I would like to thank Editor Dave Ross for inviting me to write this weekly Real Estate Column for the Times Advocate.
Regarding my current real estate philosophy; I would like to start off with one of my earliest experiences in Real Estate when I first got hired by McMillin Real Estate aka Hanson Real Estate on Escondido Boulevard about 15 years ago.
They made us go to a seminar by the founder; Mr. Corky McMillin, one of the largest developers in San Diego County and also a billionaire. At this seminar, he was telling us that San Diego had to build approximately 100,000 dwellings per year to keep up with the demand. This was due to the fact that everyone wants to move to Southern California. Ask yourself: since the Real Estate crash in 2008 how many homes have we built in San Diego? I do not have the exact numbers, however, I will answer the question this way . . . not very many. Thus, in my opinion, we have an extreme housing shortage in San Diego. And in my opinion, for decades! To further back up my thesis on this subject, I just renewed my Real Estate Brokers license; and it seemed that on every second page, it was encouraging us brokers to get into the rental market, due to the current housing shortage (a subject for another day.)
My concept for writing this article is to not only to give Real Estate market data for the Escondido, and surrounding areas; but to dig into the Real Estate market minutia a little bit more with a word on the Street type of reporting.
Buying or selling real estate in most cases is one of the, if not the, largest purchase or sale one makes in their entire life and I hope this article helps in the decision making process!
This week we will run the numbers for SFR homes in all zip codes of Escondido that are in pending status at a price of 450K to 650K. When I ran the numbers, there are 71 home that are in escrow with an average days on market time of 47 Days. At this price range, we have 72 active SFR (Single Family Residence) listings that have been on the market an average of 40 days.
Now, heres where we get some inside information from Morgan Brown Real Estate. I have had people in my office absolutely panicking lately trying to get an offer accepted for a home in the lower price ranges. My agents and I have been writing approximately a half a dozen, to a dozen offers for the same client, trying to get these buyers into homes. From my experience over the last week; the inventory still seems extremely low and it is still a sellers market.
In the upcoming weeks we will talk about:
1. VA Loans
2. Higher end homes
3. Are we on the verge of another bubble?
4. Renting vs Selling
And other interesting topics.
I will be researching these topics throughout the week.