How is it that buyers can even begin to compete in this 2021 San Diego Real Estate market?
Multiple offers over asking price, super low inventory, historically low interest rates, housing prices shooting through the roof... BEER BUG! What's going on in the San Diego County Real Estate market and how can I get into a home?
It's no secret that the housing market in San Diego is notoriously competitive. In a recent survey by Zillow, they found that 55% of homebuyers are settling for homes with less square footage than what they prefer- and this trend has been consistent since 2011. Smart buyers use sources other than just Zillow such as Redfin and Trulia for a surprise listing to pop up that few others saw. Many find that are willing to give up other features about their future home, such as an open floor plan or proximity to good schools in order to find something more affordable. People who were once looking to live in Point Loma, La Jolla, or Del Mar are now heading to Clairemont, Bay Park, or Bay-Ho!
Sellers have taken note of these trends and it's led them to price their homes higher than most buyers can afford- leading some people to take on mortgages without regard for how much debt they're taking on or whether there will be enough room left over after the initial down
With the housing market in San Diego booming, it has become difficult for buyers to compete with other buyers and get a good deal. But there are ways that you can still make a home purchase. If you already have money saved up for an eventual down payment, then you should find the best investment opportunity while prices are at their high point. This could mean getting creative with finance options or being open-minded about locations outside of your desired area. In order to maintain some type of control over this situation, research is key so you can be sure you don’t overpay in end!
It's hard to compete in this San Diego Real Estate market. The prices have been rising for the last two years and now even more homes are going up on the market. There's no way to keep up with all of them, but there are a few things that buyers can do in order to increase their chances - like get pre-approved before they start looking at homes.
1. Find a Realtor that is knowledgeable and has experience and is connected in the San Diego, CA area
2. Have your agent do research on other homes for sale in the area to see what price points are popular
3. Buyers should be prepared to make a competitive offer- you don't want to be lowballing in a Sellers Market
4. Negotiate with the seller, especially if they have a lot of wiggle room in their asking price
5. Make sure you know ALL of your financial options before making an offer
6. Make sure all your paperwork is in order before submitting an offer so there are no delays or surprises
7. If you have a unique or compelling story as to why you want the specific property in question, consider writing a personal letter to the seller! I’ve personally seen this come to fruition on both sides of the transaction on separate occasions
Of course, it’s always nice having a Real Estate Broker on your side! If you’re looking for someone flexible on the fly that can navigate through this fast-paced San Diego Real Estate environment then you’ve come to the right place! As a San Diego Real Estate Broker I can get more creative with the options you have without having to seek approval from anyone higher up like Real Estate Agents typically have to. With how fast homes sell, you’ll want someone who can make decisions on the spot.
If you’re looking to purchase a home in San Diego reach out today! I’d love to help you make San Diego your home!
Life’s Better on the Coastal Edge!