ProFundRealEstate.Com

As we enter the final weeks of 2008, it is apparent that almost everything is half of the price from what is was in January.  Stocks, gas, oil, real estate, interest rates, commodities and retail items are all selling at a substantial discount.  Many assets are truly selling for 50% of their previous highs. The only thing that has gone up is the unemployment rate!! 

But ever the optimist, this is an amazing time to buy.  If you qualify for a safe mortgage and your personal job is secure, you are in the driver’s seat. It seems that others are realizing this as well.  Here are some recent numbers to consider.

• Home sales up 66.7% in Southern California over last year.
• San Diego October sales were the highest in over 3 years with 3,598 closed transactions.
• Median price has dropped to $323,500….the lowest number in 6 years.
• Median price for single family homes was $365,000 and condos was $204,000
• Foreclosures are over 50% of all sales, an all time high
• Affordability for San Diego is the best in 9 years!!
• Adjusted for inflation San Diego real estate is now at or below 2001 prices.
• Interest rates are hitting all time lows….NOW!

This is the “perfect storm” for a buyer’s market.  Whether you are a first time buyer, investor or move up buyer, NOW is the time to BE A BUYER.

If you are in a position to refinance, consider this.  Rates have plummeted in the last few weeks and 30 year fixed loans are between 5.125% and 6%!  This is lower than the refinance boom of 2003.  Granted, the loans are harder to qualify for but if you have equity and verifiable income now might be a great time to refinance to a VERY LOW FIXED RATE.   These rates are incredible and very volatile so call today to see if you should make a move.

One other side note is that Property Taxes are due December 10^th. You should have received a bill or you can check your account or pay online here :  Property Taxes

Call us today to discuss a plan, strategy and timeframe for you to take advantage of this great opportunity.  Even if you are thinking about 2009, we recommend that you put a plan together in advance.

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