Local sales up
Carlsbad condominium and town home sales are robust in 2012. Carlsbad saw an average 50 units sell a month in April versus an average of 25 in fourth quarter of 2011. The results of continued low mortgage rates and reduced inventory, Carlsbad condo's are securing 98 percent of asking price with the average two-bedroom, two-bath 1,400 sq.ft. condo selling for $324,000. Average time on market is around 51 days for traditional sale property, a time that has moved down from 55 days in previous months. Average sale prices have remained relatively unchanged since 2011. Similar to single family homes, condos are becoming more scarce in 2012. Month(s) of sellable inventory for condos in Carlsbad is 2.2 months.
Homebuying To-Do’s
This year's supply shortage is creating a very competitive real estate market. Home buyers just entering the marketplace are encouraged to become fully pre-qualified, with income and asset verification.
A smart buyer needs to have a flexible housing situation, as 40 percent of the current market are short-sale homes that could take 4-5 months to close escrow. Also, teaming up with an agent familiar with the challenges often presented in a short-sale purchase is advised.
Short-sale buyers are having to do many things a traditional buyer does not: pay HOA liens, title and escrow costs, termite and repairs. Select communities have more homes available than others, giving buyers the opportunity to negotiate stronger terms than the overall market would allow. Home buyers should continue to ask themselves the important rent-versus-buy questions of themselves and not be persuaded by the current market to make a hurried decision.
Carlsbad condominium and town home sales are robust in 2012. Carlsbad saw an average 50 units sell a month in April versus an average of 25 in fourth quarter of 2011. The results of continued low mortgage rates and reduced inventory, Carlsbad condo's are securing 98 percent of asking price with the average two-bedroom, two-bath 1,400 sq.ft. condo selling for $324,000. Average time on market is around 51 days for traditional sale property, a time that has moved down from 55 days in previous months. Average sale prices have remained relatively unchanged since 2011. Similar to single family homes, condos are becoming more scarce in 2012. Month(s) of sellable inventory for condos in Carlsbad is 2.2 months.
Homebuying To-Do’s
This year's supply shortage is creating a very competitive real estate market. Home buyers just entering the marketplace are encouraged to become fully pre-qualified, with income and asset verification.
A smart buyer needs to have a flexible housing situation, as 40 percent of the current market are short-sale homes that could take 4-5 months to close escrow. Also, teaming up with an agent familiar with the challenges often presented in a short-sale purchase is advised.
Short-sale buyers are having to do many things a traditional buyer does not: pay HOA liens, title and escrow costs, termite and repairs. Select communities have more homes available than others, giving buyers the opportunity to negotiate stronger terms than the overall market would allow. Home buyers should continue to ask themselves the important rent-versus-buy questions of themselves and not be persuaded by the current market to make a hurried decision.