San Diego Real Estate Market Update - Challenges Facing San Diego Home Buyers

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How to Buy A Home Today In San Diego's Real Estate Market - Challenges Facing San Diego Home Buyers

I was reading this article from San Diego's Union Tribune, discussing the challenges for buyers in San Diego's Real Estate market since we have been experiencing such record low inventory for the last 6 months.

In the article the San Diego home buyers were profile that had been looking for 1 year and had placed somewhere between 80-100 offers to no avail. 80-100 offers??? I don't even know if I have written that many the whole year for all my clients put together. While it is a tough market for home buyers in San Diego that is RIDICULOUS. Reading on there are some hints to why they have such a hard time getting their offers accepted.

To have the best chance to get your offer accepted you need to have an agent who will:

1. Set clear expectations for home buyer and the real estate market.  Their agent should have clarified what to expect currently in San Diego's Real Estate Market. Right now in order to compete with the cash offers you have to minimize contingencies and make sure you will take the property "as is". There can be no lowball offers, we are telling our buyers that they have to place their offer at least 10% above asking price to compete with the other buyers.
   
   Sellers have gotten smart and are no longer placing the list price above the market hoping to negotiate the difference. They are placing the list price at or below market which brings more buyers to the table and a better price once final and best offers are placed. After months of frustration the poor people in the story were finally realizing they needed to offer higher, they were just missing the target by being below the 10% above asking price. 


2.  Act diligently to get your offer accepted. Real Estate is about relationships both with your client and other agents, that is no different in San Diego Real Estate. Modern technology has changed real estate, most of the time we never see the agent on the other side of the transaction. Gone are the days of presenting your offer in person, now we just email them over. However I have noticed a substantially higher acceptance rate when I communicate with the agent on the phone. Proving to them that I am accessible, diligent and competent lets them know a transaction with me will be smooth and will CLOSE! I also sell them and hopefully the actual seller on my client, how much they appreciate the house and how well they can perform to close the sale. 


3. Follow up on previously rejected offers. Transactions fall out of escrow all the time, especially on the Short Sales, by checking in periodically with houses you have lost to others makes you first in line in case their transaction goes sideways. My teammate has successfully done this with one house and another looks like it is on the way. It is another way to build rapport and prove to the other agent you are a great person to work with.

Guaranteed when these practices are put in place you won't have to be house hunting for a year and placing over 80 offers to get your offer accepted and become  a San Diego homeowner. Just ask my clients Michele, Greg, Carol, Jeff, Marykay, Dave and Ryan who all bought the 1st house they offered on this year even though they were all in multiple offer situations.