First-Time Buyers in Downtown San Diego
If you're a first-time buyer, perhaps you've only dreamed of purchasing a downtown condo or San Diego beach front property. But with the right information and a hardworking downtown real estate agent on your side, you can make that dream happen!
Renting vs. Owning in Downtown San Diego
Making the leap from renter to homeowner can seem daunting at first. But there are many reasons to feel confident in your decision to purchase now:
More affordable housing is being built downtown than ever before. Ask about CCDC incentive programs and exciting upcoming projects.
The San Diego renter's market is competitive. In many cases, it's easier to find a San Diego condo to purchase or even a San Diego luxury home for sale than it is to find a rental property.
A shortage of rental properties means rent has skyrocketed, but mortgage rates are at historic lows. Many first-time buyers will have monthly payments lower than their rent once was!
Renters are paying their landlord's mortgage. Plus, they aren't getting any of the tax advantages that come with ownership.
Pride of ownership. Few things compare to the sense of satisfaction that comes from owning your own home. -And when we put our knowledge and experience to work to find you the best deal on a downtown condo or San Diego beach front property, that feeling is unparalleled!
Buyer's Fears
As a first-time buyer, it is common to have fears about purchasing a new home. Here are a few we encounter with our clients, and some suggestions we have for dealing with them:
I don't understand all the real estate terminology. Help!
It takes years to become fluent in the "language" of real estate and mortgage lending. That's why it's so important to choose an experienced San Diego real estate agent with a proven track record for success. Plus, when you choose Sandra Melville Detamore for your first home purchase, we'll give you lots of information, like this helpful glossary of Real Estate terms and definitions. When we brag that we have the smartest clients in town, we mean it!
Will my credit be a problem?
Unfortunately, much of what you've heard about credit reporting errors, identity theft and fluctuating FICO scores can be true. But remember-knowledge is power. Check your credit reports on a regular basis and ask us about simple things you can do today to improve your FICO score at purchase time. And even if your credit is less than perfect, we can help you secure financing at the best rates available.
Am I buying "on the bubble"?
Buying at the top of market value is less of a risk than you may think. According to the National Association of REALTORS®, national home prices have increased an average of 6.3 percent a year for the past 35 years. In our neighborhood, the downtown San Diego luxury home market has far surpassed national growth, and San Diego condo purchases are now considered one of the best real estate investments available.
Will I like my new home?
Downtown residents typically love their homes! Forget about suburban sprawl, long commutes and houses without personality. The downtown lifestyle is one of innovation, energy, culture and style. Take it from us: we live and work here!
Will I grow tired of living downtown?
One of the most exciting things about living downtown is that the area is constantly changing! From the new Petco Park and Central Library to the burgeoning Gaslamp District, "tired" is a word we rarely hear uttered by downtown residents.
If you have any additional questions or concerns from a first-time home buyer's perspective, or if you'd like to talk about moving from the suburbs to the city, contact me today!
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