You knew this Downtown San Diego Real Estate agent won’t take no for an answer, so you decided to accept her invitation to an Open House in Downtown San Diego. While on tour, you saw a home that has everything included on your checklist of a dream home. You just couldn’t take your eyes off it, so you decided to inquire about that home from a Downtown San Diego Real Estate agent.
You immediately asked how much the home costs. 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?
The best thing to do is to list the advantages and disadvantages of buying a property 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. Second is it’s not always easy to find your dream home. 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. Lastly, if you want to sell your current property to purchase the new home, it can be hard to do it since the market is down.
First, it’s important to analyze and assess the downside on the interest rate, since this plays a major part in your mortgage. One solution for the continuous lowering of interest rates is refinancing; thus, you wouldn’t have any problem with the interest rates. In terms of selling your current home, there is a big possibility that you won’t be able to sell it for as much as you could in 2005 when the Downtown San Diego Real Estate Market was at its peak. If its price is attractive, then there is a possibility to be sold in a reasonable period. Anyhow, you have already concluded that the payments on the new home are affordable for you. Thus, the biggest hurdle is the risk of depreciation. Actually, this isn’t really a hurdle unless you plan to sell the home after a few years. Nevertheless, if you intend to live in the new home for a long time, you can always endure the current market cycle until such time that the market is up 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!
Tags: downtown san diego condos, downtown san diego real estate, san diego condos, San Diego Real Estate