The real estate market has turned newly optimistic amidst low mortgage rates and fewer available homes.
The 30-year fixed mortgage rate dropped from an average of 6.5 percent to 5 percent in January. This made the available property significantly less expensive and helped create the recent flurry in real estate purchases.
The average price decline in our local market has stopped as buyers bid on a dwindling number of available homes. Even as average fixed mortgage rates jumped up to 5.65 percent, the real estate market continues to see fewer days to sell and strong ask-to-sell pricing.
What is hot now?
A traditional seller has become akin to an albino tiger, rare and intriguing. After several years of a brutal buyers market, homeowners have become reluctant to put their property for sale.
For months, buyers were demanding greater and greater discounts off of the last closed sales. Many sellers chose to rent their homes (sometimes at a loss) before selling their homes at today's prices.
This has left mostly short-sale property and bank-foreclosed homes; distressed property that is forced to sell.
But today's buyers have grown tired of the unpredictable nature of distressed property. Bank foreclosures have multiple offers, sometimes 20 to 30 bids that are substantially over the list price.
Short-sale homes require buyers to wait months for an answer, only to be told they lost out to another bidder or that the bank did not approve the sale. Many brokers refuse to show their buyers short-sale homes.
Today, the hot ticket is a normal seller. Real estate agents will pitch their property to other brokers as an “equity seller” or “not a short sale” home.
Buyers now appreciate being able to close in 30 days, having full seller disclosure and the flexibility to work through complicated closing time frames and financing issues.
92008
Sales are brisk in Olde Carlsbad for entry-level single family homes. Almost all of the homes under contract or sold in the last 60 days are three-bedroom starter homes that sold for an average of $545,000.
More than half of the currently unsold homes are luxury estates in Olde Carlsbad that are more than $1 million. Many of these luxury homes are unique and well appointed; one of them even appeared on MTV's “Cribs.” But the luxury market remains a tough sell in today's marketplace.
Only three homes priced at more than $1 million have sold in Olde Carlsbad this year. The highest being an ocean view estate on Highland that was listed for $1.439 million and closed escrow for $1.275 million.
This leaves 40 Olde Carlsbad estates priced at more than $1 million without buyers. And with an average market time of 126 days, there is little hope of closing escrow in the near future.
92010
There is not a home in the 92010 zip code that is currently priced at more than $850,000. The area is comprised of affordable three- and four-bedroom homes that are selling fast in the current market.
The average selling price is around $500,000. There are only 41 single family homes available, and 30 were under contract in the last 60 days.
92009
Homes priced at less than $1 million in the La Costa area of Carlsbad are selling in 48 days and at 98 percent of the asking price. This is a change from 72 days and 96 percent of the asking price only six months prior.
There is less than two months of inventory in the 92009 zip code. This is an extremely low number of homes, which is helping homeowners sell quick and get closer to their asking price.
La Costa Ridge, a planned community built in 2004, has secured some of the highest resale prices in the past 60 days. Several of the more than 4,000-square-foot, semi-custom estates have closed escrow between $1.25 million and $1.4 million.
Overall, sales for more than $1 million are slow with only 11 homes under contract in the past 60 days and 51 homes for sale.
92011
The average home selling price in the 92011 zip code is $686,000, down from the highs of $900,000 in 2004 through 2006. Of the more than 40 properties listed for sale priced at more than $1 million, only three are under contract.
The million dollar market remains stagnate. Buyers are looking for well-priced, four-bedroom homes between $650,000 and $850,000.
For more information, contact Tyson Lund at (760) 438-0800 or [email protected].
The 30-year fixed mortgage rate dropped from an average of 6.5 percent to 5 percent in January. This made the available property significantly less expensive and helped create the recent flurry in real estate purchases.
The average price decline in our local market has stopped as buyers bid on a dwindling number of available homes. Even as average fixed mortgage rates jumped up to 5.65 percent, the real estate market continues to see fewer days to sell and strong ask-to-sell pricing.
What is hot now?
A traditional seller has become akin to an albino tiger, rare and intriguing. After several years of a brutal buyers market, homeowners have become reluctant to put their property for sale.
For months, buyers were demanding greater and greater discounts off of the last closed sales. Many sellers chose to rent their homes (sometimes at a loss) before selling their homes at today's prices.
This has left mostly short-sale property and bank-foreclosed homes; distressed property that is forced to sell.
But today's buyers have grown tired of the unpredictable nature of distressed property. Bank foreclosures have multiple offers, sometimes 20 to 30 bids that are substantially over the list price.
Short-sale homes require buyers to wait months for an answer, only to be told they lost out to another bidder or that the bank did not approve the sale. Many brokers refuse to show their buyers short-sale homes.
Today, the hot ticket is a normal seller. Real estate agents will pitch their property to other brokers as an “equity seller” or “not a short sale” home.
Buyers now appreciate being able to close in 30 days, having full seller disclosure and the flexibility to work through complicated closing time frames and financing issues.
92008
Sales are brisk in Olde Carlsbad for entry-level single family homes. Almost all of the homes under contract or sold in the last 60 days are three-bedroom starter homes that sold for an average of $545,000.
More than half of the currently unsold homes are luxury estates in Olde Carlsbad that are more than $1 million. Many of these luxury homes are unique and well appointed; one of them even appeared on MTV's “Cribs.” But the luxury market remains a tough sell in today's marketplace.
Only three homes priced at more than $1 million have sold in Olde Carlsbad this year. The highest being an ocean view estate on Highland that was listed for $1.439 million and closed escrow for $1.275 million.
This leaves 40 Olde Carlsbad estates priced at more than $1 million without buyers. And with an average market time of 126 days, there is little hope of closing escrow in the near future.
92010
There is not a home in the 92010 zip code that is currently priced at more than $850,000. The area is comprised of affordable three- and four-bedroom homes that are selling fast in the current market.
The average selling price is around $500,000. There are only 41 single family homes available, and 30 were under contract in the last 60 days.
92009
Homes priced at less than $1 million in the La Costa area of Carlsbad are selling in 48 days and at 98 percent of the asking price. This is a change from 72 days and 96 percent of the asking price only six months prior.
There is less than two months of inventory in the 92009 zip code. This is an extremely low number of homes, which is helping homeowners sell quick and get closer to their asking price.
La Costa Ridge, a planned community built in 2004, has secured some of the highest resale prices in the past 60 days. Several of the more than 4,000-square-foot, semi-custom estates have closed escrow between $1.25 million and $1.4 million.
Overall, sales for more than $1 million are slow with only 11 homes under contract in the past 60 days and 51 homes for sale.
92011
The average home selling price in the 92011 zip code is $686,000, down from the highs of $900,000 in 2004 through 2006. Of the more than 40 properties listed for sale priced at more than $1 million, only three are under contract.
The million dollar market remains stagnate. Buyers are looking for well-priced, four-bedroom homes between $650,000 and $850,000.
For more information, contact Tyson Lund at (760) 438-0800 or [email protected].