San Diego home buyers. Lower prices, near record low interest rates and high inventories are all working in the favor of San Diego home buyers. Those home buyers making good long term financial decisions will reap the benefits of the currently soft market for years to come. Here are 6 home buying tips for buying a San Diego home.
1. Think long-term
We may see soft prices for in the short-term, but real estate like other markets, is cyclical. Over the long haul, the market will bounce back ( and is already starting to) and prices will rise.
2. Think local
Real estate is local. Ignore national headlines and listen to your local real estate expert. The real estate market in Orange County is not the same as the real estate market in San Diego. Work with an experienced Realtor who has been around for awhile and sells real estate full-time.
3. Think deal
Look for deals...foreclosures, short sales and motivated sellers. But be realistic, you are not going to be able to buy for 40-50 cents on the dollar. Your real estate expert and advise you as to what to expect in San Diego.
4. Re-think risk
Don’t buy a foreclosure for the price alone. Many foreclosed properties are in deplorable condition. Get a home inspection and know exactly what you are getting into before you buy.
5. Think budget
Take a close look at your finances and determine how much house payment you can realistically afford. Don’t over buy. It is no fun to be house poor.
6. Use FREE money
The new and improved home buyer tax credit offers FREE government money for first-time and repeat buyers. Get a refund or use it towards your down payment and closing costs. But definitely use it!