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SD Realtor
ParticipantJust my two cents here… This particular subdivision is Belleza. The property you just listed OC does have a lis pendens filed against it and a 450k recorded mortgage so I do believe it is going to be a short sale. Indeed it is priced aggressively which IMO is what is needed these days.
This is one of those cases where you can look at the data and interpret it in either direction. Yes as sdrealtor pointed out there were two sales in 9/24 and 8/22 but there have been no sales since. There is an additional home that is pending at 490k but it is the small 1909sf plan. Nothing else is pending. I would say prices are “heading” towards 2003 like you pointed out OC. Those that really really want to sell will IMO need to price more along those lines.
Also there have been 9 unique expirations/cancelleds verses 7 solds for this subdivision for listings hitting the MLS since 1/1/07.
SD Realtor
ParticipantJust my two cents here… This particular subdivision is Belleza. The property you just listed OC does have a lis pendens filed against it and a 450k recorded mortgage so I do believe it is going to be a short sale. Indeed it is priced aggressively which IMO is what is needed these days.
This is one of those cases where you can look at the data and interpret it in either direction. Yes as sdrealtor pointed out there were two sales in 9/24 and 8/22 but there have been no sales since. There is an additional home that is pending at 490k but it is the small 1909sf plan. Nothing else is pending. I would say prices are “heading” towards 2003 like you pointed out OC. Those that really really want to sell will IMO need to price more along those lines.
Also there have been 9 unique expirations/cancelleds verses 7 solds for this subdivision for listings hitting the MLS since 1/1/07.
SD Realtor
ParticipantJust my two cents here… This particular subdivision is Belleza. The property you just listed OC does have a lis pendens filed against it and a 450k recorded mortgage so I do believe it is going to be a short sale. Indeed it is priced aggressively which IMO is what is needed these days.
This is one of those cases where you can look at the data and interpret it in either direction. Yes as sdrealtor pointed out there were two sales in 9/24 and 8/22 but there have been no sales since. There is an additional home that is pending at 490k but it is the small 1909sf plan. Nothing else is pending. I would say prices are “heading” towards 2003 like you pointed out OC. Those that really really want to sell will IMO need to price more along those lines.
Also there have been 9 unique expirations/cancelleds verses 7 solds for this subdivision for listings hitting the MLS since 1/1/07.
SD Realtor
ParticipantJust my two cents here… This particular subdivision is Belleza. The property you just listed OC does have a lis pendens filed against it and a 450k recorded mortgage so I do believe it is going to be a short sale. Indeed it is priced aggressively which IMO is what is needed these days.
This is one of those cases where you can look at the data and interpret it in either direction. Yes as sdrealtor pointed out there were two sales in 9/24 and 8/22 but there have been no sales since. There is an additional home that is pending at 490k but it is the small 1909sf plan. Nothing else is pending. I would say prices are “heading” towards 2003 like you pointed out OC. Those that really really want to sell will IMO need to price more along those lines.
Also there have been 9 unique expirations/cancelleds verses 7 solds for this subdivision for listings hitting the MLS since 1/1/07.
SD Realtor
ParticipantFor sure it is a speculative statement to say the banks are holding properties. In “some” cases it does seem they are pricing a bit more aggressive but those are few and far between. I am not so sure that they are holding properties back though.
Anyone can go to the Countrywide website to view the properties that they own. All of them on the website have realtors as contacts to find out more.
http://www.countrywide.com/purchase/f_reo.asp
Could they have another cache of thousands more that they are sitting on and pawn off and dribble out a few hundred to REDC every 3 months? Perhaps.
SD Realtor
ParticipantFor sure it is a speculative statement to say the banks are holding properties. In “some” cases it does seem they are pricing a bit more aggressive but those are few and far between. I am not so sure that they are holding properties back though.
Anyone can go to the Countrywide website to view the properties that they own. All of them on the website have realtors as contacts to find out more.
http://www.countrywide.com/purchase/f_reo.asp
Could they have another cache of thousands more that they are sitting on and pawn off and dribble out a few hundred to REDC every 3 months? Perhaps.
SD Realtor
ParticipantFor sure it is a speculative statement to say the banks are holding properties. In “some” cases it does seem they are pricing a bit more aggressive but those are few and far between. I am not so sure that they are holding properties back though.
Anyone can go to the Countrywide website to view the properties that they own. All of them on the website have realtors as contacts to find out more.
http://www.countrywide.com/purchase/f_reo.asp
Could they have another cache of thousands more that they are sitting on and pawn off and dribble out a few hundred to REDC every 3 months? Perhaps.
SD Realtor
ParticipantFor sure it is a speculative statement to say the banks are holding properties. In “some” cases it does seem they are pricing a bit more aggressive but those are few and far between. I am not so sure that they are holding properties back though.
Anyone can go to the Countrywide website to view the properties that they own. All of them on the website have realtors as contacts to find out more.
http://www.countrywide.com/purchase/f_reo.asp
Could they have another cache of thousands more that they are sitting on and pawn off and dribble out a few hundred to REDC every 3 months? Perhaps.
SD Realtor
ParticipantNewtoSD Carmel Valley is not far from LJ and has alot to offer. There are so many communities within San Diego for you to explore. The two communities that your Realtor mentioned, 4S and Carmel Valley are indeed nice with great schools. However there are also other communities that are established and have much more charm and character. Among them Encinitas, Cardiff, Solana Beach and others. Even Scripps, where I am currently renting has a mix of newer homes and older homes on larger lots. UTC is condo land for sure but it is central and will serve as a good hub for you to explore for the first few months. From there you can find a better place to rent for the next year or so and then find an ideal home as the market churns downward and you become a local.
SD Realtor
ParticipantNewtoSD Carmel Valley is not far from LJ and has alot to offer. There are so many communities within San Diego for you to explore. The two communities that your Realtor mentioned, 4S and Carmel Valley are indeed nice with great schools. However there are also other communities that are established and have much more charm and character. Among them Encinitas, Cardiff, Solana Beach and others. Even Scripps, where I am currently renting has a mix of newer homes and older homes on larger lots. UTC is condo land for sure but it is central and will serve as a good hub for you to explore for the first few months. From there you can find a better place to rent for the next year or so and then find an ideal home as the market churns downward and you become a local.
SD Realtor
ParticipantNewtoSD Carmel Valley is not far from LJ and has alot to offer. There are so many communities within San Diego for you to explore. The two communities that your Realtor mentioned, 4S and Carmel Valley are indeed nice with great schools. However there are also other communities that are established and have much more charm and character. Among them Encinitas, Cardiff, Solana Beach and others. Even Scripps, where I am currently renting has a mix of newer homes and older homes on larger lots. UTC is condo land for sure but it is central and will serve as a good hub for you to explore for the first few months. From there you can find a better place to rent for the next year or so and then find an ideal home as the market churns downward and you become a local.
SD Realtor
ParticipantNewtoSD Carmel Valley is not far from LJ and has alot to offer. There are so many communities within San Diego for you to explore. The two communities that your Realtor mentioned, 4S and Carmel Valley are indeed nice with great schools. However there are also other communities that are established and have much more charm and character. Among them Encinitas, Cardiff, Solana Beach and others. Even Scripps, where I am currently renting has a mix of newer homes and older homes on larger lots. UTC is condo land for sure but it is central and will serve as a good hub for you to explore for the first few months. From there you can find a better place to rent for the next year or so and then find an ideal home as the market churns downward and you become a local.
SD Realtor
ParticipantHi Alarmclock –
I will try to give you some answers… I mean opinions that may serve to be helpful… but again are only opinions…
First off, if you have to sell all of your securities to buy a home I would rethink that strategy. Draining all of your investments to afford a home is not something I would recommend. So you are wise to not follow that path.
Wouldn’t high mortgage rates benefit people capable of putting 20% down?
In theory yes but it will take time and like just about every other answer I give, this one entails the same description. You need to run the numbers. Even having 20% down may not be enough money if the rates go high enough. To me it will be a rubber band. That is rates will go high, and pricing will not compensate initially to offset the rate gain. Then over time the prices will come down enough to offset the the rate hikes.
You are on the right track. It would seem intuitive that rate hikes are inevitable in order to start building some value into our currency. At least in my small brain it seems this should have happened a long time ago but what do I know?
Anyways, you are correct, the buyers pool may be reduced due to harsher conditions but then again, astute buyers who are on the sidelines and pooling up cash will start coming in especially if prices go low enough to cash flow for rental properties. That is not likely to happen for awhile though.
SD Realtor
ParticipantHi Alarmclock –
I will try to give you some answers… I mean opinions that may serve to be helpful… but again are only opinions…
First off, if you have to sell all of your securities to buy a home I would rethink that strategy. Draining all of your investments to afford a home is not something I would recommend. So you are wise to not follow that path.
Wouldn’t high mortgage rates benefit people capable of putting 20% down?
In theory yes but it will take time and like just about every other answer I give, this one entails the same description. You need to run the numbers. Even having 20% down may not be enough money if the rates go high enough. To me it will be a rubber band. That is rates will go high, and pricing will not compensate initially to offset the rate gain. Then over time the prices will come down enough to offset the the rate hikes.
You are on the right track. It would seem intuitive that rate hikes are inevitable in order to start building some value into our currency. At least in my small brain it seems this should have happened a long time ago but what do I know?
Anyways, you are correct, the buyers pool may be reduced due to harsher conditions but then again, astute buyers who are on the sidelines and pooling up cash will start coming in especially if prices go low enough to cash flow for rental properties. That is not likely to happen for awhile though.
SD Realtor
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