3.6.2013 – Money to Spend

San Diego County has so much to offer! If only there were more homes for sale!

I know a very nice couple that is desperately trying to buy a house in San Diego County. They are San Diego natives and qualified buyers, ready to spend! The problem? Low inventory and all cash buyers!

The first issue they have run up against is lack of suitable homes. They are having a hard time finding property in their area of choice that meets their needs. Then, once they find something they like, they are often shut out of deals. Sometimes they are late to the table after a cash in hand buyer walks away with the sale. They have also found that some want to take advantage of the competitive market hoping that offers from multiple buyers will create a bidding war, driving the price higher than it already is. I am sure there are other scenarios that are ever present in today’s real estate market, but you get the picture.

I have been reporting on this challenge for buyers and now I have seen and heard of it first hand within my personal circle of friends. In case you were skeptical, let me confirm, this is a very real issue for buyers in today’s market. If you are looking to purchase real estate, have a few choices, and do not expect to get your first selection, be prepared to make your offer as soon as possible. Remember back when there was an overabundance of homes at ridiculously low prices? That is changing. Correction. That has changed!

Since price is determined by supply and demand, property prices continue to rise. With a decrease in foreclosures and short sales and an increase in investor activity, the housing selection is sparse. As the economy improves, more people want to fulfill their real estate purchasing goals. More people ready to buy, but less available to buy. Our strong buyer’s market is turning into a seller’s paradise.

Lack of supply and the growing competition with cash in hand buyers can be frustrating. That along with the stringent policies of traditional banks can make it seem nearly impossible to make a purchase. If you are ready to move forward and lack of funding is one of the things in your way, consider Source Capital and our user-friendly trust deed loan programs.

Even with the challenges I’ve cited, with the continued property price increases, the story still remains; the sooner you buy, the better. If you are in need of funding for your purchase, due to a previous bankruptcy, foreclosure, short sale or other credit glitch, consider a trust deed loan with Source Capital. Not only are we able to supply loans when traditional banks can not, we historically have a much faster loan process, from beginning to end. This may help when dealing with the competition of those all cash buyers!

Source Capital Funding, Inc. is a direct, private hard money lender that provides hard money loans and trust deed investment options throughout California and Arizona. Source Capital lends throughout San Diego County and in all major cities in California, including, Los Angeles, San Francisco,  Anaheim, Sacramento, San Jose, Fresno, Oakland, Bakersfield and Riverside and also in Arizona including, Phoenix, Tucson, Mesa, Chandler and Glendale. If you need a private hard money lender to fund your hard money loan or you want to work with Source Capital Funding as an investor to help supply loans, contact us  at 858.705.6144. You can also email us using this convenient online form.

You can learn more about Source Capital on our Google profile page, which includes reviews from some of our clients, investors and associated real estate professionals. A great way to stay up to date with us, including following this blog, is by liking us on Facebook and following us on Twitter. I hope you are enjoying your week, as we venture into our new month of March! –Sindi Somers