- Over-demand for homes is ruling the housing market in many cities.
- Buyers in the best position to buy a home typically have mortgage financing in place, a credit score above 680, and a down payment above 15%.
- But many markets, like San Francisco and San Jose, have an oversaturation of these buyers, leading to heightened competition.
The 15 American cities where competition to buy a home is fiercest
San Francisco and San Jose, California, are the hardest places in America to buy a home right now.
It's a tough time for Americans to buy a home.
US housing supply remains low and prices keep rising, making the competition among buyers the fiercest it has been in years.
Over-demand is ruling the market in many cities. In San Francisco, a home sold for nearly $1 million over its asking price last October in order to pre-empt a bidding war.
In a recent report, LendingTree identified the most competitive markets for buyers right now based on 2017 mortgage loan data. LendingTree looked at 1.5 million mortgage requests for new home purchases across the 100 largest US cities and then ranked each city based on three criteria:
The cities where the most buyers have financing in place, a down payment above 15% of the purchase price, and a prime credit score were ranked by LendingTree as the most competitive.
Below, check out the 15 most competitive places to buy a home in the US right now:
15. Las Vegas, Nevada
Average down payment: 14%
Buyers with prime credit: 49%
Buyers pre-shopping for a mortgage: 62%
14. Madison, Wisconsin
Average down payment: 15%
Buyers with prime credit: 54%
Buyers pre-shopping for a mortgage: 58%
13. Phoenix, Arizona
Average down payment: 15%
Buyers with prime credit: 50%
Buyers pre-shopping for a mortgage: 60%
12. Boise, Idaho
Average down payment: 15%
Buyers with prime credit: 49%
Buyers pre-shopping for a mortgage: 61%
11. Boston, Massachusetts
Average down payment: 16%
Buyers with prime credit: 57%
Buyers pre-shopping for a mortgage: 57%
10. Sacramento, California
Average down payment: 15%
Buyers with prime credit: 49%
Buyers pre-shopping for a mortgage: 63%
9. Portland, Oregon
Average down payment: 14%
Buyers with prime credit: 54%
Buyers pre-shopping for a mortgage: 63%
8. Honolulu, Hawaii
Average down payment: 16%
Buyers with prime credit: 59%
Buyers pre-shopping for a mortgage: 58%
7. Seattle, Washington
Average down payment: 15%
Buyers with prime credit: 55%
Buyers pre-shopping for a mortgage: 62%
6. Los Angeles, California
Average down payment: 17%
Buyers with prime credit: 52%
Buyers pre-shopping for a mortgage: 62%
5. Ventura, California
Average down payment: 16%
Buyers with prime credit: 57%
Buyers pre-shopping for a mortgage: 60%
4. San Diego, California
Average down payment: 16%
Buyers with prime credit: 57%
Buyers pre-shopping for a mortgage: 61%
3. Denver, Colorado
Average down payment: 16%
Buyers with prime credit: 56%
Buyers pre-shopping for a mortgage: 65%
2. San Jose, California
Average down payment: 19%
Buyers with prime credit: 64%
Buyers pre-shopping for a mortgage: 59%
1. San Francisco, California
Average down payment: 18%
Buyers with prime credit: 63%
Buyers pre-shopping for a mortgage: 60%
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