first quarter results of 6,997. Looking at a month over month of 2012; May posted 3,282 sold, April 3,091 sold, March 2,915 sold, February 2,445 sold, and January 2,118. As you can see the number of residential properties sold from January to May has risen over 36%.
Also affecting this upward trend, is the lack of inventory in San Diego. The San Diego residential real estate inventory is at a staggering low of 3.5 months. That means that is no new properties are listed on the market, we would exhaust the number of houses available for purchase in less than 4 months. This number is significantly lower than any month in the last two years in San Diego.
An added bonus is the opportunity to lock in a low interest rate, and get pre-approved for a loan to purchase. With current interest rates for a 30-year fixed mortgage at an all time low, below 3.75%, reviewing a loan scenario has become more opportunistic than ever.
What does this mean to first time buyers, sellers that are on the fence, residential investors, and you.
For a first time buyer this shows signs of the San Diego market turning. Why look back and say, " should have, could have, would have, don't have ". Low interest rate means affordability, at a 3.5% down
FHA mortgage, VA mortgage, the opportunity is here.
For sellers, the lack of inventory is creating multiple offers on properties every day, prices are being driven slightly, and moving up or even downsizing is very entertaining today.
As for the residential investor looking for long term investments and multifamily. I ask most, "Have you looked at rental rates compared to total out of pocket expenses, on a new loan lately?". Refinancing a owned multi-family or single family home, and purchasing another, is more favorable now than ever before.
For you, this could mean opportunity. Don't let the time pass, don't end up looking back and say...."What if".
Pete D'Amato
REALTOR®
REALTOR®
CNE® (Certified Negotiation Expert)
Keller Williams Realty
3965 Fifth Ave. Ste 300. SD, CA. 92103
3965 Fifth Ave. Ste 300. SD, CA. 92103
Direct: 619-929-0874
Cell: 619-788-8354
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