America's finest cities housing prices increase at a lower rate than the national average. According to an article in the Union Tribune, the change from year over year increase from January 2016 could be based on higher interest rates. Click here to read full story. Post election, rates have been slowly on the rise. The median housing price in San Diego as of February 2017 is $495,000.
As many buyers feel the burn of multiple offers and expedited days on the market until pending, the inventory shortage in San Diego is apparent. With sellers less likely to complete repairs or issue credits for deferred maintenance, buyers may feel challenged by the current market environment.
3 Ways Buyers Can Stand Out
- Pre-Approval-Lender pre-approvals are a must. FICO credit score and full loan approval complete the package.
- Flexibility-In a housing shortage, buyers willing to rent back to sellers while they look for housing post closing may be perceived as more desirable.
- Ask Questions-Sellers have different motivations for selling. Asking questions and listening to the sellers needs, can assist a buyer in preparing an offer that meet and exceeds the sellers expectations.
A main point I discuss with buyers in a sellers market is perseverance. The market can be challenging and maintaining a positive approach can assist in easing the tension and stress of home buying.