Considerations Before Buying a Home
3 Questions Before Buying a San Diego Home
It’s pretty typical for family members and friends to dispense a lot of advice when you’re considering purchasing a home. Everyone has your best interest at heart but are they completely aware of what your family needs? Just as important, are they knowledgeable about the San Diego real estate market? Here are three questions for you to consider to help you decide if now is actually a good time to buy a San Diego home.
- Why do you want to buy a San Diego home?
Examining your “why” will reveal the true reasons for choosing to purchase a San Diego home. Put aside finances and consider quality of life issues; think about the non-financial benefits for you and your family. For example:
- A home is where your family feels safe
- You desire more space and the ability to control that space
- You want a nice place with good schools to raise your children
- Are home values increasing or decreasing?
That’s a big question. A nationwide panel of over 100 economists, real estate state experts. plus investment and market strategists has projected the next five years of real estate values. The average of the projections of 100+ experts are:
- Home values will appreciate by 4% in 2015
- Cumulative appreciation will be 19.5% by 201
- The bearish expert opinions on the survey were still projecting a cumulative appreciation of over 11.2% by 2018
Keep in mind that these projections do not target a specific area.
- What about mortgage interest rates?
Interest rates vastly impact the cost of the home. As a San Diego homebuyer, it’s important that you be aware of more then just the purchase price. The National Association of Realtors, Fannie Mae and Freddie Mac are projecting that mortgage interest rates will increase by approximately one full percent over the next 12 months.
So there you go: some things to consider. The bottom line is that only you and your family can choose the right time to purchase your piece of San Diego real estate.