Per MLS statistics for the last 4 months the average time on market for Solana Beach west of the 5 up to $3M is 30 days...give or take a day and barring any unusual circumstances such as very poor condition or short sale waiting periods. Homes over $3M have an ave 100 days on market. However, the closer your price is to the last comparable sale the faster it will sell. Right now sellers can be more aggressive with their prices because of the lack of inventory.
There are currently 11 active listings (all price ranges) in that area, 7 homes have gone pending in the last 30 days and 3 have closed escrow.....This means that there are just about 2 months of inventory left on the market. This means that this is a VERY strong Seller's market in this area....anything less than 4 months indicates a sellers market
In addition, the MLS statistics indicate that that average price per square foot for home in that area are now at $665/sqft....for the last qtr of 2012 the ave was $531/sqft, 3rd qtr was $515/sqft., first qtr was $451/sqft. Can you see the trend? Seller's markets bring price increases.
Call me if you have any more questions. I will help you understand the market and where it is going, what that means for your home, how long it will be on the market...and why :)
If you are just looking for a quick ballpark number of what you can afford, I would just go to one of the on-line mortgage calculators and plug in some numbers. For example, CNNMoney has one: http://cgi.money.cnn.com/tools/houseafford/houseafford.html. It asks for an interest rate, so you might want to plug in numbers between 6 and 7 percent just so you can see how the numbers vary depending upon rate. Of course, all mortgages now have risk-based pricing, so the mortgage that you'll qualify for depends on your credit rating, assets, downpayment, etc. If you want to get some decent loan-related information (but not pricing), you can check out our Loan Center on our site at http://www.solanadelmar.com/page.cfm?page=LoanCenter. There's a bunch of educational materials about loans. And, if you want to see what prices look like and how they relate to location, you can check out the home maps at http://www.solanadelmar.com/page.cfm?page=NewMap. (We also have one for condos/townhomes.) Anyway, I hope that helps. Call us if we can help.
I'd be wary of using the Option ARM for stated income or no doc borrowers, Roberta. It is a VERY powerful tool when appropriately used in a financial plan. Identifying an ability to repay this loan product is of paramount importance for it to work.... more
Halley: In addition to checking comparable sales, you should also have your Realtor check pending sales, average days on market for your desired community, and follow the pricing trend. Sales history tells only a partial story.... more