Hello, Chula Vista seems pretty dry in regards to new listings, does anyone know when this market will open up

Asked by Kauaibeachgirl, 91910 Thu Jun 25, 2009

looking in 91913, 91915

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Dustin Shepa…, Agent, Chula Vista, CA
Mon Mar 24, 2014
Hi, if you work with an experienced Realtor who has many relationships in the community it can be easier to find a home and have your offers accepted. I would be happy to assist you when looking for your new home to purchase. I am a 3rd generation Realtor, I have been full time in real estate since 2004 and have sold an average of 48 homes per year during my real estate career (the average realtor sells less than 5 per year). If you are looking for an experienced Realtor who will look out for your best interests please contact me asap! You can also visit my website at http://www.TimeForHomes.com for more information
0 votes
Steven Ornel…, Agent, Fremont, CA
Thu Jun 25, 2009
Mahalo "kbg", look for a healthy spike in supply around the end of this summer. Get all of your Pre-Approval work completed ahead of time (not a Pre-Qualification). Know the difference between a Pre-Qualification and a Pre-Approval: http://www.Steven-Anthony.com/default.aspx?pp=39377

Why the end of summer?
Lenders/Banks put the brakes on foreclosures during the later part of 2008 due to Federal, State and self-established moratoriums. Then came the announcement of the President’s housing recovery plan. As soon as banks/loan servicers heard a plan was in the works they had additional reason to throttle back on the foreclosure process. That all ended in March after the plans) were announced in late February 09 - there wasn't much for the Banks/servicers to be excited about. Since then, Banks/servicers shifted their Notice-of-Default and Notice-of-Trustee Sale machines into overdrive. The foreclosure process takes about 3 months, 3 weeks and 3 days (starting with the NOD). This is the so called "REO Shadow Inventory" you may have heard of.
http://docs.Steven-Anthony.com/REO-ShadowInventory.pdf (Article on backlog)

The new 90-day moratorium on home foreclosures in California is more political posturing than effectual in stopping the foreclosure process. Lenders and loan servicers that already have a comprehensive and systematic loan modification program in place are EXEMPT FROM THE LAW. Now, take a look at who is exempt: (some of the largest Loan Servicers in the Nation):
http://docs.Steven-Anthony.com/90DayExemptLenders.pdf

So, just how effective is this new law in delaying foreclosures? Not very effective at all, in my opinion.

Best, Steve
0 votes
Chris Keller, Agent, Del Mar, CA
Thu Jun 25, 2009
I'm working with several buyers right now in Chula Vista and you are correct, inventory is very low. Most people who want to sell their home traditionally can't compete with the foreclosures and short sales due to the amount of discount they would have to apply. Subsequently, they are not listing their homes. As far as foreclosures go, the banks have plenty to list but have learned that by only putting a few at a time for sale they can create bidding wars which raise the prices. All of my buyers are set up on automatic searches from the Realtor Association so they receive an email the same day a new listing is entered into the MLS. With total loan approval in hand, we race out to each new listing and put an offer in if they like the property. It's definitely a numbers game due to the amount of first-time homebuyers and investors competing for the lack of inventory. If you go to the buyers section of my website you can read about my bidding war strategies. Good luck!
0 votes
Phil Powell, Agent, La Jolla, CA
Thu Jun 25, 2009
Hi Kauaibeachgirl:

It sure seems that way! I think with the current moratoriums on foreclosures in effect there are very few "normal" listing coming on the market. By that, I mean that most of the new listings are either short sales or foreclosures. The banks are sitting on an awful lot of foreclosures these days and no one is really sure when they will start coming back on the market. In the meantime, if you have a diligent buyer's agent working for you, he/she should be checking the MLS for new listings at least once or twice a day.

Hang in there, hopefully we'll see more new listings in the coming months!
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