Is now a good time to buy your first home in San Diego?
Maybe, Maybe not, but here are some compelling financial reasons to consider buying your first home in San Diego.
1)
Rents are on the rise in San Diego - Renters in San Diego, according to CNNMoney, may soon be facing rent increases of 31% over the next few years and 10% in 2011 alone.
2)
Rents are going to continue to go up! - What will you do when your lease expires? If you’ve already received notice of a rent increase and you’re considering a move, your new landlord can require up to two months rent (first month and security) to move in. So an apartment with $2000/mo in rent will require $4000. If you’re a first time home buyer or haven’t owned a home in the last three years, the
California First Time Home Buyer down payment assistance program, only requires you have 1% of your own money in the deal. Of course you’ll need a good
Realtor and Lender who are experienced with these programs to guide you.
According to Trulia.com the median sales price in San Diego is $315,000, so your minimum contribution would be $3150 or $850 less than you would pay to rent.
3)
There are down payment assistance programs and first time home buyer tax creditsto help you make that move from renter to homeowner.Down payment assistance for first time home buyers in San Diego starts at 3% and can be as much as 20%. All first time home buyer programs are based on income limits and family size but a first time home buyer family of 4 in San Diego can make as much as $90,600 and be eligible. In addition, San Diego County is one of the few areas in California that still has a
tax credit for first time home buyers. For more information on these programs,
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4. Because that’s what the “Smart Money” is doing. Within the last couple of weeks both San Diego and Riverside Counties have banned the foreclosure auctions from the courthouse steps. Why? There are some many people bidding at these auctions who are trying to buy San Diego and Riverside County real estate at a discount that they’re disrupting the every day business of the courts. These “big money” investors (I met with one who had $2 million dollars in properties he was bidding on) are all paying cash, which makes it an even riskier proposition for them than you who might be buying San Diego County real estate for a 1% investment. They do this for a living and recognize that this may be a once in a lifetime opportunity to own real estate in San Diego at these discounted prices. If it’s the smart thing for them,it might be the smart thing for you too?
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