The four-year decline in local real estate prices was reversed in 2009.
This year, the real estate market is expected to continue 2009's positive run if rates remain low and available inventory is restricted. When compared to sales in the first quarter of 2009, the average Carlsbad home is up 3.5 percent to $700,000.
Homes are selling with 60 days on the market at an average of 98 percent of the asking price.
Carlsbad condo and townhome sales were robust in the winter quarter of 2009; 98 closed escrow. The average was a two bedroom, two bath, 1,480-square-foot condo with a sale price of $357,000.
The average attached home sold in 70 days at 99 percent of the asking price. The price increase was largely due to restricted inventory levels.
With fewer homes available, buyers compete and bid up prices on the few homes for sale. Restricted levels of inventory are expected to continue through the first part of this year.
The highest sale in 2009 for the condo/townhome market was located in the downtown area on Carlsbad Boulevard for $1.05 million. A five bedroom penthouse unit reserved by the builder of this particular development had been on and off the market for several years. An out-of-town buyer looking for a unique second home found it in this ocean view penthouse.
The highest single family home sale recorded on the MLS for 2009 is located on the La Costa golf course. The 8,400-square-foot custom estate on Arenal Lane was originally priced at $3 million and sold for $2.375 million. The property was surrounded by the course and boasted numerous improvements.
Collecting advance fees to modify delinquent mortgages became illegal in California last year. After going through many revisions, Senate Bill No. 94 passed into law on Oct. 11.
An explosion of real estate and lawyer groups burst onto the scene in 2008, branding themselves as foreclosure experts able to negotiate with the bank on behalf of the homeowner. Vulnerable homeowners who were already facing difficult financial hardships were sometimes charged more than $4,000 to perform a task that often proved futile.
The current government is actively pursuing retribution on behalf of homeowners burned by vulture companies that preyed on the uninformed consumer of 2009. Surprisingly, many homeowners continue to pay upfront fees and are unaware of this new legislation.
Homeowners facing hardship should talk with an approved, non-for-profit counselor with the U.S. Department of Housing and Urban Development, which can be reached at 1 (800) 569-4287. Homeowners also should explore the option of a short-sale with a qualified, local real estate professional.
The once dominant pricing strategy of San Diego was used less last year. Only 12 percent of the more than 32,000 homes sold in the county used a value range. Value range pricing is when a home is sold with a high and a low price.
For example: “Seller will entertain offers between $500,000 and $525,000.” The idea is to encourage negotiations between a buyer looking at the bottom end price and a seller hoping to negotiate to the higher end.
In 2005, value range pricing was the preferred way to price a home in San Diego County with more than 50 percent of the properties utilizing a range. It was common to have multiple bidders bid over the top end of the value range.
As the current real estate market is remarkably different than 2004 and 2005, value range pricing began in a similarly down market in 1995. It proved effective in increasing the number of property showings.
What was found is that with more people walking through a property, even if it was only to “bottom fish” the low price, it increased the opportunity for an emotional attachment to occur and an offer to commensurate. With the current shortage of property on the market, today's buyers are not always finding what they want in their initially conservative price range.
Homeowners have the opportunity to encourage conservative buyers to physically come view a home that they may have disregarded as being above their price requirement.
For more information, contact Tyson Lund of The Lund team at (760) 438-0800 or [email protected].
This year, the real estate market is expected to continue 2009's positive run if rates remain low and available inventory is restricted. When compared to sales in the first quarter of 2009, the average Carlsbad home is up 3.5 percent to $700,000.
Homes are selling with 60 days on the market at an average of 98 percent of the asking price.
Carlsbad condo and townhome sales were robust in the winter quarter of 2009; 98 closed escrow. The average was a two bedroom, two bath, 1,480-square-foot condo with a sale price of $357,000.
The average attached home sold in 70 days at 99 percent of the asking price. The price increase was largely due to restricted inventory levels.
With fewer homes available, buyers compete and bid up prices on the few homes for sale. Restricted levels of inventory are expected to continue through the first part of this year.
The highest sale in 2009 for the condo/townhome market was located in the downtown area on Carlsbad Boulevard for $1.05 million. A five bedroom penthouse unit reserved by the builder of this particular development had been on and off the market for several years. An out-of-town buyer looking for a unique second home found it in this ocean view penthouse.
The highest single family home sale recorded on the MLS for 2009 is located on the La Costa golf course. The 8,400-square-foot custom estate on Arenal Lane was originally priced at $3 million and sold for $2.375 million. The property was surrounded by the course and boasted numerous improvements.
Collecting advance fees to modify delinquent mortgages became illegal in California last year. After going through many revisions, Senate Bill No. 94 passed into law on Oct. 11.
An explosion of real estate and lawyer groups burst onto the scene in 2008, branding themselves as foreclosure experts able to negotiate with the bank on behalf of the homeowner. Vulnerable homeowners who were already facing difficult financial hardships were sometimes charged more than $4,000 to perform a task that often proved futile.
The current government is actively pursuing retribution on behalf of homeowners burned by vulture companies that preyed on the uninformed consumer of 2009. Surprisingly, many homeowners continue to pay upfront fees and are unaware of this new legislation.
Homeowners facing hardship should talk with an approved, non-for-profit counselor with the U.S. Department of Housing and Urban Development, which can be reached at 1 (800) 569-4287. Homeowners also should explore the option of a short-sale with a qualified, local real estate professional.
The once dominant pricing strategy of San Diego was used less last year. Only 12 percent of the more than 32,000 homes sold in the county used a value range. Value range pricing is when a home is sold with a high and a low price.
For example: “Seller will entertain offers between $500,000 and $525,000.” The idea is to encourage negotiations between a buyer looking at the bottom end price and a seller hoping to negotiate to the higher end.
In 2005, value range pricing was the preferred way to price a home in San Diego County with more than 50 percent of the properties utilizing a range. It was common to have multiple bidders bid over the top end of the value range.
As the current real estate market is remarkably different than 2004 and 2005, value range pricing began in a similarly down market in 1995. It proved effective in increasing the number of property showings.
What was found is that with more people walking through a property, even if it was only to “bottom fish” the low price, it increased the opportunity for an emotional attachment to occur and an offer to commensurate. With the current shortage of property on the market, today's buyers are not always finding what they want in their initially conservative price range.
Homeowners have the opportunity to encourage conservative buyers to physically come view a home that they may have disregarded as being above their price requirement.
For more information, contact Tyson Lund of The Lund team at (760) 438-0800 or [email protected].