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The 15 American cities where competition to buy a home is fiercest right now

Business Insider Logo By Tanza Loudenback of Business Insider | Slide 1 of 16: 
  
    The US housing market is finally starting to cool off,
    but competition among buyers is still fierce in some
    cities.
  
  
    Those 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.
  

  It may get easier for some Americans to 
  buy a home this year as prices finally level off, but several
  markets are still competitive.

  In a recent report, LendingTree identified 
  the most competitive markets for buyers right now based on
  2018 mortgage loan data. LendingTree looked at 1.5 million
  mortgage requests for new home purchases and then ranked the 50
  largest metros based on three criteria:

  
    The share of buyers who shop for a mortgage before they
    find the house they want. It's more appealing to
    sellers when a buyer is pre-approved for financing well before
    making an offer.
  
  
    The average down payment as a percentage of the
    purchase price. A high down payment can help buyers
    qualify for an even larger mortgage amount or a lower interest
    rate on the loan.
  
  
    The percentage of buyers who have a credit score above
    680. Someone with a prime credit score has more
    financing options available to them.
  

  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:

It may get easier for some Americans to buy a home this year as prices finally level off, but several markets are still competitive.

In a recent report, LendingTree identified the most competitive markets for buyers right now based on 2018 mortgage loan data. LendingTree looked at 1.5 million mortgage requests for new home purchases and then ranked the 50 largest metros based on three criteria:

  1. The share of buyers who shop for a mortgage before they find the house they want. It's more appealing to sellers when a buyer is pre-approved for financing well before making an offer.
  2. The average down payment as a percentage of the purchase price. A high down payment can help buyers qualify for an even larger mortgage amount or a lower interest rate on the loan.
  3. The percentage of buyers who have a credit score above 680. Someone with a prime credit score has more financing options available to them.

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.

Check out the 15 most competitive places to buy a home in the US right now (click through the slideshow) 

© Justin Sullivan/Getty Images
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