San Diego real estate agent looks at what first time homeowners need to know when entering into the market.
The idea of homeownership is for building sense for community, starting a family, creating memories and to be financially sound.
According to the National Association of Realtors’ 2013 National Housing Pulse Survey, almost four-of-five people state that homeownership is a priority for them in the future. With a home, it could provide the ability to create construct your equity and financial steadiness.
But why buy San Diego real estate? One significant reason is rent for apartments is always on a consistent rise, while a mortgage payment stays stagnant on a monthly basis. Making the long-term decision of being a homeowner, you could have an easier time of future planning and budgeting.
It is still a good market to buy San Diego real estate. According to the Freddie Mac Update, it displayed that mortgage rates are still below five percent. The rates surpassed the 18 percent mark in the early 1980s, so now is the time!
Now that the recession is starting to turn around, potential homebuyers are feeling more confident, and less concerned about jobs and foreclosures than 2011, according to the National Association of Realtors 2013 National Housing Pulse Survey.
You may be able to be a homeowner if you
- Obtain a stable income with a good credit score, and documentation to confirm your savings
- Meet the expenses of a five percent down payment and closing costs
- Attain a satisfactory reserve of money in case a job is lost, an illness, an unexpected emergency, money for maintenance fees or other financial issues.
San Diego real estate could be an attainable goal for you, if you do your research and contact an experienced San Diego Realtor.