The San Diego Union Tribune reported this week that foreclosure sales accounted for 55% of all resale transactions in January, a record number that illustrates the high buyer demand for distressed properties.
The overall median price in San Diego was $280,000, down 34.1% from one year earlier and the first time since 2002 that the median price dipped below $300,000.
With median prices now below $300,000, the $8,000 first-time buyers tax credit being offered by the government is going to continue to pull first-time buyers (or longtime renters) into the market. I encourage you to look at your own prospecting and marketing strategies and make sure that they are speaking to this demographic group - they will continue to account for the lion's share of activity in 2009.
We're also starting to see more short sales actually get done - with the government putting increased pressure (and now offering incentives) for lenders to work with sellers, this is another opportunity to serve our market in a positive and beneficial way.
Over the next few weeks, we'll be sharing some tips on marketing to first-time buyers and short sellers in this space. Stay tuned...
The overall median price in San Diego was $280,000, down 34.1% from one year earlier and the first time since 2002 that the median price dipped below $300,000.
With median prices now below $300,000, the $8,000 first-time buyers tax credit being offered by the government is going to continue to pull first-time buyers (or longtime renters) into the market. I encourage you to look at your own prospecting and marketing strategies and make sure that they are speaking to this demographic group - they will continue to account for the lion's share of activity in 2009.
We're also starting to see more short sales actually get done - with the government putting increased pressure (and now offering incentives) for lenders to work with sellers, this is another opportunity to serve our market in a positive and beneficial way.
Over the next few weeks, we'll be sharing some tips on marketing to first-time buyers and short sellers in this space. Stay tuned...
