Tips for engaging in the San Diego housing market

A recent industry report cited by National Mortgage Professional magazine revealed that most housing markets in the United States are past the worst effects of the foreclosure crisis. The report indicated that the San Diego housing market has experienced a 26 percent decrease in foreclosure activity in the third quarter of 2012 when compared with last year. Another recent industry report cited by the San Diego Union-Tribune revealed that mortgage defaults are at a six-year low in the San Diego metropolitan area. With indication of a market stabilization and less people underwater, this could signal an excellent time to consider investing in "dnautolink">real estate in San Diego.

A recent article in the San Diego Union-Tribune detailed a handful of tips aimed at first-time homebuyers. Real estate journalist Lily Leung rounded up these tips from her attendance at a recent first-time homebuyers workshop in San Diego.

Investigate people who can help you
Leung recommended that first-time homebuyers consider hiring a real estate agent and interview a number of candidates for the job. Looking at a variety of different options could be a wise decision, allowing buyers to both browse properties and find real estate experts that they feel comfortable with. As you will be sharing personal and financial details with this person, finding a good fit can go a long way toward making the whole process easier.

Pair an offer with a cover letter
Leung explained that adding a cover letter when you submit an offer on a home is a great way to add a personal touch and explain your interest. The act alone of adding a cover letter to your offer should help differentiate you from other offers that may have been received. The cover letter can include information such as an explanation of why you want to buy the home and a bit of extra information about your family. You can even throw in a family photo to put your offer over the top.

Be patient
Leung cited an industry professional who recommended that while you are waiting for a home to close, you should try not to move your money around too much. When closing, you will have to document the whole paper trail and if this documentation is overly complicated, it could cause a delay when trying to close on a home.