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Thinking about buying a home for sale in North County?

The media really seems to contradict itself, doesn’t it? Reasons not to buy like the state of economy & the shadow inventory OR reasons why you should buy like the interest rates & short sales.

Why is now a good time to buy? Shadow inventory & short sales.

Contradictory? Yes but reasons to buy. 

Why? The current programs our government has recently launched to keep people in their homes. I was just at a short sale conference & shadow inventory was a topic that came up.

The bank representative said, the first priority is to keep homeowners in their homes & if those homeowners can’t qualify to stay in their home then the next option would be to short sale. Foreclosure is the last step the banks want to take.

Why? Because the banks have built up a large amount of inventory that has yet to be put on the market. (aka shadow inventory).

Why not wait then? The only problem with waiting for the banks to release the shadow is that the longer they hold onto these homes…the more money they will be able to get for them.

It’s not a buyer’s market, it’s a banker’s market!

We know who the biggest player in real estate is…the banks…WHY? They control the inventory & the financing. There’s not much we can do to control what the banks do…or the market does for that matter. All we can do is assess the current conditions of the market & determine if buying a home right now is worthwhile. Based on the trends, buying right in this market place makes a ton of sense.

The #1 reason …FINANCE.

Did you know rates right now are in the low 4’s? Do you really think rates are going to stay this low?

NOPE. Once the banks figure out a way to get comfortable with lending to self-employed borrowers, the climate of the market will change, dramatically.

My take is that, the banks will eventually come up with a program that allows self employed people to easily qualify for financing. Once that happens the banks will be in a position to release more inventory to fill the demand of the newly qualified buyers & this will cause the rates to go up!

Why? When the banks decide to lend more money to more people, there’s only so much money to go around which will inevitably increase the cost of borrowing money… higher interest rates.

I bet you’re thinking, I should wait until prices come down because that will be the better time to buy. WRONG!

If the prices go down by 10% but the rates go up by 1%….its a wash. 

Think about it…if you were to buy a home today you can secure a low rate. But even if the market went down by 10% you would have been paying down on your mortgage this entire time while taking advantage of mortgage interest deduction & that’s only if prices go down.

Still on the fence & thinking about buying?

Check out the FREE Buyer’s guide in this crazy flipped upside down market!

In this free guide, you’ll get tips on:

  • How not to lose your deposit.
  • All of the different types of sales available.
  • Why should should even buy a home.
  • much more…

Click here to get FREE ACCESS!

Posted in: Blog, Buyers, Real Estate in San Diego, San Diego North County Real Estate Tagged: Buyer, Buyers, First Time Buyers, loans, North County San Diego, qualifying for a loan, Short sales

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