What are short sales? What is happening with the short sale market? Are they selling? Where are they? Here is the Statistics Report for the activity in the last 90 days on all homes, except for manufactured, in San Diego County. Statistics supplied courtesy of Sandicor.
San Diego County Short Sales
- There are currently 6,445 Active Listings. This is a little misleading because most short sales are kept in the active status, even after the seller has accepted an offer, until there is an formal acceptance by the lender(s).
- There are currently 1,778 short sales in the pending status, which means in escrow.
- There have been 4,109 that have closed escrow in the last 90 days.
What are they? Short sales are homes that are for sale and the seller’s loan(s) are more than what the property can sell for. They put it on the market in the hopes that the bank will take less than what they owe. This used to be a process that could take up to 6 months before the lender assigned a negotiator and many went into foreclosure before they ever had a chance to get it approved.
Most banks now have systems in place and as the report shows, they are closing successfully. In fact, most of the time there are multiple offers…you will note that the sales price to listing price is now 97% and average days on the market are down to 99.
Where are they? I did a search for some regions and note the following:
North County Coastal = Carmel Valley, Del Mar, Solana Beach, Encinitas, Carlsbad & Oceanside
- 738 Actives 200 Pending 186 Solds
North County Inland= Scripps Ranch, Rancho Bernardo/Penasquitos, Mira Mesa, Poway & Ramona
- 537 Actives 205 Pending 185 Solds
Metro Areas = Downtown, Hillcrest, North Park, Mission Valley, Clairemont, Tierrasanta & University City
- 1,096 Actives 329 Pending 283 Solds
South Bay = Bonita, Chula Vista & National City
- 1,727 Actives 339 Pending 159 Solds – by far the highest area
If you have stayed away from short sales, you might want to reconsider…many are selling before they become foreclosed on.
Related Posts: Area Information, Area Statistics, Buyers, Cardiff, Carlsbad, Carmel Valley, Del Mar, Downtown, Encinitas, Financial news, Foreclosures, La Costa, Leucadia, Market Trends, Oceanside, Poway, Rancho Bernardo, Real Estate News, San Diego, Short Sales, Solana Beach
Finally, the view you’ve always dreamed of, the perfect size yard, a kitchen to die for, a block away from your 5 year olds award winning school just up the street from your best friend! You’ve waited, you’ve watched! You’ve scrimped, you’ve saved & you have sacrificed!!
You are Ready to pounce, your credit scores are over 800, boasting a savings account holding a $100,000, $500,000, $800,000 or maybe even $1,000,000 to purchase this home. Inspections done, appraisal in, down payment cashed, title perfect, movers scheduled, boxes packed, sellers moved out, kids excited & fighting over bedrooms.
The big closing day dawns upon us. Then your Realtor calls with news commenting the bank will not give you the loan to buy the house. “WHAT ? ? “Are they kidding?” “Nope, they’re not.” Shattering your families (& Realtors) dreams of finalizing this deal. What do you do?
My main focus is keeping a happy, satisfied seller combined with an excited and pleased buyer from the beginning of the transaction to the closing. Customer service first, I do everything I can, going over & beyond to assure that my sellers & my buyers have a smooth transaction with little or no problems. The most frustrating part of my job is doing the best I can to keep everyone happy & have another partner in the transaction screw it all up! When the buyer can’t get financing, nobody’s happy!
So, how do you do it? Much like staging a home to sell, a lot of it is in the initial packaging of your loan package. You have to understand, learn & know how to sell your loan to the bank. Knowledge is Power now more than ever.
Who you (or your Realtor) knows within the banking industry could be worth it’s weight in gold today. Many real estate agents & the lenders do not understand the dynamics of these new financing guidelines. Get used to it it is unlikely to go away anytime soon. The way you put your loan package together before it is submitted to the bank for approval is key these days. Before you find that home or before you accept the buyers offer, get the facts and the education you need to make sure the loan applied for will still be available when you are scheduled to move, close & will fund.
Before you put your home up for sale, accept that buyers offer & take your home off the market OR prior to submitting your loan to a bank feel free to call us & we will show you how to do it right in the new 2008!
Well, San Diego County home sales have not slowed down. September 2008 shows 3,937 Resale Homes are in escrow as of September 30th.
If you take a look at Sandicor’s Statistic Report for last month below, we have currently:
- 11,370 Active Listings in San Diego County
- 3,937 Listings that are Pending (in escrow)
- 1,627 Listings that closed escrow in September
September San Diego County Statistics
Some other very interesting notes:
- DOM (days on market) have decreased from August’s average of 76 days to 65 in September
- SP/LP (sales price to listing price) is now 104% – 4% over asking price.
There are 2 reasons for the SP/LP being over the asking price. One is that bank owned properties are being priced low, which is causing multiple offers and bidding wars. The second reason, in my opinion because I am out there every day, is supply and demand. And it is not just bank owned and short sale properties that are getting multiple offers, I’m seeing it in regular sales as well.
So where did most of the activity take place? Here are statistics from two areas of San Diego County.
San Diego Central Statistics
North County Coastal has 2,029 Active Listings, 555 Pending, and 302 Sold Listings
San Diego Central (from Downtown to UTC) has 1,435 Actives, 605 Pendings and 247 Solds.
Statistics for other areas including:
- Southbay – 1,987 Active, 916 Pending and 259 Sold
- North County Inland – 1,061 Active, 402 Pending and 184 Sold
- East County – 1,371 Active, 589 Pending and 245 Sold
I will be doing further analysis on what is happening with home sales in the county…so please let me know if there are particular areas that you would like me to include.
Related Posts: Area Information, Area Statistics, Buyers, Cardiff, Carlsbad, Carmel Valley, Del Mar, Downtown, Encinitas, Foreclosures, La Costa, Leucadia, Market Trends, Oceanside, Rancho Bernardo, San Diego, San Marcos, Sellers, Short Sales, Solana Beach
Don’t miss this one!! This turn-key former model home in The Palisades, one of Carmel Valley’s most desirable neighborhoods is just on the market and ready for new owners.
Behind the wrought iron front gate lies a beautiful, spacious courtyard with a cascading fountain and colorful landscaping. The double front doors welcome family and friends to an expansive and open floor plan with vaulted ceilings, neutral decor and a striking curved staircase.
The living room is open to the separate dining room and has a vaulted ceiling, plantation shutters and a combination of natural stone and richly toned engineered hardwood flooring. The attractive kitchen with ample room for casual dining is open to the family room with a gas starter fireplace. The wood flooring carries through these room. These bright rooms are the perfect gathering place and open to the backyard with built-in barbeque and sink, trellis and lush, cool grass.
Continuing with the downstairs, one bedroom and adjoining full bathroom offers flexible space to serve as a private oasis for visitors or as a home office or as a music room or study. Upstairs the wood floors continue throughout the home.
The master bedroom suite is extra large with a sitting area and plantation shutters. The master bath has dual sinks and a huge walk-in closet. Two other bedrooms and a bonus room complete the upstairs. Every room has generous closet space and mirrored closet doors. The home is completed by a three-car garage to accommodate the needs of the most discerning clients.
If you are someone who values a comfortable home in a friendly, safe neighborhood turn your attention to this one.
It is located just a few blocks from Ashley Falls Elementary School, a top-rated schools in the Del Mar School district. Excellent schools at the elementary, middle (Carmel Valley Middle School), and high school (Torrey Pines High School and Canyon Crest Academy) are all nearby.
The shopping centers at Del Mar Highlands and Piazza Carmel offer every service and convenience, grocery stores, boutiques, restaurants, movie theater, coffee shops, dry cleaners, jewelry stores, literally everything one can imagine.
Within a mile of SR-56 the location is a commuter’s dream to head west to I-5/I-805 or east to I-15. Only 20 minutes to the airport or downtown, 10 minutes to outstanding golf at Torrey Pines Golf Course and under 10 minutes to the premier sandy beach at Del Mar, Carmel Valley is moments from everywhere. Come home to The Palisades and relax and unwind.
Del Sur Elementary School is the newest addition to the renowned Poway School District and combines the old-fashioned feeling of a neighborhood school with the most high tech and energy efficient construction. Coming soon to the Del Sur and 4S Ranch communities is Del Norte High School which is expected to make its splash on the community in the fall of 2009.
The rapidly growing planned community of Del Sur, is located at the conjunction of some of North San Diego County’s finest communities – Carmel Valley, Rancho Santa Fe , Fairbanks Ranch and Rancho Bernardo. Geographically located within 20 minutes of the beach and an easy commute via SR-56 to either the I-5 or I-15 transportation corridors, this growing area contains homes priced from the $400,000s into the mid-$1,000,000 price ranges. There is a new home or a resale home for everyone in this thriving community.
Del Sur has gorgeous amenities, beautiful parks, meandering trails through acres of open space, and a growing town center with restaurants, stores and all the services locals need. For more information on the diversity of housing opportunities in Del Sur such as Pasado, Bridgewalk, The Sentinels, Avaron and others, give your local realtor, Marie Garber a call at 858-245-2177. She is easily reached by email at [email protected].