This is my deal of the week. This 1420 square foot 2 bedroom 2 bath town home at 11051 Scripps Ranch Blvd is the lowest priced town home in the area with an attached garage. This is a great opportunity for a 1st time buyer or investor at $299,000.
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As you can see from this graph, median price for attached housing in 92127 is way down from the same month last year. There are many factors which go into this so it may not be quite as drastic as it looks. For instance there could have been lots of smaller units sold in the last couple of months to drag the median down. In general, there is no way around the fact, prices are down and continuing to decline as we speak.
Looking at the market in the I-15 corridor this week, the name of the game is shadow inventory. There are over 1500 homes in 92126-92131 (including Poway 92064) which are either already bank owned or in foreclosure. 85% of these homes are not yet listed for sale on the MLS. This means there are over 1500 homes which will be on the market at some point in the next few months, adding more inventory to an already over supplied market place. Downward pressure on prices? You tell me. My guess would be yes prices are declining. This doesn’t mean you should wait for the decline to purchase a home because rates are increasing and that decreases your purchasing power. If you are thinking of selling your home in the next year, do it now, before all this distressed inventory shows up. As an equity seller, you do not want to compete with all these foreclosed homes!
