Alpine Realty Presents New Possibilities

I have some wonderful news… there are clear signs of life from the real estate market. In some housing markets in San Diego, we are receiving multiple offers on properties. In fact, in some cases, there are over 20 or 30 offers on a single property. Now, this isn’t what the media is telling you, but it is what is going on.

The real estate market in San Diego County ranges from the ultra-rich, multi-million dollar ocean view properties, to the entry level, first time home buyer houses. In the upper ends of the market, property values are still declining. Owners are having to reduce the prices and wait a very long time to find buyers. This is due to many factors, once of which is that Jumbo Loans are harder to qualify for.

In the other end of our market, entry level homes, the market is going crazy. With the decline of property prices, first time home buyers are able to enter the market and investors are able to purchase properties at prices that make sense. Some of the options for Alpine realty are very attractive. The Stimulus Packages that have been handed down are opening up many great loan options for lower priced properties. A buyer who utilizes a FHA loan is able to purchase a property for 3.5% down and ask the seller to pay the closing costs.

Historically, the real estate market shifts from the bottom up. So, when the lower end properties start going, property values begin to go up and the upper e nd properties follow and regain their momentum too. My recommendation is that if you are on the fence about buying, now is the time to jump in. Interest rates are amazingly low, there is still a lot of inventory, and indicators show property values are turning.