Home Buyer
Is now the time for you to become a San Diego homeowner?
If your answer to these 3 questions is yes, then yes, it is:
- Do I plan to stay in the San Diego area for the foreseeable future?
- Have I found a home I love at a price I can afford?
- Do I want to be a homeowner?
Let’s look at these questions one at a time:
Are you planning to stay in San Diego?
Even in a market where home prices are rising steadily, it’s best to remain a renter if you plan to move within 2 or 3 years. Selling a home does come with associated costs, and ties up funds that you might need for the move.
Have you found a home you love at a price you can afford?
If you’ve been looking, you should have. San Diego homes offered for sale today are incredible bargains. From condos for sale in MIssion Hills to homes for sale in Kensington, and Bankers Hill real estate, bargains abound all over the San Diego area.
If you haven’t been looking yet, you just might be startled at the location, quality, and amenities available at a price you can afford.
San Diego home prices and mortgage interest rates are both at amazing lows. The combination makes it possible for you to purchase a home at a “ten years ago” price, but at a fixed rate interest that makes buying now far more affordable that it was then.
We did a little research comparing home prices and mortgage interest rates since 2000 and found that today’s California home prices are comparable to prices in mid-2002, when prices were on the rise. At that time, average fixed rate mortgage interest rates averaged about 6.5%.
Principal and interest payments on a $380,000 mortgage ran about $2,400. Today, with fixed rate interest at about 3.5%, the payment on a $380,000 home loan would be about $1,700.
Do I want to be a San Diego homeowner?
While we all enjoy being master of our own space, some would prefer not to be responsible for home maintenance. Others, even while planning to remain in San Diego, enjoy moving to a new location every few years.
Renting is not without risk
In accordance with the law of supply and demand, rents should rise as foreclosures and short sales force more San Diego residents to move from home ownership to tenant status.
When you purchase your own home and lock into a fixed rate mortgage, your payment won’t go up each year. Your rent probably will.
And then there’s the insecurity.
What if the landlord sells or is foreclosed on and I have to move?
And the lack of independence.
If you don’t enjoy having someone else tell you what you can or cannot do in your own home, you’re probably not too happy as a tenant.
And then there’s the other issue to consider.
Interest rates could rise. It doesn’t look like we’ll see an increase soon, but no one can predict what the Fed or the banks will do. And just a ½% increase in interest rates will affect your buying power.
Is now the time for you to become a San Diego homeowner?
Only you know the answer. If the answer is yes, get in touch. We’ll be pleased to help you sort through the options to find the home that’s “just right” for you.
Then we’ll be at your side every step of the way – from presenting the offer and negotiating the price and terms – through the inspections and appraisal – all the way to closing and handing you the keys to your new San Diego home.
Call on The HaroDunlap Team to help you locate your new home in Carlsbad, Coronado, La Jolla, Rancho Bernardo, North County, Del Mar, Bankers Hill, Mission Hills, Kensington, Metro San Diego, or downtown San Diego.
You can reach us at info@harodunlap.com or by calling 619-325-4170
See Also:
San Diego offers thousands of homes to choose from. Here’s how to narrow your search.
Now is the time to move up to a San Diego luxury home.
Why it’s Wise to Become Pre-approved for a mortgage loan before beginning your San Diego home search.
What’s the difference between “prequalified” and “pre-approved?”
What are the advantages to having your own Agent instead of working with the listing agent?
How to prepare for viewing San Diego Homes for sale.
Can your initial offer make or break your chances of owning your “first choice” San Diego home? Yes, it can. Here’s why.
