On the Money

Real estate ‘flash sales’ are sign of times

SAN DIEGO – If you’re looking to sell your home, the timing could not be better, as home prices are up in San Diego and demand is at its highest.

For Sale SignJoe Bertocchini of the University of San Diego’s Burnham-Moores Center for Real Estate said the lack of supply in the current market is a contributing factor.  The acceleration in the housing market has coined has even coined the term “Flash Sales.”

“We’re seeing homes that are flying off the shelves so to speak, in matter of hours,” said Bertocchini.  “Sometimes even within a day, less than 24 hours. We’re pretty stunned by what’s going on out there.”

The housing boom is mainly being fueled by foreign investors with cash ready to spend, according to Bertocchini.

“It’s good investment. They see the value, they see appreciation for future years and they want to be a part of it,” said Bertocchini.

Joseph Lerner is a partner with Keller Williams Realty in Mission Valley said he had a client from China who just bought a Rancho Penasquitos home without seeing it.

home for sale sign“We’re doing more Skype now so people can actually see what you look like.  They buy the properties sight unseen,” Lerner said. “Within the week, they’re going to see three, four, five, 10 offers.  I had one agent who had 31 offers last week.”

Lucy and James Sholar are getting ready to sell their home after living there for four years.

“We bought it when it was a good time to buy, now it’s a good time to sell it,” said James Sholar.

“I really loved that home, but I’m excited to go somewhere new,” she said. “I’m hoping we get something good out of it.”

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19 Comments to “Real estate ‘flash sales’ are sign of times”

    Who are you fooling said:
    March 27, 2013 at 7:23 AM

    B.S.

    My neighborhood has three homes that have been on the market for over three months, priced appropriate to the area. It is in one of the nicer areas of San Diego. More diss-information provided by your local real estate company. The foreign money is buying million dollar homes and up not your average middle class home.

      SDLife said:
      March 27, 2013 at 9:33 AM

      WAYF, I'm curious as to what nice area you are referring to where your neighbor can't seem to sell their home?

      Jake Valentine said:
      March 27, 2013 at 11:59 AM

      "My neighborhood has three homes that have been on the market for over three months, priced appropriate to the area."

      If they have been on the market for so long in the current market, then they are obviously not priced appropriate to the area. Houses in my neighborhood seem to be gone within a few days.

    Bye Bye Clmnt said:
    March 27, 2013 at 7:51 AM

    Sold our house in 6 days to a guy from Norway. In Clairemont. Full price cash offer…

    Jason said:
    March 27, 2013 at 9:57 AM

    The investors that are buying, applying their cookie-cutter remodel, then jacking up the price and flipping the house is setting us up for another disaster. #FAIL

    Kensington House said:
    March 27, 2013 at 11:00 AM

    We're about to put our house up for sale in Kensington next week, let's see what happens???

      Bob said:
      March 28, 2013 at 1:29 PM

      Just saw this as I was news browsing. You should do well. Average sale in March 2013 has been over listing price and in escrow in under 30 days. What street?

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