Here is a little quiz to test your local market knowledge. Real Estate Markets are regional, it doesn’t really matter to home buyers or sellers in North San Diego County what the market is doing in Chicago or Palm Beach.
Talk to Realtors who are experts in their local market. Major news stations such as Fox News and CNN continue to paint a bleak picture of the Real Estate Market, but there is an upside.
When is the best time to buy? Warren Buffett said:
“Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.”
Take the quiz below to test your market knowledge.
1. How many homes were sold last month (September) in North County which includes Bonsall, Fallbrook, Escondido, San Marcos, Poway, Rancho Penasquitos, Ramona, Carlsbad, Encinitas, Solana Beach, Rancho Santa Fe, Del Mar, Cardiff by the Sea, Vista and Oceanside?
a. 1276
b. 4439
c. 721
d. 2291
2. What was the average number of days on the market? (Hint last month it was 74)
a. 99
b. 75
c. 22
d. 80
3. How many active and contingent listings for Single Family Detached Homes in North San Diego?
a. 10,657
b. 4774
c. 6010
d. 7172
The correct answers are: 1-a, 2-d, 3-b
What does this mean... OPPORTUNITY!
Sales volume is down, market time is up and inventory is also up slightly.
Will the prices go down more, will the interest rates remain at historic lows, when will the market come back?
No one can give you a definitive answer, not your astrologist, a crystal ball, palm reader or your San Diego County Realtor. The bottom of the market will pass before anyone realizes it. If interest rates go up one point, that could mean hundreds of dollars more in mortgage payments each month.
If you are paying $2200 a month or more a month for rent, wouldn’t it make more sense to be paying for your own mortgage rather than your landlords? If you have a good job, 3.5% for a down payment, savings for closing costs and reserves, you are missing an opportunity to invest in you and your family’s future. Just to illustrate this point I roughly calculated your monthly payment to be approximately $2400-$2500* per month (principal, interest, taxes and insurance) for a $400,000 home with 3.5% down, interest rate at 4.5% paid over 30 years.
Now is the time to invest in your future, please email me at
dyork@coldwellbanker or call 760-505-6474 to get started.
Statistics courtesy of HomeDex™ is prepared for the North San Diego County Association of REALTORS® by Robert Brown, Ph.D., California State University, San Marcos.
*Monthly payment is an estimate only, actually monthly payments will vary. Types of financing that best fits your needs and interest rates should be discussed with a knowledgeable licensed lender.
Respectfully,
Debbie York SFR, GRI, CNS
Coldwell Banker
Certified Distressed Property Expert
760-505-6474
dyork@coldwellbanker.comNorthCountyHomesInfo.com
Debbie York SFR, GRI, CNS
