Record low interest rates are drawing in a lot of buyers. Owners of foreclosed homes during the real estate crash are now ready to buy. Investors are also ready to buy with all cash offers. The amount of buyers in the market are increasing the demand for property. Unfortunately, the San Diego market is being constrained by it’s low inventory levels, thus increasing the selling price of every home. In this type of market, buyers need to do two things: be patient and be decisive.
Be patient and do NOT make an offer if the home does not meet all your minimum criteria. Do think, “There will be another home that meets my criteria. I just need to be patient.” Although the housing inventory is low, you should not settle on a home that does not meet your minimum criteria. You’ll be the one living in this home and it needs to be a home that you absolutely love.
Be decisive and DO make an offer if you visit a home that meet and exceed all your basic criteria. Do not think, “What if there is a better deal on a better house elsewhere?” In today’s market, by the time you come back to the first home it’ll be sold.
Being decisive does not mean making an emotional driven purchase. The buyer and agent still must perform due diligence to investigate the property before making the offer. In my next blog, I’ll talk about mistakes that buyers make when their thoughts are clouded by emotions.