Earlier I reported that the middle San Diego (Mission Valley, Clairemont, Mira Mesa) markets were heating up because of housing demand versus price. Also earlier, the buying frenzy was not followed up in the southern region of San Diego (Chula Vista, Oceanview, Eastlake, Otay Ranch, Bonita). Not surprising as many have called Southbay San Diego or more specifically Eastlake/Otay Ranch "Foreclosure Central".
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As of the middle of July 2009, I can't lay claim that Southbay San Diego has hit a buying frenzy, but I can say will complete honesty that inventories are moving. You can tell that homes are moving because the number of ACTIVE listings are reducing and while the CONTINGENT listings are growing. We can't call "the bottom" as of yet because ACTIVE and CONTINGENT homes are not recorded yet and are not even in escrow, but having experienced the home buying cycle time and again, I can tell you that competition for the $250k price range for detached homes is increasing.
BTW, a $250k home, if we assume an estimated and conservative $700/month per $100k loan, will cost you about $1700/month (excluding taxes and insurance). That is why the $250k-$325k price range is so appealing to many 1st time home buyers as well as current condo owners looking to upgrade. If a houshold or family has 2 income earners making $30k per year, then the gross monthly income is $5000. So with our home buying scenario, $1700/month is NOT EVEN HALF of the monthly wage. Do you see where I'm going with this.
I will not be screaming at the top of my lungs to force anybody to buy a home right now because I believe all my clients and friends are very intelligent and logical decision makers. But if you follow my own logic above, I invite your discussions (call/text/email/comment) about any questions or concers you have about the homes in Southbay San Diego. And like I told my semi-anonymous friend R.J., I promise you'll have a lot of fun buying a home now.
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