Are long-time owners, mostly empty-nesters or elderly, finally moving on? Or is it more of the recent peak purchasers who are cutting loose?
Of those who are selling now, when did they buy?
A check of the August transactions in North San Diego Couty’s coastal region (Carlsbad to La Jolla):
Sellers’ Date of Purchase:
Prior to 1984: 10
1985 – 1994: 16
1995 – 2003: 54
2004 – Present: 66
I thought there would have been more long-timers based on how many estate sales I’ve seen lately, but sellers don’t have to be long-time owners to be old.
Those who bought prior to 2004 ended up selling for more than they paid, though that doesn’t mean that they walked with money. How did the sellers who bought since 2004 make out?
Gross Profit of Sellers who Purchased Since 2004 (commissions and closing costs not included):
Gained six figures: 11
Gained five figures: 15
Lost five figures: 13
Lost six figures: 27
There were some heavy losses too, fourteen sellers lost more than $300,000.
Here are the biggest losers:
The bank took a deed-in-lieu of foreclosure on their $2 million mortgage here, and sold for $1,200,000 less than the 2005 price:
Sellers lost their entire down payment – sold for $2.65 million less than their 2006 price:
There were 19 short sales and 5 REO sales, so about 40% suffered their losses personally.
Get good help!