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Are you in the market for a new home? Here’s what you should know. Who you select for representation of your sale or purchase matters!  This is not a market for amateurs.

If you pay attention to the basic real estate cycles, you will know that spring is the  peak season for home sales, and this trend proves to be true in San Diego as well. If you’re thinking of buying a home this summer however, you may be wondering about the current market and how to best navigate it.

Here’s what you need to know.

Inventory is low.

Inventory is scarce, and pent up demand is high. This combination creates a competitive market where there are fewer homes for sale than the amount of qualified buyers. You can help to navigate this issue by getting your finances in order, securing an experienced and full-time real estate agent, and getting educated about home values so you are ready to act with confidence when your dream home is identified.

Homes are selling quickly.

Due to the low supply, buyers are snatching up the most desirable homes at a record pace. Homes that are priced well and are in good condition can sell within days. Act quickly if you find something you like and be flexible with seller requests.  Remember, there is no “perfect home”, ask yourself if it has most of what you want and can the other things be changed?  Don’t compromise on things that can’t be changed, such as location.  However, paint color, flooring and updates can be tackled at the right price and if you’re willing.  

Interest rates are rising.

Even though interest rates are historically low and affordable, they are beginning to creep upwards. Even a slight increase in rates will likely decrease one’s home-buying power.  Stay informed about your personal financial situation to avoid frustration and heartbreak.  You don’t want your favorite neighborhood to become out of financial reach before you act.

Timing is everything.

The hardest part of buying a home can be saving for the down payment. Luckily, once you have that in place, there are options. If you wait to save at least 20 percent for a down payment, you will avoid having to take out private mortgage insurance (PMI). However, if you aren’t willing to wait until you save 20%, there are still loan programs to help you get into your dream home this year. Your real estate agent will be able to direct you to a mortgage professional to provide more information.

When you’re looking to buy, enlist the help of a professional and reliable realtor. To get started, contact Jenn Blake Real Estate Group at Pacific Sotheby’s International Realty in San Diego, California at 858-663-6788.