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How Condo Buyers Can Find Great Listings

By Mike in Home Buying Tips with 0 Comments

For the most part, 2018 was a bonanza for sellers of downtown San Diego condos. Strong demand continued through November, and prices experienced steady growth until September. Market analysts expect healthy demand to continue in 2019, albeit at more reasonable prices and with not as many bidding wars. The current forecast is for the sellers’ market to extend into the first quarter of the year, but prospective buyers will start to see lower prices, a few more listings, and sellers who feel more motivated.

If you’re interested in what the market for condos in downtown San Diego will have to offer in 2019, you should develop a strategy to unearth listings that not only meet your expectations but also put you ahead of other buyers. Here are a few recommendations to find choice condo listings in San Diego.

Let Seasoned Professionals Help You

The professionals you want to have by your side while searching for the perfect condo should be experienced in this particular market segment. The negotiation, financing, and closing process can be quite different when the property you’re looking to acquire is attached to a common structure and strictly governed by a condo association. Real estate agents who are routinely invited to attend condo board meetings are your best bet, and your mortgage loan officer should be experienced with closing condo loans because they typically require more work. The advantage of working with real estate professionals who are familiar with the downtown San Diego condo market is that they may become aware of new listings before they appear on the MLS.

Set Up MLS Alerts Based on Your Criteria

After you and your real estate agent discuss your financial goals and what you’re looking for in a condo, the next step should be to let the agent enter your search criteria into the MLS platform and configure alerts—which may be as simple as providing your email address or mobile number—for new listings coming on the market. MLS alerts are crucial in an active market such as San Diego because buyers and sellers tend to act very quickly.

Set Aside Sufficient Cash

Anyone can make an offer on a condo, but only those who have enough cash to go through the process will be able to establish a good position in case of a bidding war. Keep in mind most banks will only approve loan-to-value deals at 80 percent, so you need to start thinking about providing a 20 percent down payment. Moreover, if your credit score isn’t high enough, you may be required to show proof of three months’ worth of cash reserves.

Conduct Thorough Research

Many condo buyers think great deals make the best condo listings, but this isn’t always the case. If you come across a price that seems too good to be true, there could be multiple issues behind the reduced price. It’s important to research the condominium association, the common areas, future development plans in the neighborhood, economic conditions in the area, and the overall direction of the market.

If you’re looking to buy a condo in downtown San Diego, the timing may be just right to find your dream home at the right price. Make sure to seek help from reliable professionals with extensive expertise in San Diego real estate. Downtown condos are coming on the market at a steady pace, so stay on top of the latest listings by calling the friendly agents at 92101 Urban Living today at 619-649-0368.