Tag Archives: San Diego housing markets

Eight tips on buying a home

Eight things to know about buying a home today

The home-sale market is showing signs of life. More buyers are confident now than they were a year ago that now might be a good time to buy. Interest rates are near all-time lows and home prices in some areas are back to 2002-2003 levels.

Some analysts are finally suggesting that we may be headed for recovery. If you have a secure job, plan to stay put and feel this is the right time for you to buy a home, consider the following.

In most places in the country, home prices are still declining. It has only been recently that the market picked up and it’s too soon to know if this will result in a sustainable increase in prices.

Job growth in some areas combined with low inventory of good homes for sale has resulted in multiple offers with buyers bidding the price up sometimes hundreds of thousands of dollars over the asking price.

In other high-demand, low-inventory areas, buyers may find themselves in a bidding war. This doesn’t necessarily mean that the price will be bid up significantly over the asking price. This will vary from one listing to the next depending on property location, condition, and price.

It’s important to research the local community where you want to buy. Find out what homes are selling for, if multiple offers are common and if listings are selling for more than the asking price. This will help you make a realistic offer that might be accepted when you find a home you’d really like to buy. It helps to work with an experienced local real estate agent.

Some sellers in high-demand niche markets intentionally list their home at a low price hoping to stimulate multiple offers. If you see such a listing and there are a lot of buyers wanting to make offers, you will be better able to know how high your offer would need to be to win the contest if you have done your due diligence.

HOUSE HUNTING TIP: Whether you’re anticipating competition or not, you should be preapproved for the mortgage you’ll need to complete the purchase before you write an offer. In competition, this will make a big difference, particularly if everyone else who is offering is preapproved. It also lets you know what you can afford. And, it puts you in a good bargaining position with the seller.

Buyers aren’t the only participants in the housing market that have heard the news that the market has improved. Some sellers are putting their homes on the market because they’ve been waiting for a better time to sell. This is good news for buyers looking in low-inventory markets.

You should expect that you will have to negotiate. Many of today’s sellers are selling for less than they paid. Even though the market has improved a bit, sellers may be disappointed with the current market value of their home. Be prepared to negotiate, not just the initial price, but after inspections are completed if items come up that you hadn’t anticipated.

Include realistic contingency time frames in your purchase contract for loan and appraisal approval if you’re applying for a mortgage. The recent uptick in the market means that lenders are suddenly overwhelmed.

THE CLOSING: Underwriters could require that additional conditions be met before you can be approved. Act quickly to avoid further delay.

Dian Hymer is a real estate broker with more than 30 years’ experience and is a nationally syndicated real estate columnist and author.

GOOD NEWS or Is This a Dream?

GOOD NEWS or Is This a Dream

Home prices are showing signs of going up in San Diego and the rest of the nation according to S&P/Case-Shiller Home Price Index (read the index here).

Yes, don’t blink–it is happening. According to the monthly index, San Diego has seen increases for the 3rd straight month, and my prediction is that this trend will continue shattering any inclination of declining values. The trend should continue, given that the inventory remains at 2-3 month levels to sell a home, verses the 6+ month levels of a year plus ago.

Interest rates are still OUTSTANDING — hovering at the 4% and under area, with no indications of raising rates by the Fed for the next 1-1 1/2 years coming up. What are you waiting for? If you are biding your time after a short sale or foreclosure you experienced in recent years, don’t fret–you will be fine! Call me NOW to get advice and your credit in line, on what steps to take in order to come out of the gate sprinting when you are ready.

For sellers looking to scale-down or upgrade to a larger home, NOW is also the time to GO! I have just closed a property that I personally spearheaded to reap above market value sales price that shattered the area it was located in for an ecstatic seller and neighbors! As an experienced agent for over 20 years now, I know you all know that there is no price you can put on experience when you are talking about one of the biggest assets you and most people have in their portfolio towards their retirement. CALL me now!

For sellers who are still upside-down and want to still try to keep you home, go here NOW: www.NationalMortgagesSettlement.com. There’s no more time to waste, CALL ME–I can help guide you as I have helped sevreal homeowners with this predicament. On the other side of the coin, the LAWS PROTECTING YOU ARE EXPIRING and you may be wasting an opportunity to start over again with interest rates remaining low and the market values slowly edging up in the next several years.

While here are other real estate people that you can call: friends, family or TV advertising people who talk a good game, there is no better source for information or service from an agent with proven results that I have established and continue to produce. You are guaranteed to have me personally there the whole way, while the guys on local television cannot guarantee that, therefore promising positive results!

I am honored and grateful to serve you in any capacity you may need. God bless!

– John A Silva | (619) 890-3648 | Email me