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SD Realtor
Participantummm I am not sure what parts of San Diego you are looking at. In most neighborhoods in San Diego inventory is anywhere from 25% and up below normal. In these same areas homes of any quality are getting double digit offers well over asking price. I cannot comment on OC but if you think San Diego has plenty of inventory you are seriously incorrect.
Perhaps you should look at the San Diego active inventory on the front page of this blog under Riches posts.
April 4, 2013 at 7:45 AM in reply to: Obama administration pushes banks to make home loans to people with weaker credit #760997ParticipantThe govt favorable terms?
More of the same hypocrisy. The banks are the reason for the crisis…. yet here is the administration ever so gently asking the banks to ease up underwriting guidelines.
It does not get much more comical then this.
April 4, 2013 at 7:39 AM in reply to: OT: Public Employees Bankrupt yet another California City: Stockton #760995ParticipantAgreed Cali…As you know, if you take a close look at the prices of food, water, and energy we have been on a very nice inflationary clip. Most people just like to gulp down stats that are calculated in a friendly way. I love the “inflation will get us out of the mess argument” as it is always assumed the rising tide will lift all boats. In reality the disparity between rich and poor will accelerate and the majority of those in the middle will not enjoy that theory because no chance their wages will keep up… that is assuming they even keep their jobs as more quality jobs bite the dust.
April 3, 2013 at 7:43 PM in reply to: OT: Public Employees Bankrupt yet another California City: Stockton #760986ParticipantLet’s be clear….Selling blocks of real estate has no effect at all on pricing. Housing prices are determined at the retail level. It is of no consequence whatsoever if the seller is a homeowner, an investor, a holder of a note, or any commercial entity.
Bankers do not only suck at selling homes, they don’t sell them at all. Liquidation of assets is always done by third parties for a variety of reasons.
April 2, 2013 at 10:34 AM in reply to: OT: Public Employees Bankrupt yet another California City: Stockton #760966ParticipantI think the poster is inferring that obligations to public pensions have contributed (in some cases substantially) to more then one city being forced to either declare bankruptcy or are on a path towards bankruptcy. (as opposed to Stockton filing multiple times)
ParticipantIf you believe present day risk has anything to do with future risk then this is a waste of time. Pay for the appraisal and get rid of your pmi. It is not terribly difficult.
ParticipantAs much as the conditions are great now, saying that the bank took no risk on your loan is a false statement. 5 years ago that was not the case. 5 years from now it may not be the case. Like it or not you signed a note that had several stipulations to it and in exchange for that note, you were lent a couple hundred thousand dollars. If you do not like the terms of the note then you should not have borrowed the money. Removal of PMI is not hard and has much more to do with comps then the pergola and matching chairs. I don’t mean to be harsh, just being honest.
ParticipantDesmond that is my point.
Actually there are places to purchase SFRs at or under 400k but they are not places that are in demand because of several reasons. Any places of note with regards to good school districts and high demand are out of the 400’s and making it through the 500’s fairly quickly as well.
March 28, 2013 at 10:12 PM in reply to: $64,000 Question. What raises property values in HOA neighborhood? #760899ParticipantOverall market condition have a much greater effect on a subject property then anything. You can deck your house out as much as you want but if it is not conforming to the neighborhood the sales price will not correlate to the upgrades you perform. Conversely you can have a turd of a home but if the market is raging and homes on your street are all in good condition then your home will sell for much more then it should.
The bottom line is that people should upgrade the home they live in to enjoy the utility they add, not the value they may or may not add because that value is variable determined by market conditions. Personally I have not seen any data that adds or subtracts value simply because an HOA is or is not in the neighborhood.
ParticipantHapp in San Diego county the buyers pool for people looking at homes under 400k is plenty large. There are plenty of them out there.
ParticipantPretty bad there as well Scarlett.
ParticipantSorry to hear it SDOwner. Yeah prices are gapping but even getting in the mix is hard now. Listing in Poway at 535-545 came on market last week. Close to 16 offers. We came in over list price and got a counter back at 580k, no appraisal contingency, no termite, no repairs. Another listing on Kern Crescent at 550k, no showings unless you have an accepted offer, and they already have a bunch of offers well. It is a joke right now in that submarket.
ParticipantSK in the areas you mentioned no way you turn a positive cash flow on a SFH at 20% down. Also I am starting to see gaps in comps. For instance older homes in say Westwood of RB that we selling in the high 400’s and low 500’s are now gapping into the high 500’s rather then ramping. Another thing that has pushed some of the gaps is investors coming in and flipping. A home that sold for 430k in September just closed for 575k in February. Again, not fun being a young couple looking for a home to buy.
ParticipantSK you need to be more specific when you said the area. Also this post is for owner occupancy. SFH will get killed as a rental at the prices I am talking about.
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