If you have a clean house in a good location, with a fair price, it will sell immediately. For one thing, in a rising market, resalers hold on to their properties, hoping for a better price later. It s still early in this rising phase. Perhaps they ll sell at a moment closer to the peak. For another, relatively few new houses have been built.
Houses don t just spring up like mushrooms.
Builders complain that the entitlement process takes a very long time, especially in San Diego. By the time the builder owns the land he wants to develop, he is looking at anywhere from two to five years of red tape before he can shovel out the first forkful of dirt two years for a small project, up to five for a large, master-planned community. The longer he goes out, the greater the risk. By the time his project is up and ready for sale, we could be in another recession. Besides, there s a scarcity of land, the real crisis in San Diego at the moment.