Southern California real estate statistics show that since early 2007, the housing market has been in the hands of the property buyers. Since then, Southern California real estate prices have fallen, and along with those prices, interest rates have dropped as well. This has prompted more people to buy property in 2008 compared to 2007. Sixty nine percent of Southern California real estate buyers claimed that lower prices encouraged them to buy, and 31% cited the low interest rates as their main motivation to make a move.
What some of the causes were for the downturn in the Southern California real estate market were poor underwriting of contracts, leaving buyers unaware and unprepared for fluctuating interest and mortgage rates, which lead to an increase in foreclosures and lender owned properties. Drastically increasing food and gas prices also were devastating to many buyers who had then come to no choice but to foreclose on their home. The increase in costs of living also made potential buyers unable to buy a home or postponing purchasing a home. These trends together resulted in a large increase of empty, available homes and people who could not afford to buy them.
Since there has been such an increase in the number of homes available for purchase in the Southern California real estate market, this has led to a wide array of choices and variety of homes for buyers to choose from. Buyers in 2008 spent much more time searching for a home than they have in previous years. In 2007, buyers spent an average of about 5 weeks looking for a home, while this year, the average amount of time browsing the market is about 8 weeks. In 2006, Southern California buyers had only spent an average of 2 and a half weeks searching for property. Traditional buyers, those not doing searches and virtual tours online to find a home, also visited twice as many homes before they purchased one this year.
Because of the large variety of choices and the uncertainty of what direction the housing market will be moving in, potential homeowners are also taking more time to purchase a home than they have in years past, and they are more cautious about the process as well. In conclusion, Internet buyers also spent more time searching through homes before contacting an agent in 2008, averaging 8 weeks, as opposed to traditional buyers, who searched the old fashioned way for 3 1/2 weeks before having a realtor step in. This year, 19% of Southern California real estate buyers were first time homeowners. They spent an average of almost 10 weeks with their realtor before buying a house, and in 2007, first time homeowners had only spent about 6 weeks searching before choosing one.

There are many benefits from MLS that are enjoyed by the people of San Diego. MLS, or Multiple Listing Service, is used by realtors, buyers, and sellers in San Diego to aid in the search for real estate. Sand Diego MLS has become a vital and critical ingredient to real estate success, but it wasnt always that way. Realtors, buyers, and sellers in the past have had a much more difficult time gaining access to properties, making the process of buying or selling a house take longer and very stressful for all involved.
San Diego MLS: Pre MLS Times
Before there was such a thing as the Multiple Listing Service, or MLS, every single real estate company in San Diego had to maintain its own private inventory of real estate listings. The listings were handled by that real estate company, and realtors and brokers from other companies were not allowed to show a property or sell it without specified permission from the company that had listed it. The world of the real estate business was extremely competitive and rather protective of the properties that they had listed. San Diego sellers would have to search for permission quite often to show other companies properties, and oftentimes, the companies who did have a certain property listed would not make information on it available to any other realtor that was from another company. Because of this, every time a potential buyer found a property that he was interested in, he would have to find out what company was selling the house, find out who the realtor for the company was who was responsible for selling the house, and contact whichever specific realtor had their name on the FOR SALE sign that was out on the front lawn. It becomes apparent that the buyer who has a list of 15 available properties might have to set aside a significant amount of time to ask for information on them from 15 different realtors!
San Diego MLS: Benefits to Property Buyers
Before the days of MLS, people who were looking to purchase real estate would have no choice but to work with many different companies who had many more different realtors to try to explore a wide range of potential and available properties. The process often took a much longer time than today, in part because of the amount of searching that buyers had to do with so many different people. These days, thanks to MLS, San Diego buyers have the benefit of being able to work with any realtor for access to any property on the market. This really helps the buyer not only maintain a much higher range of available properties, but the buyer also can form a close relationship with one realtor, instead of repeating his introductions to 10 or 15 different brokers during his search.
San Diego MLS: Benefits to Realtors and Sellers
Since realtors before MLS only had access to their own listings and not those of other companies, each company usually would sell ONLY their own listings and would not give access to those listings to other companies. With the implementation of MLS, San Diego realtors and sellers both benefit from a much wider exposure market, because any potential buyer working with any realtor can have access to information about the property being sold. And of course, with more exposure comes a greater potential for more business, more offers, and more successful transactions, all with the help of San Diego MLS.

San Diego MLS, or Multiple Listing Service, is used by realtors, buyers, and sellers in San Diego to aid in the search for real estate. The San Diego MLS is a great, convenient, time saving asset to realtors, buyers, and sellers of real estate. Even though currently the Sand Diego MLS is a vital and critical ingredient to real estate success, it hasnt always been that way. Realtors, buyers, and sellers in the past had a much more difficult time gaining access to properties, making the process of buying or selling a house stressful and time consuming.
Before the days of the San Diego MLS, people who were looking to purchase real estate would have no choice but to work with many different companies who had many more different realtors to try to explore a wide range of potential and available properties. The process often took a much longer time than today, in part because of the amount of searching that buyers had to do with so many different people. These days, thanks to the San Diego MLS, buyers have the benefit of being able to work with any realtor for access to any property on the market. This really helps the buyer not only maintain a much higher range of available properties, but the buyer also can form a close relationship with one realtor, instead of repeating his introductions to 10 or 15 different brokers during his search.
Before there was such a thing as the San Diego Multiple Listing Service, or MLS, every single real estate company in San Diego had to maintain its own private inventory of real estate listings. The listings were handled by that real estate company, and realtors and brokers from other companies were not allowed to show a property or sell it without specified permission from the company that had listed it. The real estate business was extremely competitive and protective of the properties that they had listed. San Diego sellers would have to search for permission quite often to show other companies properties, and oftentimes, the companies who did have a certain property listed would not make information on it available to any other realtor that was from another company.
Because of this, every time a potential buyer found a property that he was interested in, he would have to find out what company was selling the house, find out who the realtor for the company was who was responsible for selling the house, and contact whichever specific realtor had their name on the FOR SALE sign that was out on the front lawn. It becomes apparent that the buyer who has a list of 15 available properties might have to set aside a significant amount of time to ask for information on them from 15 different realtors!
With the implementation of the San Diego MLS, realtors benefit from a much wider exposure market, because any potential buyer working with any realtor can have access to information about the property being sold. And of course, with more exposure comes a greater potential for more business, more offers, and more successful transactions, all with the help of the San Diego MLS.

San Diego realtors have a duty to their customers and clients, and that is to do the best job they can to make you as satisfied as possible. San Diego realtors should respect and follow a number of obligations to the people they do business with, and when a realtor does everything he can to ensure that you are happy, whether you are a seller or a buyer, everyone benefits in many ways.
There is a certain Code of Conduct that San Diego realtors follow. Some of the points are rules just within the company or business of real estate, and some are actual laws that the realtor is required legally to follow. The first of these obligations to you is loyalty, first and foremost. The agent cannot advance interests that are that are not in the best interest of her customer or client. Decisions and suggestions made by your realtor should always be for your benefit. Your San Diego realtor should be honest, and willing to provide full disclosure about anything concerning the property of interest. This helps the realtors customer make choices that are based on as much good information as possible.
A very important obligation that a San Diego realtor, broker, or agent has to his customer is confidentiality. The agent is prohibited from relaying any personal information about the customer that she may have gathered from business dealings between them. Any personal information about the customer must be kept private unless the realtors customer gives the realtor permission to release personal information. What can never be kept confidential are facts about an available property of interest, whether those facts are positive or negative.
San Diego realtors are required also to report to her customer any dealings that have to do with accounting, and also the agent must responsibly keep track of and keep safe any money or property held on behalf of the customer. Obviously, the responsibility of accounting goes along with the responsibility of honesty. San Diego realtors are also held responsible for protecting his client from foreseeable risks or harm, whether it be financial or otherwise. If an agents expertise is not sufficient to assist her customer with something, the agent has an obligation to her customer to recommend that expert advice be sought out.
There are instances when one realtor is representing both the buyer and the seller. In these dual agency situations, a San Diego realtor is required to be responsible and honest with accounting issues and care and diligence to respect legal boundaries and laws. Other than that, the realtor must weigh every option very carefully not once, but twice, to make sure that any dealings are as fair to both customers as possible.

When you need to buy or sell San Diego real estate, there are many things that must be taken into consideration. Looking for a new home or selling the home you have now in San Diego shouldnt make you want to run to the store and stock up on pink bismuth. The process really should be a pleasant, low stress process, but these days it seems that real estate transactions have been buried in hidden costs, commissions, and that dreaded fine print. The best thing that you can do for yourself if you are looking to purchase or sell San Diego real estate is to find a great realtor that can help you every step of the way, from start to finish.
A San Diego real estate realtor or broker has many jobs. A great realtor or broker has even more. Your realtor should be someone you trust, someone you can count on, and someone who you are comfortable with. There are many important things that a realtor can do for you to help take some of the stress off of your shoulders when moving San Diego real estate.
First of all, your realtor should be very knowledgeable about the area that the real estate is in. Better yet, he or she should be knowledgeable about the area you are in now and if possible, the area you would like to move to. This will save you a lot of detail detective work and will ultimately spare you stress and save you your valuable time. A great realtor should be very accessible. Being easy to contact when you need him or her is invaluable. You never know when thoughts, problems, concerns, and ideas might turn up. Part of being accessible is being easy to talk to. You should feel at ease with your realtor, and feel free to ask questions and present your concerns to him or her.
The realtor you choose to help move your San Diego real estate should put forth great effort to match you up with a deal that is well suited to your needs. If you are looking for a 3 bedroom house with a basement and the first five properties that she suggests are high rise condos and townhomes, you may want to find a different broker to work with! You have enough to worry about when purchasing or selling a home without having to worry about your realtor. His job is to help you and take care of you, not add to your list of concerns.
Another much appreciated service that a great realtor can provide to you is referrals to service providers such as inspectors, plumbers, pest control people and general contractors. If you look at your realtor and tell her I dont know who does that she should be right there with suggestions and contact information for you. Your realtor should be honest about the quality of service that the providers turn out, and about any recommendations that he feels may be applicable.
Finally, to help simplify your San Diego real estate transactions, a good San Diego realtor will always offer you choices. You should never have to feel like you have to accept something that you are not comfortable with, just because there were no alternatives that were presented. A realtor is your guide through the process, and if at any point you feel lost or dont know how to go about something, let your realtor know. He is working for you, not the other way around, and a great realtor should never have to be reminded of that.

Finding San Diego foreclosures is fairly easy in the depressed market today. You can also find San Diego foreclosures in strong markets, and the only difference between the two markets is that you will find more San Diego foreclosures in falling markets.
Many homes that end up as foreclosure properties eventually become deeded to the bank. There are many people who dont want to buy short sales homes and San Diego foreclosures for many reasons. Some of those reasons why purchasers may refuse to buy a short sale home could be any of the following: the seller perhaps could not qualify for a short sale, the listing may be overpriced for the amount that was mortgaged, and the bank might refuse to accept less than the present mortgage balance. Also, sellers may have taken all of the foreclosed homes assets or damaged the property, and buyers may have passed up the short sale option in favor of having a hassle free purchase instead.
Not all San Diego foreclosures are great deals or great bargains, and there are those that have the potential to turn into real nightmares. There are, however, San Diego foreclosures that are perfect gems just waiting for someone to take a chance on them.
First time San Diego foreclosures buyers might want to hire a real estate agent for guidance and assistance.
There are agents that specialize in San Diego foreclosures, and can search the MLS for you and be able to bring up all of the foreclosures. Buyers and non agents dont have the same access to the MLS like agents do. You can ask your agent to search for San Diego foreclosures, and when you recognize a listing agents name over and over, pull up that agents profile and look at their listings. There are probably a ton of foreclosures with that agent.
Driving through neighborhoods is another good way to find San Diego foreclosures. The houses will have signs up that will post the homes as Foreclosures, Bank owned, and Bank repossessed. Call the agent whose name is on the sign and ask about other foreclosure listings that may be coming on the market. Agents who specialize in foreclosures sometimes wait weeks while bank management approves the list price, so you can get a jump on other buyers by asking about new foreclosures not yet listed.
Many banks maintain online lists of foreclosed properties. Some of the banks that maintain a list of San Diego foreclosures are Countrywide, Bank of America, Chase Mortgage, and U.S. Bank. Some lenders hire asset management companies to handle foreclosures, like Wels Fargo and Keystone Asset Management. There are also government agencies that can help, like HUD, Fannie Mae, Department of the Treasury, and the SBA (Small Business Association).
Many people also go to auction houses to bid on San Diego foreclosures as well.

San Diego foreclosures are at an all time high, following suit with the current trends for the country as a whole overall. For homeowners who are suffering from financial hardships, the word foreclosure can tie knots in their throats and create ulcers in their stomachs. Fear of financial ruin is what foreclosure can mean for them. On the other hand, for people who see San Diego foreclosures as a good economic opportunity, foreclosure is a word that can raise their eyebrows and turn up their grins.

Either way, no matter which perspective is applicable in a situation, San Diego foreclosures can be confusing, stressful, and are possibly the most misunderstood aspects of real estate markets in San Diego or anywhere else.

Foreclosures processes start when the bank or lender files a Notice of Default, or NOD, with the county.

The borrower is a number of days, weeks, or months behind on payments, and the amount of time that can pass without payment varies according to lenders and should always be included in contracts that are presented to the borrower at or before the time of initial sale. The foreclosure process ends in one of four ways:

1. 1. The borrower, within the grace period determined by state law, pays the amount of money he is behind, the default amount, which will reinstate the loan. This grace period before San Diego foreclosures is called pre foreclosure.
2. 2. During the pre foreclosure time period, the borrowers property can be sold, allowing the borrower to pay off the loan. If the amount of money that a borrower receives from selling his property is an amount that is less than what he owes, sometimes the lender will agree to a payoff amount that is less. This is called a short pay, or a short sale.
3. 3. When the pre foreclosure period ends, a trustee can sell the San Diego foreclosure at a public auction to a third party to recover funds for the lending institution to recover some of its losses.
4. 4. San Diego foreclosures can end when the lending institution takes or regains ownership of the property through an agreement that has been made with the borrower during the pre foreclosure period. The lending institution can also buy the property at a trustee sale. When a lending institution or bank have become the owners of a property, the bank owned property is then referred to as real estate owned or REO.

San Diego foreclosures appear as positive opportunities for buyers in the market because oftentimes a REO property is offered on the market at substantial savings with other incentives that may be included. REOs are less expensive than non REOs, and that buyer can turn around and sell the San Diego foreclosure for a profit for himself.

Whether you are a buyer or a seller, make sure you understand all stipulations about policies on San Diego foreclosures before you seriously enter any business proceedings to prevent more stress than you ought to have should you ever be involved in one.