Finally! Some good news for North San Diego County real estate… June sales figures were up a whopping 5.8% over June 2010. This is music to my ears because last June the government incentive program was still in place. So last years sales were inflated by the stimulus. Buyers can only wait so long before they need to purchase. New home buyers are taking advantage of historically low interest rates and low home prices.
Even foreclosures were down for San Diego County in June, a whopping 21.8% over June 2010. This is a 4 year low. But sales of distressed properties, like foreclosures and short sales still make up at least half of all home sales in San Diego County.
This isn’t good for prices. Appraisers take into consideration, past sales of homes in the area when they’re making a judgement of a home’s value. Right now, there’s no way for an appraiser to clearly distinguish if, in the past, a distressed property was sold. (Distressed properties traditionally are priced lower due to repairs that will need to be made on the property before a homeowner can move into it.)
Is North San Diego County’s rosy economic future close by? In June, unemployment was actually down 1% from June 2010. People are becoming more confident in the economic recovery and they’re proving it by purchasing a home. Even the banks are ‘banking’ on economic recovery as required down payment percentages are falling. However, loan qualification standards are still tight.
This is still an excellent time to sell your Escondido or Oceanside home. Prices have been steadily on the rise since the bottom fell out of the market in 2009. Oceanside home sale prices have been making modest gains for the past year. The combination of increased buyers confidence and the banks beginning to ease lending restrictions are enlivening the Escondido home sale market.
You need an experienced Realtor to help you negotiate the rough waters of selling your Escondido home. I have 35 years of experience in helping people, just like you, sell their home. I’m an expert negotiator, and I’m very knowledgeable in the local area real estate market. Please give me a call at (760) 737-3767.