The Inventory of homes in San Diego County is very low, so the supply and demand has dramatically shifted. In the coastal communities and any desirable heighborhoods, we are seeing mutiple offers in the 1st few days homes are on the market. I was at a meeting with 30 Real Estate Agents this morning, and all of the chatter was about mutilpe offers: 10,12, even 33 offers, $50K over list etc. Granted this was on well priced homes, but see what happens when a home is priced to sell?
We are seeing markets turning in Phoenix, Austin Seattle, many cities in Florida. San Diego is getting there as well, it appears. If you are holding out waiting for the right time to buy, it is here. Interest rates just hit record lows again today. Prices have been ticking up 10% or more in many areas. I wish I had a crystal ball to tell you if we have passed the bottom of the market, but we only find out, by looking in the rear view mirror, looking back and see that we have missed it. Many are saying the bottom was at the end of 2011, many say we just passed the bottom the last couple of months. If you want a market snapshot of downtown, I can send you a special report. If you are thinking about buying, the time is here. Hook up with an aggressive agent that can help you negotiate a great deal, that you enjoy and most importantly get your offer accepted...it is getting very competitive. The affordability factor has not been this great in San Diego since 1970.
Happy House Hunting~!