Encinitas real estate agent Linda Moore discusses the current state of real estate in Encinitas and how to buy real estate in a tight market.
HomeDex just released figures for detached homes in North County for February 2013, which showed an increase of 1.61% in price from the previous month, jumping to $472,500 from $465,000. Year-over-year median prices increased a total of 13.86% compared to February 2012.
There are currently 85 single family detached homes on the market in Encinitas and January posted numbers that saw 29 homes sell with an average market time of 58 days, selling for an average price of $834,555.
So how can you compete as a homebuyer in a tight market such as that in Encinitas?
- Compromise With Intelligence – You may have to make sacrifices on what you expect from a home, but the key is to make intelligent compromises and not to let those compromises back you into buying a home that won’t serve your needs for long. Outline with your Realtor in Encinitas what you expect from a home, what you are willing to compromise on, and what you refuse to back down on.
- Measured Patience – In a seller’s market you may be inclined to act quickly in order to secure the house that you want, but don’t get rushed into a deal that you will regret later. It may be more beneficial to you to practice a bit of patience and wait for another home to come on the market if you get into a bidding war that exceeds what you can realistically pay for a home.
- Know the Market – This is where a Realtor can best serve your needs. They will have their pulse on the current market, know the listing agent and be able to learn how much competition the home you are looking to buy is attracting, and what type of offer it will take to get the house that you covet. They will also be able to identify homes that have been undermarketed and may prove to be a great opportunity for you.
You can get more tips for buying in a tight market from Inman News.