Home buyers in San Diego face more competition than other big cities

House hunters in the greater San Diego region are more like to find other competition offers on a home when house hunting. According to a new report from Redfin, 72 percent of homes for sale in San Diego received multiple offers in November. Although this is down from 80.4 percent during the same month last year, it makes San Diego the third-most competitive housing market in the U.S.

Richmond, Virgina and Salt Lake City were the only to metropolises with a higher rate of competing offers per home at 80 percent and 73.8 percent, respectively.

As a means of contending with the competition, home buyers in San Diego are often advised by real estate agents to act quickly on homes they like and consider offering more than the initial asking price to gain the edge over other offers.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (877) 700-0942 and your questions may be featured in an upcoming article.