Finding Your Dream Home in a Down Downtown San Diego Real Estate Market
Imagine you were invited by an to an Open House organized by Downtown San Diego Real Estate Association. While on tour, you saw a home that has everything included on your checklist of a dream home. The tour has ended but you still could not forget about the replica of your dream home, so you decided to ask a Downtown San Diego Real Estate agent about it.
The first question you asked was the price. You could not believe what your friend told you because you know that Real Estate Market properties in San Diego are a lot more expensive that the price she just quoted. While driving home, you tried computing how much you would have to pay for the home and you realize that this home is affordable. When you reach home, you excitedly tell your spouse about your dream home but your spouse’s response isn’t so nice. Your spouse says it’s not the right time to buy a property because the real estate market isn’t so stable. Now, what do you do?
It’s best to weigh the pros and cons of investing at this time.
Of course, there are a lot of advantages. The first advantage is that since it’s your dream home, it’s easier to have a better quality of life. The second advantage is it’s quite difficult to find a home you really like. You have checked a lot of sites offering Real Estate Market properties but you just couldn’t find your dream house. Third thing is the home is affordable and investing on it doesn’t entail financial risk. Lastly, it has low interest rates; thus, you are certain that you will get a reasonable interest rate.
It’s now time to look at the cons. First, like what your spouse told you, the market keeps going down and there is a risk that your new home will depreciate in the short term. Next, the interest rates might go even lower. Finally, with the slow market, it can be difficult to sell your current property.
It’s important to dissolve the disadvantage on interest rate first, since this can affect you for as long as your mortgage exists. If the rates continuously go down, the best option is to refinance, so there won’t be any interest rate hurdle. About selling your current property, expect its value to be lesser that it was at the market peak of Downtown San Diego Real Estate Market in 2005. However, you can sell it at a reasonable period if you price it attractively. The difference in price would not really matter since you have already concluded that this new home is affordable. Therefore, the biggest disadvantage is the possibility that your home value will depreciate in the short term. Actually, this isn’t really a hurdle unless you plan to sell the home after a few years. However, if you plan to live here for many years, you can ride out the current market cycle until it begins appreciating again.
So, if your dream home is being sold while the Downtown San Diego Real Estate Market is down, so what? It’s your dream home so make this dream a reality!
Mail this post
Tags: downtown san diego condos, downtown san diego real estate, san diego condos, San Diego Real Estate