San Diego-Riverside real estate market flipped from buyer's market to a sellers market. A buyers market is when the inventory is high and demand from buyer's is low. A sellers market is the opposite, inventory is low and buyer demand is high. This is an unusual event in the middle of a national foreclosure market. Both San Diego, CA and Riverside, CA counties have had a high inventory of homes on the market for both counties, until now.
For the past 3 years the high inventory of real estate sat in a buyers market, while prices has consistently been dropping until now. Just this past week our office at County Properties servicing County Properties San Diego & County Properties Riverside, has been receiving an average of 10-20 offers on bank owned REO properties as they hit the market. Our agents have been experiencing the increase in demand throughout both CA counties.
To give an example the last few years the average amount of active listings for sale in San Diego MLS was 20,000 attached and detached homes on the market and average 65 days on the market. Now the San Diego county has 9200 attached and detached homes on the market and average 43 days on the market. The exception is bank owned properties (REO'S) they range 2 days to 31 days on the market.
The Riverside county market is similar to the San Diego county market that inventory also dropped 50% and are is now a buyers market. The properties that still taking longer to close escrow are short sales, where the home is worth less than the loan's on the property and the seller with cooperation from the bank agree to short the loan and the property can sell at market value.
This is a good time if you are thinking of selling while we are in this temporary flipped market, the shortage of inventory is due to the temporary moratorium on foreclosure sales that the banks are following. When the moratorium trigger wave hits in 3-4 months the market may go to a balanced market. Now it takes 6 months from the notice of default date. It usually is 3 months plus 3 weeks before it goes to trust deed sale and if it does not sell at the court house steps for a cashier check (CASH) at what is owed to the bank then it goes to the bank and is called "bank owned" or "Real Estate Owned" (REO). It takes a good a realtor (R) to work through these challenging times make sure you pick one that can get the job done.
County Properties 23 years of brokerage experience and trust! We offer free counseling in real estate re; home values and information on options of selling vs Foreclosure. If you have equity in your home, we will sell your home and get top dollar in this challenging market. Click Seller: Free Home Evaluation. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also. Click Seller: Stop Foreclosure Now Please feel free to contact me today for free counseling at our website, County Properties San Diegoor County Properties Riverside.