San Diego Housing Market News and Analysis
San Diego Inventory Sucks...
User Forum Topic
Submitted by flu on November 11, 2012 - 3:50pm
...According to the Union Tribune....
We all know by the time they report it, it's true... (for the past few months.....)...
Remember all those opinions about how wrong the pigg realtors were? Looks like they were pretty spot on.....It's close to the end of the year...Where's the inventory dip? Where's the flood of REO's on the market in SD?
Nowhere....It's drip drip drip.....And even the short sales /REO's seem to be fetching not any significant discounts....
Better luck next year...
Prospective homebuyer Michael Lin holds his 1 year-old son, Ethan Lin as they tour one of the model homes in the Maricel at Torrey Highlands development.
Ashley and Brian Standing have been house hunting for about a year, and they’re a little tired of the hunt.
In the past 12 months, the young San Diego couple have put in 80 to 100 offers on homes in the $500,000 to $750,000 range in areas like Point Loma, Ocean Beach and Bay Park. They admit some of their offers have been lowballs, but they learned quickly that those wouldn’t work. At times, they’ve tried bidding $20,000 to $30,000 above asking price but still nothing.
“It’s been insane,” Brian said. “When we first got into the market, there was still more inventory. I don’t know if at the beginning we were more picky as far as putting in offers. But over the last nine months, we’ve been operating as not-as picky.”
Brian Standing is right. He can’t be super picky because of a serious shortage of homes on the market in San Diego County.
The low inventory has left homebuyers submitting multiple bids and upbidding each other, pushing up prices and putting a damper on the idea of finding a deal on their dream property, experts say.
But for some sellers, the market seems just fine.
Ask Ellen Pansky, a Los Angeles attorney who just sold her condo in University City. After two weeks, she got two offers. Two more weeks later, her deal was closed with a buyer who gave her full price.
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