Three Mistakes that San Diego Homebuyers Make and How To AVOID Them
#1. Waiting too long to put an offer on a home you like and it sells.
If you see a home you like and can afford, offer it on the home ASAP. You've probably seen 50-100 homes, Including open houses and online searches. Trust yourself and realize there are always contingencies to get your deposit refunded*, but unless you're in the game, you can't win.
#2. Focussing too much on sales comps/online values instead of focusing on supply/demand and competing homes.
What's Your Home Worth Today?
Many buyers and sellers incorrectly assume that the comp or the online value is the price a buyer will pay and should pay. If that were the case, the prices would be the same as 20 years ago. Buyers look at the best deal on the market when they are ready to buy. Most of the time, homes sell for more than the comps. Sometimes, when there is a lack of buyer demand and an abundance supply of homes, they sell for less than the comp. It depends on competing and available homes.
#3. Waiting for prices to come down because "they are too high," "they're not affordable," "mortgage rates went up," "unemployment up," any reason you can find, over 90% of the time, home values go up year after year.*
The longer you wait for prices to drop, the longer it takes to build equity. The trendline for San Diego real estate is up. Can prices go down? Yes, they can, but most of the time, they don't.
If you'd like to discuss your home search and receive information about coming soon and off-market homes, call/text me at 619-846-1244.
George Lorimer, ProWest Properties, DRE#01146839. *Conditions apply. Market conditions and home values fluctuate, and they are not guaranteed to go up.
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