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kcal09
ParticipantSD Realtor: Your insightful comments are appreciated (as always). I went to visit the Serenity neighborhood yesterday and the sales person told me that those new homes are selling fast. There was one home that fell out of escrow after the buyer did not qualify. It already has some upgrades in it and the price is quite attractive. After reading your comments I feel that it’s still too early to jump in even if the prices look “attractive”. I also saw the Fortino Point home for $799. Again, price looks good compared to 3 years ago but the trend appears to go downward.
ParticipantSD Realtor: Your insightful comments are appreciated (as always). I went to visit the Serenity neighborhood yesterday and the sales person told me that those new homes are selling fast. There was one home that fell out of escrow after the buyer did not qualify. It already has some upgrades in it and the price is quite attractive. After reading your comments I feel that it’s still too early to jump in even if the prices look “attractive”. I also saw the Fortino Point home for $799. Again, price looks good compared to 3 years ago but the trend appears to go downward.
ParticipantAt this time there are numerous nice homes on the market in the $800k range. Any opinion whether this is a good deal now?
http://www.sdlookup.com/MLS-100047421-11409_Fortino_Point_San_Diego_CA_92131
http://www.sdlookup.com/MLS-100034239-11315_Rose_Garden_Ct_San_Diego_CA_92131
ParticipantAt this time there are numerous nice homes on the market in the $800k range. Any opinion whether this is a good deal now?
http://www.sdlookup.com/MLS-100047421-11409_Fortino_Point_San_Diego_CA_92131
http://www.sdlookup.com/MLS-100034239-11315_Rose_Garden_Ct_San_Diego_CA_92131
ParticipantAt this time there are numerous nice homes on the market in the $800k range. Any opinion whether this is a good deal now?
http://www.sdlookup.com/MLS-100047421-11409_Fortino_Point_San_Diego_CA_92131
http://www.sdlookup.com/MLS-100034239-11315_Rose_Garden_Ct_San_Diego_CA_92131
ParticipantAt this time there are numerous nice homes on the market in the $800k range. Any opinion whether this is a good deal now?
http://www.sdlookup.com/MLS-100047421-11409_Fortino_Point_San_Diego_CA_92131
http://www.sdlookup.com/MLS-100034239-11315_Rose_Garden_Ct_San_Diego_CA_92131
ParticipantAt this time there are numerous nice homes on the market in the $800k range. Any opinion whether this is a good deal now?
http://www.sdlookup.com/MLS-100047421-11409_Fortino_Point_San_Diego_CA_92131
http://www.sdlookup.com/MLS-100034239-11315_Rose_Garden_Ct_San_Diego_CA_92131
ParticipantWe immigrated 20 years ago and rented first to get a feel of the neighborhood. Don’t be concerned about paying rent first, it’s money well spent. Also, why not rent something smaller first and save some money? Once you have a good credit score you should be able to get a mortgage with a decent interest rate. The home prices won’t go up any time soon and the interest rates will remain low for a while.
ParticipantWe immigrated 20 years ago and rented first to get a feel of the neighborhood. Don’t be concerned about paying rent first, it’s money well spent. Also, why not rent something smaller first and save some money? Once you have a good credit score you should be able to get a mortgage with a decent interest rate. The home prices won’t go up any time soon and the interest rates will remain low for a while.
ParticipantWe immigrated 20 years ago and rented first to get a feel of the neighborhood. Don’t be concerned about paying rent first, it’s money well spent. Also, why not rent something smaller first and save some money? Once you have a good credit score you should be able to get a mortgage with a decent interest rate. The home prices won’t go up any time soon and the interest rates will remain low for a while.
ParticipantWe immigrated 20 years ago and rented first to get a feel of the neighborhood. Don’t be concerned about paying rent first, it’s money well spent. Also, why not rent something smaller first and save some money? Once you have a good credit score you should be able to get a mortgage with a decent interest rate. The home prices won’t go up any time soon and the interest rates will remain low for a while.
ParticipantWe immigrated 20 years ago and rented first to get a feel of the neighborhood. Don’t be concerned about paying rent first, it’s money well spent. Also, why not rent something smaller first and save some money? Once you have a good credit score you should be able to get a mortgage with a decent interest rate. The home prices won’t go up any time soon and the interest rates will remain low for a while.
ParticipantThis is a brief article published yesterday. Would appreciate your opinions…
To buy or not to buy?
That is the question, right? When you are bombarded by headlines that scream at you … “Historic Low Mortgage Rates” …”All Time Affordability Ratios” … “Pricing is Climbing from Recessionary Lows“…”Tax Credits for Home Buyers”… doesn’t that make you want to run out and buy a home?
Well, it should! But, in many places, like San Diego, buyers are sitting on the sidelines. They are waiting for something, someone or some reason to get into the home buying mode. What could be keeping them from taking advantage of what is, without a doubt, some of the best conditions for buying a new home in the last 10, maybe 15 years? Let’s explore the possibilities.
Mortgage rates are at historic lows. 4.56% for a conforming, fixed rate, 30 year loan, with 0.7 points for an origination fee. This is from the posted Freddie Mac Primary Mortgage Rate Survey, as of July 22, 2010. 15 year loans and adjustable loans have even lower rates!
Pricing continues to climb, evidencing that the pricing pendulum swung too far from the norm and we are seeing a recovery in home pricing. The S&P/Case-Shiller index shows San Diego pricing up 1.1% from April to May of 2010 and up 12.4% from May ‘09 to May ‘10.
Even with the increase in pricing, the fall in mortgage rates has increased Affordability Ratios for home buyers. Daniel Kelley is the lead real estate analyst and portfolio manager of the Fidelity Select Construction and Housing Portfolio, he believes these are some of the best affordability ratios we have seen in the last 30 years!
Add to this wonderful mix of consumer news, that the State of California is still offering up to $10,000 of State Tax Credit for buying a new home. So far, through July 20, 2010, new home purchasers have only requested $66 million of the $100 million tax credit allocation in the form of a tax credit request or the reservation of a tax credit. At the current rate, the $100 million tax credit allocation for new homes should last through the month of August!
Do you need more facts to help you get into a buying mode? How about a 21.9% drop in the inventory of unsold homes? That’s correct, 21.9% decrease from April to May of 2010. Buyers are snapping up the available inventory. Add to that fact, that the relative increase in rental rates and the tremendous increase in affordability ratios has now pushed the rent vs own debate into the ownership category. For many people, it is more financially beneficial to own a home instead of renting one. This will continue to push up the demand for home sales.
ParticipantThis is a brief article published yesterday. Would appreciate your opinions…
To buy or not to buy?
That is the question, right? When you are bombarded by headlines that scream at you … “Historic Low Mortgage Rates” …”All Time Affordability Ratios” … “Pricing is Climbing from Recessionary Lows“…”Tax Credits for Home Buyers”… doesn’t that make you want to run out and buy a home?
Well, it should! But, in many places, like San Diego, buyers are sitting on the sidelines. They are waiting for something, someone or some reason to get into the home buying mode. What could be keeping them from taking advantage of what is, without a doubt, some of the best conditions for buying a new home in the last 10, maybe 15 years? Let’s explore the possibilities.
Mortgage rates are at historic lows. 4.56% for a conforming, fixed rate, 30 year loan, with 0.7 points for an origination fee. This is from the posted Freddie Mac Primary Mortgage Rate Survey, as of July 22, 2010. 15 year loans and adjustable loans have even lower rates!
Pricing continues to climb, evidencing that the pricing pendulum swung too far from the norm and we are seeing a recovery in home pricing. The S&P/Case-Shiller index shows San Diego pricing up 1.1% from April to May of 2010 and up 12.4% from May ‘09 to May ‘10.
Even with the increase in pricing, the fall in mortgage rates has increased Affordability Ratios for home buyers. Daniel Kelley is the lead real estate analyst and portfolio manager of the Fidelity Select Construction and Housing Portfolio, he believes these are some of the best affordability ratios we have seen in the last 30 years!
Add to this wonderful mix of consumer news, that the State of California is still offering up to $10,000 of State Tax Credit for buying a new home. So far, through July 20, 2010, new home purchasers have only requested $66 million of the $100 million tax credit allocation in the form of a tax credit request or the reservation of a tax credit. At the current rate, the $100 million tax credit allocation for new homes should last through the month of August!
Do you need more facts to help you get into a buying mode? How about a 21.9% drop in the inventory of unsold homes? That’s correct, 21.9% decrease from April to May of 2010. Buyers are snapping up the available inventory. Add to that fact, that the relative increase in rental rates and the tremendous increase in affordability ratios has now pushed the rent vs own debate into the ownership category. For many people, it is more financially beneficial to own a home instead of renting one. This will continue to push up the demand for home sales.
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