Escondido, San Diego North County Real Estate Market - July 08
Posted on Jul 31st, 2008
The past two years the real estate market in North San Diego County and in Escondido has been in a steady decline. However, there are indicators that the market may start to level off in the next few months. It has always been my opinion that astute full time real estate agents are well positioned to gauge and forecast the immediate market.
Now I have to be real careful here. Our society frowns on real estate agents that make predictions. That being said let me cover my bases and say, there are no crystal balls and I am only voicing an opinion.
Contrary to most of the naysayer’s, it may be a terrific time for buyer’s to jump off the fence and purchase a home. Both interest rates and prices are good. Most of the real estate articles written refer to more properties going into foreclosure and coming on the market. Those predictions come from researching current loans and I am sure are accurate.
What I am seeing first-hand is this; aggressively priced bank owned properties and “short sales” are receiving multiple offers. It is logical if there are multiple offers for aggressively priced properties, then it is no longer a “Buyers Market” for those properties. Additionally, the government, confused as they are, will eventually stumble onto and implement an effective (through trial and error) plan to stabilize the market.
Therefore, I am going to say there are some excellent opportunities to buy bank owned properties and “short sales”. There are also indications that investors are starting to enter the market place. When investors start snapping up properties, that further stabilizes the market.
On the sell side, although not a good time to sell due to the decline in prices, if you are a property owner with an immediate need to sell, then now may be the time because the market may not get better for quite some time. If it is leveling off, it may stay there for awhile.
Steve Blair
Realty Executives
760.216.8008
