San Diego Buyer’s Market: ‘The Deal of a Lifetime’
By Joan Schultz, SellingLaJollaRealEstate.com
There’s no doubt that the San Diego real estate market is making a strong comeback. With ideal interest rates and discounted home prices, it’s no wonder so many homebuyers are on the pursuit of the perfect home. Not only that, but cash purchases are the strongest in California’s history, reaching an all-time high last year with twice the normal cash-offer rates according to research group DataQuick. The market is strong, and buyers are ready.
When it comes to buying real estate in San Diego, buyers are jumping on hot prices and ideal market conditions – a combination that many experts are calling a deal of a lifetime.
But as inventory rates become increasingly challenging in today’s market, it takes a savvy buyer and a knowledgeable real estate agent to find the perfect home and get an accepted offer even if it isn’t all-cash. It’s possible – and here’s how.
5 Tips to Buying the Perfect Home
The San Diego real estate market is quickly gaining momentum. To secure the home of your dreams at the best possible price and with ideal terms, consider the following buyer’s tips.
- Get your paperwork ready. When it comes to jumping on the perfect home opportunity, you need to get your ducks in a row prior to pulling the trigger. That means getting your pre-approval letter printed and ready to go in addition to signing a buyer’s agreement with a qualified real estate agent.
- Sign up for an MLS alert. Just like you, many buyers are waiting for the perfect listing. Using sites like RedFin or Realtor.com puts you at a disadvantage because listings may be out-of-date. You need to work with a buyer’s agent in San Diego to zero in on the neighborhood you want at the price that works for you, then set up an MLS alert that notifies you the moment a match is listed on MLS.
- Understand the short sale market. Just about 26 percent of all listings in California are short sale listings – transactions where the sale price falls short of what was owed on the property as defined by DataQuick. If you find a short sale property, understand that it may take months until the transaction may go through. Also, you will face a possible risk of losing your offer on the home due to multiple bids with better terms. Until you get a signed sales contract from the bank, there are no guarantees on a short sale. These barriers, however, can be overcome with the right agent on your side.
- Understand the art of negotiation. Just because today’s market is competitive doesn’t mean you have to settle. You can get a great price with excellent terms by using a real estate agent in San Diego that understands the buyer’s market and hyperlocal conditions. Solid negotiation can lead to a sales price you can live with, ideal closing terms and even extras like included window coverings or professionally cleaned carpets.
- If you find the perfect home, buy it. In today’s market, it’s never been more important to jump on an opportunity if it presents itself. If you find the ideal home, it’s a good idea to place your offer right away and move quickly as others can swoop in should there be any kind of delay. If you know what kind of home you want and understand comparables in the area, the process can be easy, and you can have the necessary confidence when placing your offer.
For more information on buying in San Diego, or to get going on the hunt for your dream home, call me at 619-261-3804 or log onto http://SellingLaJollaHomes.com.
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