Saturday, August 14, 2010

Open house tour concludes

My 14 Open Houses in 14 Days tour has concluded after stops in Poway, Rancho Bernardo, Rancho Penasquitos, Sabre Springs and 4S Ranch.

Homes ranged from a condo listed for just under $300,000 to a Poway property priced at just under $900,000.

The condo had the most traffic, drawing a line of first-time buyers looking to homeownership after years of renting. Many of them said they were eager to stop paying money to a landlord and attracted by low mortgage rates. As expected, the school district was an important consideration for many of the buyers, which is what brought them to the area that encompasses the Poway School District.

Buyers still seem scarce at the higher price levels, which makes me believe it will keep pressure on sellers to adjust prices downward until they can stir up some interest. I've seen several homes that were price in the $1.1 million to $1.3 million range cut to under $1 million in order to find a buyer.

The homes I held open in the $400,000 to $700,000 range received good interest, but buyers in this market want a deal and appear inclined to wait until they get it.