Buying a Home Today is not What It Used To Be !
If you have purchased a home in the past or if you are a first-time home buyer, the following information is for all.
We all need to see and understand the market as it is today. Not long ago there was a large percentage of Short Sales and REO’s (Real Estate owned by the bank/lender) in the market. Both are known in the Real Estate industry as a "distressed property". There was a time when these Short-Sales and REO's were great deals. Purchases were made at levels well below the market value of surrounding neighborhood homes - but as of late these "great deals" have all but disappeared. Better stated, the numbers have reached what is considered normal levels when compared to those prior to the "Housing Bubble". As-you-know: Short Sales are homes in which the owner owes more than it's market value and REO’s are a derivative of a Foreclosed home.
In today’s market about 94% are “normal” equity sales and the rest of home sales are distressed properties.
Yes the market has changed. We are currently experiencing a "low inventory" situation with more buyers than homes available for sale. This has created a "supply vs. demand" scenario which as of late we have seen home prices on the rise. The mortgage interest rates have had its minor ups-and-downs lately but are still very low... historically low. This in itself has brought out a lot of qualified savvy buyers who know that these low interest rates are projected to go up very soon.
What does this mean for you? "Get off the fence" and Buy now ! ... before home prices continue to rise above and beyond your financial means and I strongly encourage you to take advantage of the current interest rates. Even with the challenges that come with "low inventory", there is still plenty of opportunity out there - you just need to react sooner rather than later to "New" listings and make respectable offers so that the seller will definitely consider you as the buyer to be.
Therefore: If your current search to buy is due to a relocation, you are a 1st time buyer, in the Military, a VA veteran, a need to downsize or you need a larger home because your family has "outgrown" your current house - it would be great if we can work together with the goals and objective of finding the home that best fits your needs and wants.
I invite you to use my website as a search tool. Go to the “SEARCH” tab, There you can see what is available throughout all areas of San Diego and at all price ranges. This site is easy to navigate, it is updated daily and you can use it at anytime.
Always know that I will make myself available to answer any questions you may have. I'm only just a phone call or email away Oscar@OscarSellsHomes.com *OK to text me also.
I look forward to hearing from you.
Broker Associate REALTOR® - Coldwell Banker