potentially rise) in the areas where that are considered more desirable- North Park, Clairmont, and Mission Valley are all considered desirable areas to buy, and would make a great place to live.

Additionally, as the economy recovers, the Federal Reserve Bank will have to raise rates to a more normal level, and we will see interest rates for home loans continue to increase over the course of this year. Rates are still incredibly low, but rising. I suggest trying to take advantage of the opportunity you have now, while rates are still very low.

Please let us know if you have any other questions, or if there is anything else we can do to help you out!
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April 02 2011
Short Sale means you'd pay less for the home than what is owed on the current mortgage, the current owner could owe more on the home than what it's worth. Find a great local Agent and let them do the work for you.
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April 02 2011
Generally the market in san diego has been going up and down. However certain areas are going up in particular North Park, the reason is that the area has been getter more trendy with new bars and restuarants opening up.

If you would like to know more feel free to call me on [phone removed by Zillow moderator]

Mario Roberts
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April 02 2011
 
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