Low interest rates helps San Diego home buyers - the cost of borrowing money continues to be at an all time low of less than 4% prompting many people to reflect on their housing situation. Renters are finding that when they make comparisons between buying vs renting it likely makes more financial sense to own a home. This situation gives new meaning to "It's a great time to buy."
2012 is off to a promising start as mortgage rates continue to drop and have remained under 4% for nearly three months. Home sales are strengthening and pending home sales, a measure to gauge future sales, are at their highest levels since March 2010.
Interest rates at favorable levels and a good selection of homes provide an opportunity for buyers. Here are a few things to for buyers to keep in mind:
1. Know what you can afford before you fall in love with your dream home.
2. Consider additional expenses that come with owning a home like property tax, insurance, and repairs.
3. Be flexible on the little things. It would be wonderful to find a home with everything you want, but those are hard to come by – distinguish nice-to-haves and must-haves early.
4. Have imagination and look beyond paint colors, wallpaper, or other easy and affordable things you can change.
5. Don't compromise on the big things, such as enough bedrooms to accommodate additions to the family or space for an office if you work from home.
6. Always inspect even if the surface looks great; it's important to know if anything major is wrong and what it will cost to fix.
7. Think about the future in regard to the neighborhoods, surroundings, schools, and developments.
Lorraine Santirosa is a San Diego realtor that specializes in the sales of homes. For a free no obligation consultation call 619-248-5484. http://www.buyhousesinsandiego.com