All Posts for May, 2019

3 Reasons Why It Might Be Time To Buy a Home in San Diego

5/9/2019 5:38:00 PM Mike Tompkins Comments

If you have been paying attention to the San Diego real estate market lately you probably already know that the market has been slowing down.  While this news has been not so welcome to potential home sellers, this is good news for many buyers who have felt priced out of the market or unwilling to participate in highly competitive offer situations which became the norm during what essentially was a sellers market between 2012 and 2018.  During this period many buyers grew frustrated and opted to stay on the sidelines and wait for a better time to realize their dream of home ownership.  Well that time just might be now.  If you have been thinking about buying a home but have been on the sidelines during the recent sellers market here are 3 Reasons Why It Might Be Time To Buy a Home in San Diego:

Reason #1  Mortgage Rates Are Still Super Low

Mortgage Rates have been on a wild ride lately and they have been coming down since late 2018.  This volatility in rates has created an opportunity to capitalize on a weakening real estate market.  Your mortgage interest is a crucial component to your home purchase and right now the rates are attractive.  This might not be the case a year from now however, so you may want to make a call to your lender to see what you qualify for and what loan options are best for you.  

Reason #2  Renting Sucks

If you are renting right now you probably don't like it.  You are always subject to a potential rent increase every year and are forced to adhere to strict policies enforced by management companies and landlords.  To make things even worse you could at any moment be given a 60 day notice by your landlord who wants to sell the property and effectively kick you out of your home at a time that may not be convenient for you.  And good luck finding a good deal on a rental these days because the rental market in San Diego is very competitive.  Bottom line renting sucks and owning your home is a more stable and secure financial position to be in.  

Reason #3  Sellers Are More Willing to Negotiate

The pure sellers market is over and you now have more leverage to negotiate a deal.  The inventory of homes to choose from is increasing, price reductions are more common, and there a fewer multiple offer situations to contend with.  These factors contribute to a more favorable environment to negotiate better terms with motivated.  Bottom line you can get a better deal now that the market conditions have changed.