Housing experts project that 2015 will be the best year for the housing market since 2007. By the amount of new housing developments popping up in North San Diego County I can only surmise that developers are banking on this being true. Everywhere I look “earth movers” are changing the topography of lots that have long been vacant. In Carlsbad, Oceanside, Vista, Bonsall, Fallbrook, etc., new housing communities are springing to life. New home construction is a good sign that the economy is turning around. New loan programs, such as the new Fannie and Freddie Mac 3% down program, also help stimulate the housing market because these programs make money available to more people. After 2008 millions of Americans lost their homes through foreclosure, deed-in-lieu of foreclosure and short sales. Time has passed and these same homeowners have since rebuilt their credit and are ready to reenter the housing market. Loan programs that are forgiving of these old transgressions will appeal to this pool of potential buyers which will turn increase the demand for both new and resale homes.
Builders must believe this is what is going to happen because they are investing a lot of money in these developments. A few years ago it was extremely difficult to find new housing developments. All of the big boys put their projects on hiatus waiting for the smoke to clear. Now Toll Brothers, Lennar, Shea Homes, D.R. Horton, Pulte, Meritage and all of the rest are back.
It appears that most of these developments will open for new home sales beginning in the Spring. Some of these developments are relatively close to each other and will be competing for the same buyers. This spring will definitely be exciting for home buyers.
Michael Gaddis, J.D. is a real estate professional serving San Diego, Orange and Riverside Counties. If you are seeking to buy a new home in any of these areas please contact Michael Gaddis, J.D. at 760-692-5950 or 760-696-1425 or by email at Michael@MichaelGaddis.com.