Sanee Sing, Home Buyer in 92126

Scripps Ranch - Number of homes available in the market...

Asked by Sanee Sing, 92126 Sun Feb 10, 2008

Although the home prices are more affordable than they were in 2005, I have some concern about the number of homes available in the market (specifically in places like Scripps Ranch, Rancho Bernardo etc) I heard from somebody that excluding the 'distress sales', there are fewer homes on the market, compared to, let's say the beginning of 2007. Is this true? (I just started my home search. So, I don't have any good reference)

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A more important question is what is your timeframe to purchase. The average home price will peak in June / July and then drop until January. It is all part of the supply / demand annual cycle. As you are just starting, then unless you have a pressing need, I would recommend learning the market so that you know a deal when you see one and hold off on making an offer until a good deal (that you like) comes by. More will come by later in the year as sellers become more reasonable in their pricing.

In the meantime, I recommend continuing your own research and visiting various real estate blogs, like the one at http://sandiegosfinestrealestate.blogspot.com/
2 votes Thank Flag Link Wed Apr 30, 2008
Hi,

I just got a fax from Warmington inThe Estates at Scripps Ranch Preserve. They are selling their models. They are really nice. Unfortunately, Warmington's website only has renderings and not photo tours. However, I dug through the solds and found properties that were sold that used the pictures of the models in their listings. If you have any interest I can send you those old listings so you can see the homes. As far as I know they did not list them on the MLS.

They are asking between 1,250,000 and 1,350,000 for the models. They were selling the homes for more than that at the peak.

If you have any questions feel free to drop me a line or give me a call.

Thanks,

Sarah Dupree
1 vote Thank Flag Link Sat May 24, 2008
If you are concerned with the fact that yes, in many price ranges their is a higher ratio of bank owned and short sales in comparison to standard sales, don't be. The oncoming of these "distressed"properties only suggests that it will effect the sales price of the standard sales over time. However, the specific areas of RB and Scripps have faired out very well in comaprison to other areas in our county. If you are looking to purchase in Scripps or RB the key factors are; 1)have you been approved and if so what amount, 2)your timeline for purchasing...meaning is a lease running out or is their a set time in your mind that you need to move into your own home by? 3)It is great to get out their and do your own search. But, I would also advise you to begin building a relationship with a relator who can help you hone down what it is exactly what you are looking for and making sure you are making a wise investment.
Web Reference: http://www.abellre.com
0 votes Thank Flag Link Tue May 27, 2008
Hello Sanee,

There are about 100 listings for the Scripps Ranch area for single family area. The Avg. List Price is $832k with an average market time of 65 days and only 4 of them are distressed sales (IE: short sale or bank owned). There are 35 Pending listings in Scripps and the Avg LP is $811l and Avg MT is 72 days & only 2 of them are distressed. There have been 67 sold single family homes in Scripps and only 6 of them were distressed and their Avg Sales Price was $723k with an Avg MT of 60 days.

The numbers for Rancho Bernardo are slightly higher but not nearly as high as other areas of San Diego that have a lot more distressed properties.

As far as how it compares to 2007 sales... there were 260 sales of single family homes in the Scripps Ranch area in all of 2007 which is an average of 22 per month. That is in line with the 67 sales in the past 3 months. The average sales price in 2007 was $785k and 49 days for average market time. So you can see a dip in prices and longer marketing time.

My opinion is that those markets are doing very well and it is a great time to buy with the best combination for you... lower prices and lower interest rates. If you don't have an agent yet that you are working with, I would like to apply for the job. Give me a call to chat some more about your specific needs. In the meantime you can check out listing on the MLS at my website below.

Thanks, Denise Gleavey
Coldwell Banker
858-565-7777

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Web Reference: http://www.IHandleRE4U.com
0 votes Thank Flag Link Sat May 24, 2008
Hi Sanee,

There are 229 detached homes in 92127(Rancho Bernardeo) and 160 in 92128(Racho Bernardo) and 88 homes in Scripps Ranch plus attached homes. I wouldn't consider these many homes few in the market. Feel free to contact if you have more question. (858)229-2200 or e-mail Raana@HomesatSanDiego.com.

Best wishes,
0 votes Thank Flag Link Sun Feb 10, 2008
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