This is the October 2012 article for the Carlsbad Business Journal.  -Tyson Lund

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Fewer homes for sale amidst falling mortgage rates has left North County San Diego’s real estate market in a temporary seller’s market.  A 'sellers market' is defined as a time period when buyer demand for housing exceeds available supply.  A sellers market gives those selling property an opportunity to secure a higher price, sell faster and/or negotiate superior terms than compared to recent comparable sales.   And although only a fraction of the strength of the extreme sellers market 2004-2005 and possibly only temporary, the current sellers market is being confirmed with several key metrics used daily by real estate practitioners..  

Experienced…

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We here at The Lund Team continually look at the ever-changing reams of data for home sales in North San Diego County. Personally, what I find most interesting is the ever shrinking number of REO property during 2012. REO means real estate owned and is an acronym for a foreclosure home.  Short sale homes continue to be a significant part of the coastal real estate market.  find out what a short sale is here.

Carlsbad and Encinitas By The Numbers

For the following zip codes: (92007,92008,92009,92010,92011,92013,92018,92023,92024)


Territory Market Recap*
  Active In-Escrow Closed (List Side) Total
REO 47 3.8% 60 9.8% 845 20.5% 952 15.9%
Short 514 41.3% 130 21.3% 845 20.5% 1489 24.9%
Resale

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Short Sales Just Got Easier in San Diego County! 

...If you have 1st and 2nd loans with Bank Of America.  It is common to have 1st and 2nd with Bank of America, as Countrywide home loans was extremely active in San Diego.  And since Countrywide was acquired by BOA - many San Diegan's have BOA loans. 

 

Here is the press release:

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Changes to 2nd Lien Deficiency Waiver Guidelines

Bank of America has extended additional support to homeowners by agreeing to enhanced 2nd lien deficiency waiver guidelines.

 

Basic qualifications:

  • The short sale must be initiated on or after June 1, 2012.
  • The 2nd lien must be attached to a 1st lien mortgage owned by Bank of America.

If you determine that the homeowner qualifies for this…

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Home many short Sales, foreclosure homes and resale homes make up the coastal market?

We have many clients that are curious about foreclosure & Short Sales - and how much they make up of the current market.  The numbers below are for a 12 month period.  Below, you can see REO property is currently shrinking and short-sale home increasing.  This is due to more people short-selling as opposed to letting the bank foreclose.  Resale homes, or traditional homes, still make up a majority of the marketplace on the coast. (Want more info? Contact Tyson Lund)

For the following cities: (Carlsbad, Encinitas, Cardiff)


Territory Market Recap*

Active In-Escrow Closed (List Side) Total
REO 75 5.6% 109 16.8% 894 22.1% 1078

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Brookfield homes is seeing this community through and have beautiful homes now available from the mid $500s+.   Rockrose features four elegant floor plans including a single story residence.  Floor plans range from 3 bed/ 2 bath (2,116sq ft) to 4 bed/4.5 bath/+ bonus room (3,167sq ft).

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Call the Lund Team, Inc for more information on currently available homes, mello-roos, neighborhood information - as well as a Top 10 Construction Do's and Don'ts!


  Rockrose Home Features Exteriors- Distinctive color schemes                  2 no-cost front yard landscape packages Interiors-  Maple cabinetry (3 no-cost color choices)                  Fireplace
                 Distinctive Delta…

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Carlsbad condominium and town home sales are robust in 2012.  Carlsbad saw an average 50 units sell a month in April versus an average of 25 in 4th quarter 2011.  The results of continued low mortgage rates and reduced inventory, Carlsbad condo's are securing 98% of asking price with the average 2 bedroom, 2 bath 1,400 sq.ft. condo selling for $324,000. Average time on market is around 51 days for traditional sale property, a time that has moved down from 55 days in previous months.  Average sale prices have remained relatively unchanged since 2011. Similar to single family homes, condos are become more scarce in 2012.  Month(s) of sellable inventory for condos in Carlsbad is 2.2 months. Search Carlsbad Condo and townhome properties for sale

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Carlsbad and General Market Summary:

Tyson Lund - Broker Associate , The Lund Team, Inc



Active real estate brokers are noticing a shift in the San Diego real estate market.  Many areas of the county are experiencing fewer homes for sale than in previous months. Professionals call this “inventory restriction” and it is having a noticeable affect on our local Carlsbad market.  An increase in the number of home buyer showings per available home.  Average time to sell in the current market for non-short sale property has dropped by 33% to 60 days average market time.  Brokers are finding multiple offers more common on their desirable listings with the seller achieving near 99% of their asking price.  Now although it is much to early to call…

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Carlsbad condominium and town home sold values remain unchanged through 2011 and early 2012.  Thanks in part to low mortgage rates and greater affordability, attached property has found a pricing equilibrium.  The average attached sale in Carlsbad between November 2011 and January 2012 remain relatively unchanged from a year prior at $326,000.  Home buyers found with record low mortgage rates (currently below 4% for 30 year fixed rate) the cost of owning a condo / townhome was often equal or better to paying current rents.  Average time on market is around 55 days for traditional sale property.  Short-sale’s are a large part of the attached market in Carlsbad making up 40% of the active inventory.  Short-sales, ever the oxymoron, are averaging…

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A new product from a Lund Team, inc preferred lender allows a qualified buyer to purchase with as little as ½ of 1%.  That is buying a $400,000 home with $2,000.

If you can say “Yes” to all of the following you qualify for this mortgage:

• Must be an FHA 30 Year Fixed Rate Loan
• 2nd Mortgage not to exceed 3% of the Sales Price
• 2nd Mortgage proceeds can be used for Down Payment or Closing Costs
• Property MUST be Owner-Occupied
• Borrower can not own other properties
• Borrower must meet Income Limitations (call for details) SAN DIEGO $89,880 and Orange County $101,040
• Borrower DOES NOT have to be First Time Buyer
• Minimum FICO Score 620
• Second mortgage is a 15 year fixed rate loan

 

ONE-HALF OF ONE PERCENT DOWN PROGRAM

Contact…

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