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Depressing Times
This has been a depressing time, particularly for those of us in the real estate industry. Well, in fact, for everybody! The economic crisis has spread around the world, and few are immune to its devastation. I have watched so many lose their homes whether through foreclosure or being forced to sell short. Lovely families with small children, elderly who had recently downsized, up and coming yuppies who had bought their first condo. Even those San Diego homeowners whose mortgages are of the good old fashioned 30 year fixed variety are struggling because they have lost their jobs.
Wide Range of Price Adjustments
In San Diego County, the drop in real estate values spans the gamut. I’ve seen as low as 10%-15% adjustments in some of the coastal communities like Del Mar, Solana Beach and Carmel Valley; 50% in several areas with lots of newer track homes like Chula Vista and San Marcos; and as high as 70% drops in some areas like Vista, Fallbrook and Oceanside.
The Silver Lining
So can there possible be a silver lining to all of this? Well, one’s loss is another’s gain. The fact is that the affordability index has tripled in North San Diego County Real Estate over the last year, from 10% in November 2007 to 30% in November 2008.
- Affordability Index in San Diego County
Couple that with the fact that the rates are at historic lows, this is a fantastic time to buy. If one is well qualified, or has a significant amount of cash to put down, one can purchase a property at an incredible discount. If you’d like help finding one of those great deals, whether Del Mar property or elsewhere in the county where the deals are even better, give me a call 760-815-1318. Or, you’re welcome to do your own research – just visit our website www.DreamHomesByTheBeach.com whwere you can search the entire MLS by map.
