Spring Buying Season

[donaldduckmoore]

Thanks FormerSD, I learnt more.

gn, so you mean high forclosure activity artificially suppresses the rental supply in MM now? You tend to assume that MM is a big rental market. I am not sure if MM is a big rental market or area in san diego but when you look at the back issues of san diego readers and even in craigslist, MM always and most of the time does not have a lot of rental properties to rent, unlike La Jolla and UTC. I have been keeping track of the readers since 2000 because I kept looking for rental since 1998 but I didn’t see a lot of listings in MM. That tells me that if MM is a big rental market, then it must have its advantages to attract renters so that listings are not many. Or it may not be a big rental market. Next, you assume that people who buy REOs are investors. How can you tell and why. I am living in a house that I purchased as an REO property. In contrast, I think most of the REO buyers will live in the house. They buy now because they were suppressed back then by high price so that they could not afford to buy and they now saved enough and the price has gone down so that they buy. At least that is my case. I do not think that there are as many investors now as there were 2 years ago. It is because first, a lot of the flippers are gone because of the bust. Second, as formerSD mentioned, they need to put more downpayment and the interest rate would be higher. Third, lenders are more stringent these days to loan money to investors.

[DWCAP]

Looks like I may be buying myself a beer. Damn, I thought for sure this would go into APRIL atleaset. I need to see the offer though, maybe I am ok. Seen a house or two list below 300k only to sell alittle above. Still, I hope this sends a message to the banks and such to cut now, or be like this. (listed in june 07 at 450k, adusted 9 months later to 299k. -1/3 in 9 months. OUCH!)

http://www.sdlookup.com/MLS-076053920-8059_Chalet_Pl_San_Diego_CA_92126

[DWCAP]

Looks like I may be buying myself a beer. Damn, I thought for sure this would go into APRIL atleaset. I need to see the offer though, maybe I am ok. Seen a house or two list below 300k only to sell alittle above. Still, I hope this sends a message to the banks and such to cut now, or be like this. (listed in june 07 at 450k, adusted 9 months later to 299k. -1/3 in 9 months. OUCH!)

http://www.sdlookup.com/MLS-076053920-8059_Chalet_Pl_San_Diego_CA_92126

[DWCAP]

Looks like I may be buying myself a beer. Damn, I thought for sure this would go into APRIL atleaset. I need to see the offer though, maybe I am ok. Seen a house or two list below 300k only to sell alittle above. Still, I hope this sends a message to the banks and such to cut now, or be like this. (listed in june 07 at 450k, adusted 9 months later to 299k. -1/3 in 9 months. OUCH!)

http://www.sdlookup.com/MLS-076053920-8059_Chalet_Pl_San_Diego_CA_92126

[DWCAP]

Looks like I may be buying myself a beer. Damn, I thought for sure this would go into APRIL atleaset. I need to see the offer though, maybe I am ok. Seen a house or two list below 300k only to sell alittle above. Still, I hope this sends a message to the banks and such to cut now, or be like this. (listed in june 07 at 450k, adusted 9 months later to 299k. -1/3 in 9 months. OUCH!)

http://www.sdlookup.com/MLS-076053920-8059_Chalet_Pl_San_Diego_CA_92126

[DWCAP]

Looks like I may be buying myself a beer. Damn, I thought for sure this would go into APRIL atleaset. I need to see the offer though, maybe I am ok. Seen a house or two list below 300k only to sell alittle above. Still, I hope this sends a message to the banks and such to cut now, or be like this. (listed in june 07 at 450k, adusted 9 months later to 299k. -1/3 in 9 months. OUCH!)

http://www.sdlookup.com/MLS-076053920-8059_Chalet_Pl_San_Diego_CA_92126

[SD Realtor]

DW –

Sorry it took so long but remember, my login hours for posting now are very brief in the morning and then after 10 pm at nights…

As far as my buyers go, every single person I am working with right now pretty much have at least 20% down based on the homes they are looking at. There may be a few who have closer to 10% down.

I believe one of the HUGE misconceptions on this site is when people crow about how few people have money on the sidelines. In fact I believe the opposite is true and I feel that right now I have never seen more people who have money parked on the sidelines. The underestimation of the wealth that people in San Diego have is staggering. Does that mean all these people are going to buy? Of course not. However anyone that tries to justify what the market will do based on trying to figure out the wealth or lack of wealth on the sidelines is playing it the wrong way.

Your question is a good one DW.

Still, the best way to find out when to buy is to simply watch the technical indicators, not to try to justify how low they will go or how much longer they will decline.

The Mira Mesa submarket has seen substantial activity for aggressively priced homes. It is a simple matter of fact. The median price there will drop because these aggressively priced homes will bring it down to thier level. Will homes such as those drop another 30%. Not in my opinion but will the overall median come down? Yeppers for sure.

Yes there is the odd post here and there about people searching for homes or being first time buyers and looking in 97% financing and Calfha’s and such…

At any rate I can’t help you much… The easy way to get your answer would be to take a sample of homes that have sold recently and look at the tax roll for them… you will find out what the down was.

Tell you what…

Pick a zip code and I will do a lookup for the last 15 homes sold tomorrow nite.

SD Realtor

[SD Realtor]

DW –

Sorry it took so long but remember, my login hours for posting now are very brief in the morning and then after 10 pm at nights…

As far as my buyers go, every single person I am working with right now pretty much have at least 20% down based on the homes they are looking at. There may be a few who have closer to 10% down.

I believe one of the HUGE misconceptions on this site is when people crow about how few people have money on the sidelines. In fact I believe the opposite is true and I feel that right now I have never seen more people who have money parked on the sidelines. The underestimation of the wealth that people in San Diego have is staggering. Does that mean all these people are going to buy? Of course not. However anyone that tries to justify what the market will do based on trying to figure out the wealth or lack of wealth on the sidelines is playing it the wrong way.

Your question is a good one DW.

Still, the best way to find out when to buy is to simply watch the technical indicators, not to try to justify how low they will go or how much longer they will decline.

The Mira Mesa submarket has seen substantial activity for aggressively priced homes. It is a simple matter of fact. The median price there will drop because these aggressively priced homes will bring it down to thier level. Will homes such as those drop another 30%. Not in my opinion but will the overall median come down? Yeppers for sure.

Yes there is the odd post here and there about people searching for homes or being first time buyers and looking in 97% financing and Calfha’s and such…

At any rate I can’t help you much… The easy way to get your answer would be to take a sample of homes that have sold recently and look at the tax roll for them… you will find out what the down was.

Tell you what…

Pick a zip code and I will do a lookup for the last 15 homes sold tomorrow nite.

SD Realtor

[SD Realtor]

DW –

Sorry it took so long but remember, my login hours for posting now are very brief in the morning and then after 10 pm at nights…

As far as my buyers go, every single person I am working with right now pretty much have at least 20% down based on the homes they are looking at. There may be a few who have closer to 10% down.

I believe one of the HUGE misconceptions on this site is when people crow about how few people have money on the sidelines. In fact I believe the opposite is true and I feel that right now I have never seen more people who have money parked on the sidelines. The underestimation of the wealth that people in San Diego have is staggering. Does that mean all these people are going to buy? Of course not. However anyone that tries to justify what the market will do based on trying to figure out the wealth or lack of wealth on the sidelines is playing it the wrong way.

Your question is a good one DW.

Still, the best way to find out when to buy is to simply watch the technical indicators, not to try to justify how low they will go or how much longer they will decline.

The Mira Mesa submarket has seen substantial activity for aggressively priced homes. It is a simple matter of fact. The median price there will drop because these aggressively priced homes will bring it down to thier level. Will homes such as those drop another 30%. Not in my opinion but will the overall median come down? Yeppers for sure.

Yes there is the odd post here and there about people searching for homes or being first time buyers and looking in 97% financing and Calfha’s and such…

At any rate I can’t help you much… The easy way to get your answer would be to take a sample of homes that have sold recently and look at the tax roll for them… you will find out what the down was.

Tell you what…

Pick a zip code and I will do a lookup for the last 15 homes sold tomorrow nite.

SD Realtor

[SD Realtor]

DW –

Sorry it took so long but remember, my login hours for posting now are very brief in the morning and then after 10 pm at nights…

As far as my buyers go, every single person I am working with right now pretty much have at least 20% down based on the homes they are looking at. There may be a few who have closer to 10% down.

I believe one of the HUGE misconceptions on this site is when people crow about how few people have money on the sidelines. In fact I believe the opposite is true and I feel that right now I have never seen more people who have money parked on the sidelines. The underestimation of the wealth that people in San Diego have is staggering. Does that mean all these people are going to buy? Of course not. However anyone that tries to justify what the market will do based on trying to figure out the wealth or lack of wealth on the sidelines is playing it the wrong way.

Your question is a good one DW.

Still, the best way to find out when to buy is to simply watch the technical indicators, not to try to justify how low they will go or how much longer they will decline.

The Mira Mesa submarket has seen substantial activity for aggressively priced homes. It is a simple matter of fact. The median price there will drop because these aggressively priced homes will bring it down to thier level. Will homes such as those drop another 30%. Not in my opinion but will the overall median come down? Yeppers for sure.

Yes there is the odd post here and there about people searching for homes or being first time buyers and looking in 97% financing and Calfha’s and such…

At any rate I can’t help you much… The easy way to get your answer would be to take a sample of homes that have sold recently and look at the tax roll for them… you will find out what the down was.

Tell you what…

Pick a zip code and I will do a lookup for the last 15 homes sold tomorrow nite.

SD Realtor

[SD Realtor]

DW –

Sorry it took so long but remember, my login hours for posting now are very brief in the morning and then after 10 pm at nights…

As far as my buyers go, every single person I am working with right now pretty much have at least 20% down based on the homes they are looking at. There may be a few who have closer to 10% down.

I believe one of the HUGE misconceptions on this site is when people crow about how few people have money on the sidelines. In fact I believe the opposite is true and I feel that right now I have never seen more people who have money parked on the sidelines. The underestimation of the wealth that people in San Diego have is staggering. Does that mean all these people are going to buy? Of course not. However anyone that tries to justify what the market will do based on trying to figure out the wealth or lack of wealth on the sidelines is playing it the wrong way.

Your question is a good one DW.

Still, the best way to find out when to buy is to simply watch the technical indicators, not to try to justify how low they will go or how much longer they will decline.

The Mira Mesa submarket has seen substantial activity for aggressively priced homes. It is a simple matter of fact. The median price there will drop because these aggressively priced homes will bring it down to thier level. Will homes such as those drop another 30%. Not in my opinion but will the overall median come down? Yeppers for sure.

Yes there is the odd post here and there about people searching for homes or being first time buyers and looking in 97% financing and Calfha’s and such…

At any rate I can’t help you much… The easy way to get your answer would be to take a sample of homes that have sold recently and look at the tax roll for them… you will find out what the down was.

Tell you what…

Pick a zip code and I will do a lookup for the last 15 homes sold tomorrow nite.

SD Realtor

[Eugene]

I believe one of the HUGE misconceptions on this site is when people crow about how few people have money on the sidelines. In fact I believe the opposite is true and I feel that right now I have never seen more people who have money parked on the sidelines. The underestimation of the wealth that people in San Diego have is staggering.

There are always people with money parked on the sidelines. Especially at the top end. The question is, how far down the food chain that money extends. A couple with a steady income of 150K would be able to save up for a healthy 20% down payment on a house in Carlsbad in as little as 3 years, even with children. A couple making 80K would have so little disposable income available for savings that saving up 20% down payment on Mira Mesa would prove challenging.

As of 2006, median family income in the county was 69K, there were around 12,000 renter households making 150K or more.

[Eugene]

I believe one of the HUGE misconceptions on this site is when people crow about how few people have money on the sidelines. In fact I believe the opposite is true and I feel that right now I have never seen more people who have money parked on the sidelines. The underestimation of the wealth that people in San Diego have is staggering.

There are always people with money parked on the sidelines. Especially at the top end. The question is, how far down the food chain that money extends. A couple with a steady income of 150K would be able to save up for a healthy 20% down payment on a house in Carlsbad in as little as 3 years, even with children. A couple making 80K would have so little disposable income available for savings that saving up 20% down payment on Mira Mesa would prove challenging.

As of 2006, median family income in the county was 69K, there were around 12,000 renter households making 150K or more.

[Eugene]

I believe one of the HUGE misconceptions on this site is when people crow about how few people have money on the sidelines. In fact I believe the opposite is true and I feel that right now I have never seen more people who have money parked on the sidelines. The underestimation of the wealth that people in San Diego have is staggering.

There are always people with money parked on the sidelines. Especially at the top end. The question is, how far down the food chain that money extends. A couple with a steady income of 150K would be able to save up for a healthy 20% down payment on a house in Carlsbad in as little as 3 years, even with children. A couple making 80K would have so little disposable income available for savings that saving up 20% down payment on Mira Mesa would prove challenging.

As of 2006, median family income in the county was 69K, there were around 12,000 renter households making 150K or more.

[Eugene]

I believe one of the HUGE misconceptions on this site is when people crow about how few people have money on the sidelines. In fact I believe the opposite is true and I feel that right now I have never seen more people who have money parked on the sidelines. The underestimation of the wealth that people in San Diego have is staggering.

There are always people with money parked on the sidelines. Especially at the top end. The question is, how far down the food chain that money extends. A couple with a steady income of 150K would be able to save up for a healthy 20% down payment on a house in Carlsbad in as little as 3 years, even with children. A couple making 80K would have so little disposable income available for savings that saving up 20% down payment on Mira Mesa would prove challenging.

As of 2006, median family income in the county was 69K, there were around 12,000 renter households making 150K or more.

[Author]

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