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San Diego Real Estate Trends by Paul Caparas

Real Estate Trends #3

May 2, 2012

Introduction

Welcome to Real Estate Trends #3 Newsletter.  It will be a quick one which I will be covering HAFA Short Sale vs. Traditional Sale and Home Inventory.  Enjoy.

HAFA Short Sale vs. Traditional Short Sale

A HAFA Short Sale is a government sponsored program that provides Distress Homeowners a Short Sale approval within 10 days, requires Lenders/Servicers to waive the right to a deficiency judgment and $3,000 at close of escrow to cover relocation expenses.  These are great benefits but the HAFA Short Sale program ends December 31, 2012.

The difference between a HAFA Short Sale vs. a Traditional Short Sale is that the Traditional Short Sale Approval process may take several months (average 3 months) and the homeowner doesn't get $3,000 for relocation.  Although, some Lenders/Servicers are offering up to $30,000 in relocation!  As for deficiency judgment, SB 458 protects the homeowner from deficiency judgment.

Every Distress Homeowners situation is different so if you know anyone who is considering doing a Short Sale, please let me know.

Low Inventory = Multiple Offers Above Asking Price

On my first newsletter I addressed how the inventory of homes for sale was low.  Well since then, the inventory hasn't gotten better.  There are multiple offers on many homes and even the Wall Street Journal wrote an aritice about it.  Read Article 

I used to blog a lot on statistics for Mira Mesa Real Estate and this is what I found.  On Nov. 26, 2007, there was 192 Single Family Homes for sale.  On June 18, 2009, there was 72 Single Family Homes for sale which is low.  Today, there is only 34 Single Family Homes for Sale!  34 is amazingly low.

Looking at the market in general, there isn't more buyers than usual, there's just no inventory.


Thanks for reading and as you know, I love referrals so if you know anyone interested in buying or selling, please refer me.

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CONTACT INFO


10815 Rancho Bernardo Road Suite 390
San Diego, Ca 92127
(858) 349-2390
paul@paulcaparas.com
www.PaulCaparas.com

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LISTINGS


Working on a couple of new listings.  One will be a house in Mira Mesa and the other will be a townhouse in Rancho Bernardo.  I will keep you posted.
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