A buyer’s market

With the median California home price down 40-50%, homebuyers are definitely in the driver’s seat these days here in the Golden State.  And “first-time homebuyers”, i.e. those who haven’t owned a property in the last 3 years, really rule the road!

An even better “first-time” homebuyer’s market

In the past, the affordability index all but pushed these buyers out of homeownership, particularly when looking for San Diego homes for sale.  These folks have been saving and waiting, and waiting and saving, AND, finally, their time has come!  Unlike so many others who would like to take advantage of this great market, first time homebuyers, by definition, have no home to sell!  In addition, with the incredible interest rates out there right now, and the $8000 tax credit authorized by the American Recovery and Reinvestment Act of 2009, conditions are perfect for first time homebuyers. 

Better act fast

That said, this window of opportunity is a narrow one, and closing fast.  The market has definitely hit bottom in many low end areas, or, in fact, already passed it – and competition for these homes is starting to drive prices back up.   Moreover, the $8000 credit expires on December 1st, so eligible buyers had better act quickly!

Where the hot deals are

The coastal North San Diego County home markets  showing the biggest number of foreclosures, short sales and REO’s, are Vista, San Marcos and Oceanside.  There are almost 3000 properties under the conforming limit ($417,000) on the market right now in North County!  To learn more about how you can take advantage of this great buyer’s market and the various incentives available, give me a call (760-815-1318).  Don’t let this opportunity pass you by!