In the most competitive housing markets in the country, virtually every buyer has immaculate credit, a few hundred thousand dollars – or more – for a down payment and knows what their mortgage options are. Not that many of the buyers even need one.

Based on average down payment percentage, the share of homebuyers who have credit scores above 720, and the share of homebuyers who shop around for a mortgage before looking for a house, LendingTree determined that San Jose and San Francisco, two California markets, and Raleigh, N.C. are the three metros with the most competitive homebuyers.

LendingTree reviewed more than 750,000 mortgage loan requests that came through its marketplace from March 1 through March 24.

San Jose ranked first in both the “credit score” and “down payment” categories, pushing it to the top spot overall. LendingTree, ranked San Jose as just 17th in the “shopping around” category, important because generally it indicates prepared, educated buyers. But given that the city in the heart of Silicon Valley has a median home sale of $1.2 million, it’s likely that prospective homebuyers who aren’t shopping for mortgages simply don’t need them. In San Jose, 84.15% of buyers had a credit score of 720 or higher and the average down payment was close to 23%, LendingTree’s analysis found.

Full article at HousingWire.

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