3. Physically tour homes and negotiate offers
The next step is in the home buying process is to have your buyers agent set up a custom search within your minimum and maximum price points, based on your Pre-Approval amount, and then begin to tour the homes you are interested in.
When you decide you would like to write and negotiate an offer, it is a must to have your agent send you all the comparable sales (and pending sales) in the area, and then together you can decide on the price and terms you would like to put together for the offer.
For home buyers right now in San Diego, properly priced homes have often been staying active on the market for just 5-15 days, so you’ll want to move quickly when you find a home that you would love to call your own. Because of the current market dynamics, buyers are often making their first offer their ‘highest and best.’
4. Successfully navigate the escrow process and then move in and celebrate
One great thing about buying a home in San Diego is that almost all of the real estate laws in California favor the home buyer. While it is very difficult for a home seller to back out of a transaction, home buyers are usually purchasing the property ‘so long as’ their financing comes together as planned, the appraisal comes in at the purchase price, and they can have a physical inspection completed by a licensed reputable company that is satisfactory to them.
If any of these three ‘contingencies’ are not completed to the home buyers satisfaction within 10-17 days after escrow is opened, the terms of the sale can potentially be changed, or the buyer can simply have their deposit returned to them and move on to the next property.
In closing, San Diego real estate historically has gone up on average of 4-5% per year, and despite the recent upswing in prices, if you look at where valuations are at now, we are still currently below that 4-5% moving average over the last 10 year period.
So, if you intend to be a home owner in San Diego for several years, and you are comfortable with what your total housing payment will be, it may just be the right time to start interviewing buyers agents, and turn your real estate goal into a reality!
[button link=”https://boweshometeam.com/2014/07/successfully-buying-san-diego-home-part-1/” color=”black”] Read Part 1[/button]