For your neighborhood, Santaluz, and other luxury markets in San Diego, these are the facts:
1) There will be more residential real estate sales this year than in 2009 due to pent up demand.
2) Buyers with excellent credit will take advantage of the jumbo loan financing that is becoming more available.
3) Rates that have been holding at historically low levels will continue to entice Buyers off of the proverbial fence.
4) The accelerated losses in property values that we have seen should not be occurring at the same rapid pace.
5) And, according to County records, in 2009 there were fewer building starts than there have been in decades; this will result in a lower supply level and will have a positive impact on sales in 2010.
Most experts agree, however, that the high end market in San Diego will continue to be challenged throughout the year.
For Sellers, a marketing strategy including realistic pricing will be paramount if they want to sell in a reasonable time frame. Working with professional and skilled Real Estate Consultants will be more important than ever so that Sellers might clearly understand their financial housing position and design a strategy for moving forward.
For Buyers, this is one of the most exciting buying environments in over a decade. Extremely competitive pricing combined with historically low lending rates should continue to drive the high end real estate market through the first half of 2010 and beyond.
In spite of the economic and market challenges ahead, we at K. Ann Brizolis and Associates look to the future with anticipation. In closing the chapter on 2009 as the #1 Real Estate Team for Prudential in Rancho Santa Fe, we would like to thank you for the privilege of serving your needs and representing the fine community in which you live.