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Posted by on Jun 20, 2012 in Bubbleinfo TV | 3 comments | Print Print

Luminara – San Elijo Hills

When trying to price a new listing in a hotter area these days, it helps to have experience from the frenzy era.  We gave extra credit to the most recent sales, and hope to feed off the two new pendings that occured this month.  We slipped this into the thin group of active listings with what looks like a decent price on paper:

http://www.redfin.com/CA/San-Marcos/846-Luminara-Way-92078/home/12165311

Around San Elijo Hills, there have been numerous bidding wars lately, and of the 16 sales that closed in the last 45 days, 5 closed at or above list price, and the average SP/LP ratio was 98.4%.

Let’s give it a go!

3 Comments

  1. What’s the big frenzy? April through July is typical buying season and the number of sales per month is still anemic. Is it because fewer people are finding the incentive to sell or simply can’t sell due to underwater mortgages or buyers thinking that they can buy low and sell high down the road? Two months from now buying season is over and sales are going down and any uptick in rates will further reduce prices and sales numbers. What do you expect the market to look like once a new president is in office and mortgage rates 5 year from now will be in the 7%-9% range? Rates are low because the economy locally and globally is in a sinkhole. Once the economy picks up then yes better employment means more homes sold. But better economy also means higher rates. You can’t expect home prices to skyrocket over the next 10 years when interest rates can potentially quadruple. My guess is that prices will still slide 30% or more. Look at the big picture and there’s thousands and thousands of homes on the selling block or upcoming foreclosure list in every city across the US. At some point people will realize that there is no reason to rush in and buy a 5000 sq ft lot with sticks and stones on top of it that will end up costing them over $2 million dollars in principle, interest, taxes, and hoa dues over the life of a 30 year loan.

  2. No hope= I will be moving inland

  3. Hello Mr. hope, and welcome.

    Grab a drink and take a look around…..and tip the waitresses!!

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