Working with a mortgage broker has many benefits over acquiring a mortgage with a big bank. Not only can we find the better rates, but we can help make sure buyers have more purchasing power. This can be essential in the San Diego market because of the competition brought on by the low inventory of homes. Getting pre-approved is always a great first step in your home search.
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Unemployment is very low. This is great. But, low unemployment is a harbinger of recession as you can see in this chart. However, recessions are a time when interest rates also decline. What does this mean for housing prices? I do not perceive a lot of speculative value in the our current home prices. So, if the economy does slow, I believe pricing will remain stable and we can get into a buyers’ market. I do not expect home prices to be adversely impacted if the economy does slow in the next year or so. This will be supported by lower interest rates in a sluggish economy. Lower rates also help affordability.
April is almost over and this what has been going on recently in the real estate market.
Make sure to watch the video above to know what this can mean for you and for other trends to keep an eye on. Le me know how I can help you!
Right now the hot new programs in the loan world are those suited for self employed borrowers. These programs allow you to use bank statements or stated income instead of your tax statements. Whether you’re looking for an investment property or a home for yourself, we can find the right option for you. Check out the video below for more information and give me a call to discuss. I look forward to helping you!
I recently commented on the decline in home prices we have seen over the last months in San Diego. Many homes in the market have had price reductions, which can be common during winter months, but it’s something we haven’t seen in San Diego homes for some time. While this can be a positive change for buyers, I believe it is still a sellers’ market due to the low inventory. For the full article click here.
I spoke with ABC10 News about the current state of the real estate market in San Diego. Activity is still slow and interest rates remain high, but this could become an opportunity for those looking to buy. I do think we will see an increase in activity in springtime, but I don’t expect prices to skyrocket. If you are looking to buy, give me a call to discuss financing options.
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For a limited time we will cover the cost of your clients’ appraisal. This could help to save them hundreds of dollars at closing and make the buying experience even better for your clients. It is available for all conventional loans that close before December 31st. At the time of closing a credit for up to $525 will be applied. This opportunity will only last until December 31st, 2018 so don’t wait too long. For more information give me a call today.
I spoke with ABC10 News about the rent control debate currently affecting San Diego.High rental costs in San Diego are prompting people to pursue rent controls to limit rental increases. I believe the long term solution is more supply of housing. The current supply has not met the demand in our city. Rent control would serve as a short term solution that may not be feasible and may not result in the needed changes.
Watch the video here.
I got the opportunity to talk with The San Diego Union Tribune about the rising costs of apartments in Downtown San Diego. With many new developments comes competition to gain tenants, but the high rents are not drawing in as many renters. Apartment complexes have started to offer concessions to draw in new tenants. I believe the high pricing is a step into drawing in new tenants. It is easier to bring down prices than to raise them. It’s a starting point for these new developments and will help them to find the right asking price.
To read more about this situation and the full article click here.
I’m happy to announce we are now on YouTube. Our first video is about the new Lock and Shop program. With this new program we can lock in your rate for up to 90 days while you still shop for a home. This will surely help to make the home buying process less stressful for you and your family. Give me a call today for more information and make sure to subscribe for more great videos to come.
Check out the video here.