The spring home buying season is well underway and bidding wars are breaking out on San Diego’s streets. People trying to land a home while interest rates remain relatively low are up against limited choices and considerable competition. This is most evident in the western regions of the nation and San Diego is no exception.
A seller’s market is defined as a market which has more buyers than sellers resulting in higher prices due to an excess of demand vs. supply. In San Diego, the lack of current inventory is attributable to various reasons including homeowners who are underwater, meaning they owe more than the home loan balance.
Selling may still be unrealistic for even those who are above water due to down payments, real estate commissions, taxes and other fees associated with the sale of a home. Having at least 20 percent positive equity in a home is important for those who are selling to move to a home of equal or greater value.
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