If you are only putting down 20% you will need to get a loan. Therefore, your purchase is CONTINGENT on getting financing.
As Raybyrnes stated, come in with a pre-approved letter. Otherwise, you are a looky-lou.
The Public builders have already written down the value of the standing inventory. They don’t have the axe over their head as much as you think.
The smaller, private builders can’t drop prices willy-nilly. They have lenders and partners to answer to. I am not saying that they might not drop prices later in the year but they will need approval from their lenders and partners. At some point, the builder doesn’t have any skin in the game anymore and their equity is gone. They have no incentive to drop the price (unless they have personal guarantees to the lender).
San Diego doesn’t have the huge oversupply of new detached homes that they have in the Inland Empire. You can probably negotiate harder out there.
Downtown condos are obvioulsy overbuilt. I don’t know how they will unwind those.
