In my new segment on Craig Sewing’s The American Dream, Craig and I along with Danny Horanyi and Ryan Wilson, top-notch finance and loan experts, discussed the current economic climate in the San Diego county market and what that might mean for potential buyers.
The world’s economy has appeared to almost turn upside down with surprising shifts caused by many variables both in the United States and abroad, most notably the shocking Brexit (Britain’s decision to leave the EU). How about the real estate market? Any economic trouble or possible downturns there? Well even though home prices have been rising in San Diego they have been sinking in the last thirty days in Encinitas. No matter how slight the decrease, financial expert Danny Horanyi points out that it can make all the difference in monthly payments.
I, later, explained that the very first step is to integrate the lender with the home search because making sure the financial aspect is in place before the home search begins is necessary for the realtor to do their best work for you. I explained to Craig that the advice I give to potential buyers on financing matters is for their own good because one of the most important first steps in finding a house is to be pre-approved. Above all, you must trust your realtor! We want to get you your perfect home with the best financing possible.
The news has been spouting all sorts of dooms day claims that say the real estate market is in a bubble that is about to burst leading to a market crash but when you look at the fundamental economics this is not provable. Horanyi said that when you take a glance at the supply and demand, the inventory levels, new home building, and supply relative to the population growth there is not a single metric pointing towards a crash.
However, you can only deal with what you know now in this very moment. I cannot predict what will happen in the market but I do know that is can be difficult enough to find the right home for you so when you do find it then move quickly and make it your own.
If you missed my segment, then take a glance at the clip below to stay up to date with the financing climate within the market.