San Diego, California has had one of the hottest real estate markets in the United States for many years. During the past couple of years, the San Diego real estate market has started to cool slightly. Houses are taking 25 more days to sell than during their market height average, and sale prices are not climbing as quickly as they once did.
So how can someone looking for housing in San Diego today get the best price on a new home? Here are three of the best tips around for doing just that.
Tip 1: Fixer-Uppers in the San Diego Real Estate Market
One of the rules of real estate is that quality tends to sell in desirable markets. San Diego real estate is more expensive than in many other parts of the country, so those buying in this market necessarily have more money to spend than the average person. As a result, these buyers want to purchase a home that is in perfect shape and in the perfect location.
If you are willing to buy a home that is slightly off the beaten path, or which is in need of some renovations, you may be able to buy at a far better price than if you were to compete for the most desirable homes around.
Tip 2: Have a Large Deposit and Be Patient
All else being equal, the buyer with the largest deposit will be most desirable for lenders. The more money a bank has to lend for a new mortgage, the greater the risk it incurs. Save as much as you can, and wait for the ideal home. When it enters the market, offer aggressively. You may find your offer accepted simply because you have so much cash in hand.
Tip 3: Buy at the Nadir of the San Diego Real Estate Market
Perhaps the lowest prices you will find in San Diego are available today. Maybe they will be lower in a year. No one can predict the future, but try to observe trends and talk to experts, so you can get the best price when the market hits its lowest point.
Hopefully, you will have great luck finding the best price on a new home in San Diego. No one really knows for certain where prices will go, but with luck, you should be able to find and capitalize upon a bargain.