Foreclosures! Bank Owned! REOs!

These are today’s most popular words when it comes to buying or selling a home. San Diego was rocked with some of the worst cases of foreclosure filings. So what does this mean for home buyers and home sellers in San Diego, and how does it affect overall real estate prices in downtown, La Jolla, Chula Vista, or any other area in San Diego.

Search Foreclosure Homes in San Diego County Real Estate MLS

For Home Sellers: This is not the best time. The reason is you are competing with Bank Owned properties that are severely low priced. This brings your “comps” (Comparable Homes Sales) down significantly meaning you will recieve very low offers for your property.

For Home Buyers: There has never been a better time to buy a home in San Diego than this. With a record amount of bank owned foreclosures hitting the real estate market, Home values have been drastically affected. Some home prices have been slashed in half, literally! You can buy properties at 30-50% OFF today fairly easily. With banks competing with other banks, home buyers are grabbing some of the best real estate in San Diego County for record low prices.

Home Values: Let’s remember that before the big housing bubble began, San Diego real estate as well as national home prices have historically gone up 3-8% annually or more in many cities. The housing bubble created a situation where home prices inflated 25% or more in some areas in a year!! Now prices have come down about 40% on average, making up for the artificial inflation and we are back to the curve we would have stayed on without the bubble. So we need to remember that home values will continue to rise, but not like they did 3 years ago. Bubbles Pop and this really devastated many home buyers and sellers.

A Good Investment is one when you Buy LOW and Sell HIGH!! It’s time to BUY LOW!!

Search Starting for San Diego Foreclosures and other Great Real Estate Home Deals on our MLS!