Understand How to Buy in a Seller’s Market
Currently, the San Diego area—which includes the City of Del Mar—is experiencing a seller’s market
. This means that there are more buyers in the market for Del Mar new homes than there are properties for sale. While the situation is more favorable for those listing homes than those buying, it doesn’t mean you should scrap your plans. You simply need to adjust how you approach the homebuying process. Here are some tips that can help you find and buy the home of your dreams in a seller’s market:
Be prepared to make an offer. Many homes in a seller’s market sell within days of being listed. If you don’t want to lose out on the home you want, be prepared to make an offer the same day you tour it. This means being prequalified for a mortgage and having all your documents in order before you begin touring homes.
Don’t expect to negotiate. Sellers are much less likely to negotiate in a seller’s market. If you make a lowball offer with the expectation they will counter, you could lose out on the home. Your Del Mar County real estate agent may advise you to offer the asking price if you really want the home.
Understand there may be a bidding war if there are several interested buyers in a property. You need to be prepared for this situation by knowing the highest price you’ll pay for a property. If you don’t know your maximum budget, you could easily get yourself into trouble by overbidding and committing to a home you can’t afford.