And we’re not in a buyer’s market in San Diego Real Estate.  We’re also not in a seller’s market.  We’re in a bank-ruled market.  Now, the banks aren’t the winners here. Don’t get me wrong.  Even if a bank forecloses, they will be out thousands and thousands of dollars due to the overly inflated prices of 2004-2006.  In fact, most banks have adopted a moratorium (fancy word for “suspension of activity”) on foreclosures because it typically costs them $50,000+ to hire a trustee and foreclose.  So, that means banks will be working harder to get short sales negotiated favorably.  But still, short sale negotiators are ordering BPOs (Broker Price Opinion = Appraisal) and demanding they bring in the appraisal price and often require someone (buyer, seller, agents) to throw in additional monies towards back HOA dues and other expenses.  So, people, we are in a BANK-RULED market where terms and pricing is being brought outside the negotiating power of agents.    As agents, we need to be aggressive and fight for our clients irregardless of whether we’re representing buyer or seller. 

As I always say, the good news is that pricing is so much lower in today’s market.  BUT, there are price points where we are seeing some appreciating (take a look at the $400k and lower markets in any desireable location) and in those markets its because of multiple offers and buyers fighting to get into escrow on a property.  We’ve seen and passed bottom folks.  Its go time.

Tara

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