(2010-08-31) San Diego Real Estate -Major Drop in Home Sales
San Diego Real Estate Industry saw Major Drop in the Home Sales due to the End of Fed
San Diego, CA August 30, 2010
The recent statistical reports by the National Association of Realtors show over 27% drop in the home sales all around the nation. The data released by MDA DataQuick also show 21% fall in the home sales from the month of June to July. The stock of unsold homes is said to be maximum presently in the record of last 15 years.
Following the trend, the San Diego county home sales also went down drastically. There are a lot factors behind the dwindling San Diego Real Estate Industry but, the prime one being the expiry of Federal Homebuyer Tax Credit. After the end of Federal Tax Credit, the San Diego real estate market experienced a huge down fall in home sales figures.
According to the real estate specialists, this market trend is going to persist for a while and the slump in the San Diego home sales is there to stay. Low mortgage rates and lucrative bargain deals are also not able to hold the sinking San Diego Real Estate market. This is mainly because banks have increased the stringency in loan process and therefore lesser number of people is able to qualify for bank loans. This has also contributed significantly to the dropping of home sales in San Diego, CA.
Listening to Mark Marquez, president of the San Diego Association of Realtors on 10News, adamancy of sellers to stick to a fixed sale price has also decreased selling of homes in the county and contributed in a big way in the dipping of San Diego Real Estate property dealings. The sellers are mainly concentrating on a net price instead of being flexible and adjusting with the change in the market trends of the industry.
The investors need to release that this in the best time to buy homes, the value of money has never been so low. This is lowest ever market rates in the history of San Diego Real Estate, the industry has never dropped to this degree in the past 10 to 15 years.
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Cheng Realty, Real Estate Agency is a premier San Diego real estate company helping people in buying, selling, and renting real estate properties in San Diego, CA. The firm has a team of professional licensed real estate agents who have experience and expertise in the industry. The company follows a streamlined investment process to make dealing in San Diego real estate very simple for the investors.
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Website: www.chengrealty.com
Phone : 619-846-5843
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6640 Lusk Blvd. Ste. A205A
San Diego, CA. 92121
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