Financial trend of current home buyers in SD

[donaldduckmoore]

Hi there,

I am really curious to find out what type of home buyers are there in SD to buy homes right now. Are they mostly having 10-20% down? Or are they using 100% financing? What about their average credit scores? Thanks.

[SD Realtor]

I represent mostly sellers but here is a quick snapshot of a few recent buyers I have represented and also some of the financing of the listings I am in escrow with or have very recently sold.

– could have bought in cash but didn’t, put down 20%. bought because of the unique requirements and had been looking for awhile.

– sold his home and put down 20% in cash. moved from a pretty grinder neighborhood to sabre springs. Both hubby and wife work with stable incomes, have two kids and wanted a better school district.

– were previously renting and bought in the olivenhain area. non married couple, he has two kids partial custody, were tired of renting. he is a pilot, she is in the engineering field. put down 15% in cash.

– working with someone who recently inherited alot of money from a trust. lives in escondido but is looking to buy in the poway school district and will buy in cash.

some of the listings I recently have sold or are in escrow.

– 3 different homes in the not so desireable areas of east San Diego and Lemon Grove. All were 100% financed. 2 are closed and 1 is closing today.

– condo in hillcrest was 100% cash deal. A guy from Palm Springs moved back to SD.

– townhome in encinitas was I think 20% down in cash. cannot recall…

– home in escrow in Poway. buyers are both in the Navy and want Poway schools. 100% financed.

– fixer in la mesa. buyer is a carpenter and plans to fix and resell. 100% financed.

– ivey glenn gated community in oceanside in escrow. first time buyers. coming in with 10% cash.

– Mira Mesa home in escrow. buyers coming in with 10% cash.

SD Realtor

[SD Realtor]

I represent mostly sellers but here is a quick snapshot of a few recent buyers I have represented and also some of the financing of the listings I am in escrow with or have very recently sold.

– could have bought in cash but didn’t, put down 20%. bought because of the unique requirements and had been looking for awhile.

– sold his home and put down 20% in cash. moved from a pretty grinder neighborhood to sabre springs. Both hubby and wife work with stable incomes, have two kids and wanted a better school district.

– were previously renting and bought in the olivenhain area. non married couple, he has two kids partial custody, were tired of renting. he is a pilot, she is in the engineering field. put down 15% in cash.

– working with someone who recently inherited alot of money from a trust. lives in escondido but is looking to buy in the poway school district and will buy in cash.

some of the listings I recently have sold or are in escrow.

– 3 different homes in the not so desireable areas of east San Diego and Lemon Grove. All were 100% financed. 2 are closed and 1 is closing today.

– condo in hillcrest was 100% cash deal. A guy from Palm Springs moved back to SD.

– townhome in encinitas was I think 20% down in cash. cannot recall…

– home in escrow in Poway. buyers are both in the Navy and want Poway schools. 100% financed.

– fixer in la mesa. buyer is a carpenter and plans to fix and resell. 100% financed.

– ivey glenn gated community in oceanside in escrow. first time buyers. coming in with 10% cash.

– Mira Mesa home in escrow. buyers coming in with 10% cash.

SD Realtor

[NotCranky]

Hello SD R
– fixer in la mesa. buyer is a carpenter and plans to fix and resell. 100% financed.

Is this a good idea or bad? Was it a repo?
will it even come close to penciling out as a rental if he can’t sell?
I have buyers who want to get a fixer and live in it in one of the two La Mesa zip codes. I am hoping that will work out well for them about the time their current lease runs out in November or a few months after that.

[NotCranky]

Hello SD R
– fixer in la mesa. buyer is a carpenter and plans to fix and resell. 100% financed.

Is this a good idea or bad? Was it a repo?
will it even come close to penciling out as a rental if he can’t sell?
I have buyers who want to get a fixer and live in it in one of the two La Mesa zip codes. I am hoping that will work out well for them about the time their current lease runs out in November or a few months after that.

[sdrealtor]

Here’s a sampling of what I am working on:

My Listing-Buyers putting about 300K down (more than 30%). Nothing to sell.

My Listing- Buyers putting 500k down (more than 60%). Nothing to sell.

Listing-Vacation home owner with about 35% equity. Looking to trade up. Could pay cash. Advised to list in late July to enjoy track season and be able to find replacement property in dead of winter.

Listing-Seniors own free and clear. Husband just passed away. Mom needs assisted living. Kids dont need money and just want to make sure there is plenty to take care of Mom. There is.

Buyers- Putting 30% down on $2M house could pay cash

Buyers-Putting 20% or more down on $2M house, less than 3X annual income with very stable career and strong growth potential. Was renting.

Buyers-Looking to about $1.5M probably put about $500K down, bubblesitters looking for the right deal. Currently renting.

Buyer-Retiree looking for townhome up to 400Kish, all cash. Currently renting.

Buyers-Empty nesters looking for townhome up to 550K, probably 50% down. Currently renting.

Buyer-young first timer with great career but just starting out. Living with parents and has saved $40K in 2 years. Looking but advised him to stay with parents another year or two if possible and save more money.

Investors-about 10 with piles of cash looking for opportunities that make sense over the long term. Not short term players. On the sidelines but ready to strike when opportunity presents itself.

[sdrealtor]

Here’s a sampling of what I am working on:

My Listing-Buyers putting about 300K down (more than 30%). Nothing to sell.

My Listing- Buyers putting 500k down (more than 60%). Nothing to sell.

Listing-Vacation home owner with about 35% equity. Looking to trade up. Could pay cash. Advised to list in late July to enjoy track season and be able to find replacement property in dead of winter.

Listing-Seniors own free and clear. Husband just passed away. Mom needs assisted living. Kids dont need money and just want to make sure there is plenty to take care of Mom. There is.

Buyers- Putting 30% down on $2M house could pay cash

Buyers-Putting 20% or more down on $2M house, less than 3X annual income with very stable career and strong growth potential. Was renting.

Buyers-Looking to about $1.5M probably put about $500K down, bubblesitters looking for the right deal. Currently renting.

Buyer-Retiree looking for townhome up to 400Kish, all cash. Currently renting.

Buyers-Empty nesters looking for townhome up to 550K, probably 50% down. Currently renting.

Buyer-young first timer with great career but just starting out. Living with parents and has saved $40K in 2 years. Looking but advised him to stay with parents another year or two if possible and save more money.

Investors-about 10 with piles of cash looking for opportunities that make sense over the long term. Not short term players. On the sidelines but ready to strike when opportunity presents itself.

[donaldduckmoore]

Thanks SDrealtor, very informative. Looks like most buyers have cash down and 100% financing is getting rare.

[donaldduckmoore]

Thanks SDrealtor, very informative. Looks like most buyers have cash down and 100% financing is getting rare.

[sdrealtor]

I dont know whether that is an accurate statement. I’m just reporting on my business which isnt what others are necessarily seeing. I wouldnt work with a 100% buyer right now as I wouldnt be able to sleep knowing what a risk they were taking. The exception would be if the 100% financing was by choice rather than necessity.

[sdrealtor]

I dont know whether that is an accurate statement. I’m just reporting on my business which isnt what others are necessarily seeing. I wouldnt work with a 100% buyer right now as I wouldnt be able to sleep knowing what a risk they were taking. The exception would be if the 100% financing was by choice rather than necessity.

[donaldduckmoore]

Have banks really tightened their lending standards?

[donaldduckmoore]

Have banks really tightened their lending standards?

[GoUSC]

I am a first time buyer; single, middle six digit income (stable job), can put up to 300k down. Renting a house in Bay Park and won’t buy unless the numbers pencil and it makes economic sense to own vs. rent.

[GoUSC]

I am a first time buyer; single, middle six digit income (stable job), can put up to 300k down. Renting a house in Bay Park and won’t buy unless the numbers pencil and it makes economic sense to own vs. rent.

[Author]

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