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LA MESA -- The recovery continues apace in East County real estate with prices continuing to rise and competition for the few homes available on the market getting stiffer. In La Mesa, the median price for single-family homes SOLD in 2012 was $425,000 in the 91941 zip code (median number of days on market: 31 days) and $329,000 in the 91942 zip code (median number of days on market: 26 days).
Source: San Diego Multiple Listing Service SANDICOR.
Virtually every home that hits the market these days gets a lot of quick looks from buyers who are returning to the market quickly as interest rates have continued to stay low.
Just recently an old client of mine, who had transferred out of state, decided it was time to sell their beloved home just outside La Mesa. It went on the market and had many visitors the day it was listed. On its tenth day on the market, it was sold. The buyer, frustrated by losing out on other recent attempts to buy a home in competitive, multiple-bid situations, came in with a full-price offer.
So once again it looks like California, including La Mesa and East County, are back into a "seller's market" position.
What that means for anyone considering a move:
-- Unless you can afford to carry two mortgages, don't bother looking at homes until you've put your own on the market. So-called "contingent sales,'' in which you make an offer contingent on the sale of your home, are losing out to cash and contingency-free buyers.
-- Get pre-approved and make sure you've cleared up any credit challenges as finance companies are maintaining stricter guidelines for loans.
-- Get to know a good real estate agent who will guide you through the more complicated transaction waters that all home sales travel these days.
Gina Garcia, publisher of LaMesaToday.com, is a Real Estate Agent with offices in La Mesa. CA DRE Lic. #01704251. www.GinaGarcia.net.