Prices are down in many places 25% to 30% over a few years ago. Interest rates when I last looked were below 5% for a 30 year fixed rate mortgage. That interest rate is down 2% from just a few years ago. The 5% rate on a 30 year loan for 300,000 will reduce a payment by as much as $385.00/month (from $1995.00 to 1610.00/month) and over $135,000 in interest over the life of the loan. Add to the positives for buying now the federal government will through in up to an $8,000 tax credit if you buy before April 17th (be sure to check if you are qualified for the tax credit).
What is the down side of buying now? It is harder work. There is competition for the bargains, and
especially for the "Good Ones". The idea that there are bargains out there in San Diego real estate is not
a secret. There are bargains Julian to
Rancho Santa Fe, Del Mar and
La Jolla, from
downtown San Diego to Scripps Ranch and
Rancho Bernardo San Diego Real Estate is on sale with big
discounts for those that move quickly and are ready. Many investment advisors are suggesting now is
the time to buy, so the secret is out. Lenders are much more demanding and careful about home loans
than they were. They are asking for bigger down payments and better credit scores (but great rates are available). A Realtor
can help you a great deal with being ready to move quickly when you find the Good One that fits for you. You will need to be
"Pre-Qualified" or better yet "Pre-Approved" with a lender. You will need realtor that knows your market area and will help
you to find new homes the day that they come onto the market. Sometimes web shopping will be a genuine help. Before you run all over this big beautiful country of ours check in with your realtor. Many properties will be listed on the MLS and that information is on many well known the sites as well as on many realtor sites including www.TheRuthMillsTeam.com , but the devil is in the details. Many listings will have special information about short sales REOs or occupancy limitations that your realtor will find for you quickly. While your Realtor is working for you, as a buyer you don't pay for your realtor's service and assistance, the seller pays your agent for helping you.
Be ready to take advantage of this buyers market and find the right home by doing your home work and having your realtor take care of a lot of your leg work. Remember "The Good Ones go First" and you don't want the left over's.
|
