Investors are paying cash for San Diego properties under $400,000 leaving little inventory for buyers looking to purchase homes in this price range. Multiple offers on listings are forcing serious buyers to pay over asking and even over appraised value at times. A recent client just paid $147,000 for a condo that appraised at $137,000 and only plan to use it as a second home for a few months out of the year. Buyers are having to face the reality that appraisers are conservative, sellers are holding firm to their asking price, and if they don't buy it someone else will. With that being said my clients are very happy to finally get into something after a year of looking. Not everyone has the extra cash to cover the difference if getting financing, making the process more difficult, but do not give up as the right one will come along. In addition, this information reinforces the importance of having a pre-approval letter in hand and ready to go as the good deals are on and off the San Diego real estate market quickly.

On another note, those looking to invest in a condo for rental property are running into the issue of owner occupancy, HOA delinquency, or pending lawsuits against the HOA, all of which can effect your financing options. Why go over these points you ask? Simply to prepare you for what you are up against in this price range and in this market. Rates are lower than ever and many are trying to take advantage of it. Believe it or not there is still competition in the higher price ranges as well, again due to the low rates. We have no doubt we can help you find what you are looking for but it will take quick action, patience, and dedication from all parties involved. We will make sure you are receiving up-to-date listings meeting your specific criteria and set a time to view it as soon as possible to consider whether it is right for you. Take advantage of all has to offer including custom links for oceans views, craftsman style homes, REOs, and so on.

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