The best time to sell may well be during the upcoming few months as the interest rates are still low, and the market is usually active during the summer. Sadly, the qualified purchasers are outnumbered by the number of luxury properties on the market. This will leave quite a number of unsold homes, or homes that are just sitting on the market.
The majority of homes in the areas of La Jolla, Del Mar, Rancho Santa Fe and Coronado that are in pending status were priced quite aggressively or had taken a significant reduction in price during the time that they were in active status as a result of the current soft state of the luxury housing market.
The Rancho Santa Fe area is showing the greatest drop in the median asking price, due largely to the number of lower priced homes that are owned by a bank, as well as properties that are distressed. The other areas seem to show somewhat more stability.
The number of days that a property is on the market is beginning to go down, revealing an increase in demand, although purchasers may be somewhat hesitant to buy and very particular about the property that they decide to buy. Also beginning to drop is the number of reductions in asking price.
The summer months will present an excellent opportunity for both buyers and sellers because the real estate market generally cools off during the fall and winter, and there is always the possibility that interest rates will go up.
Search San Diego Foreclosures
