If you’re out looking and writing offers, you probably already know this, but it’s going to be a fast paced spring with lots of buyers competing for a comparatively small pool of homes.
An article on HousingWire.com speaks to that and shares some interesting data from Realtor.com. They’ve compiled a list of the 20 hottest housing markets this spring buy comparing the number of listings to the number of times people are dropping by to see them. Basically, in which cities did buyers seem to demonstrate the most interest in viewing and buying a home?
San Diego came in at #8!
Well, what are you gonna do?? You DO live in America’s finest city!
Does that mean you should throw in the towel?
No way! It just means that lots of other people know what a great place San Diego is and they see the long term opportunity in home ownership.
What can you do?
- Understand that you will be almost certainly be just one of the offers submitted on the property you are interested in. Especially if it is on the more affordable end of the housing spectrum. There will most likely be more people interested in those types of properties.
- Understand that you’ll have to move quickly to get the best listings and be ready to move especially fast if the home you see checks lots of boxes on your wish list.
- Be very careful about offering less for the home than it’s worth. Remember that, you likely submitting just one of many offers on this home. If you are offering under list price, be sure that you are only doing it on a home that is overpriced. Sellers have options now and you can’t blame them for wanting to pick the best one.
- Consider offering MORE than asking if it’s the house you’ve dreamed of. Think about whether the extra money in your offer will mean that much to you years from now. Especially, if you home has appreciated since the purchase. The forecasts for this happening make it almost certain with the most recent Home Price Expectation Survey forecasting homes to gain 19% over the next 5 years. (see chart below)
The bottom line, lean on your agent to make sure that you’re making the best possible decisions about the offers that your making on homes. They already know that things are moving quickly and they can help you determine what the fair price for a home is and also, what price offering might make you offer the winning offer.
As always, call us whenever we can be of assistance. 888-333-0075