Dataquick is reporting that the home sales for September 2008 in San Diego climbed a whopping 56% over September 2007. This is great news. Or is it?
They also report that in the Southland (Southern California) sales rose an unprecedented 65% over 1 year ago (the 6 counties in this analysis ALL reported substantial sales increases in September). And home sales were up over August of this year as well.
Here's the full article in case you are interested
Now I am certainly pleased to hear some good news, and this was on the radio this morning...and I suspect we will see it in the papers too. Nice to not hear how dismal the housing market is.
Of course a further reading shows that all is not so rosy. For example - the median price in CA is the lowest it has been since 2003. But that's good news for buyers, not for sellers. And the percentage of foreclosure sales has risen. This is not a surprise, and I fully expect we will see more.
What happens when all the mergers that have occurred result in downsizing, which means layoffs, and that results in more distress sales.
One thing to keep in mind, as we were reminded, is that closings in September are based on buying decisions made, in most cases, in August or even earlier, before the you-know-what hit the fan. I suspect the numbers over the next few months will not be quite so impressive. But I may be wrong. I hope not.
For many this IS a good time to buy, provided they are financially sound, can obtain appropriate financing, and have a long-term plan to stay in their homes. Others may want to buy but will not qualify. Now more than ever sellers need to be realistic if they must sell, and to be sure any buyer is well qualified, preferably with a direct lender. And to expect that buyers will NOT want to relinquish their loan contingency UNTIL the loan actually funds, not when they get the loan commitment. Not what sellers may want to hear but it's sound protection for the buyer and their deposit.
A mixed bag of data, and more evidence that rea estate is local. One month is NOT a trend, And it pays to be in touch with a knowledgeable REALTOR in your local market so you get the information YOU need to make the right buying and selling decisions.
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