1. The tax credit expires on December 1st, 2009.  That means all real estate purchases have to be CLOSED before then.  You can not still be in escrow.

2. If you were hoping to use the tax credit – you can no longer buy a short sale.  Most short sales take about six months to complete.  There is no longer time to complete the short sale process and close escrow before November 30th.

3.  Because of the large amount of buyers, there are often bidding wars on properties under $400,000.  If this is your price range, be prepared to make full price offers, and often be forced to counter above asking price.

4.  Financing is still tight - and slow!  Most “easy” mortgages are taking around 45-60 days to fund. 

If you are looking to take advantage of this First Time Buyer Credit – please consider all these facts above.  In order to close by November 30th, you probably need to be in a contract by September 30th.  You need to be prepared to make strong offers, and you need to work with your professional team of real estate and mortgage consultants to keep the process moving quickly.

If you have any questions about Carlsbad, La Costa, Encinitas, Del Mar, Oceanside, or San Marcos real estate, please call The Mewborn Team.  We specialize in coastal luxury San Diego real estate.  We are happy to serve as your personal real estate advocate!

We have been telling clients over the past couple of months that we thought the market had stabilized.  In La Costa and in particular La Costa Oaks - most of the lowest sales prices (La Costa comparables) had been BEFORE January 2009. 

We have also been telling clients that you won’t know the bottom of the Carlsbad real estate market, until you’re already past it.  It seems that may be the case.  Dataquick has reported that the Median Home Price for San Diego real estate is up for the third month in a row. 

But don’t take our word for it – For the San Diego Union Tribune real estate article – click – San Diego Real Estate Prices.

I think one of the things that agents are seeing is that San Elijo sellers are being more realistic in pricing their homes.  They are actually using the recent solds to determine an appropriate price for THEIR San Elijo real estate.  Using this strategy, they are seeing better sales – more quickly and closer to (and sometimes above) asking price due to generating a lot of interest on their first days on the market!

If you are looking to buy or sell real estate in San Elijo, La Costa, Carlsbad, or any other local areas, please contact us.  We would love to answer any of your real estate questions. 

June 2009 – San Elijo Real Estate – San Elijo Homes For Sale
San Elijo Real Estate Trends 92078

 May 2009 – San Elijo Real Estate – San Elijo Homes For Sale
San Elijo Real Estate Trends 92078