First, there's a great calculator I keep a link to from the New York Times, it's the most comprehensive rent vs buy calculator out there.
Other things to consider are more personal, like your current credit situation, or your life goals/plans and how owning a piece of real estate would factor into that.
If you'd like a more in depth discussion where we can discuss your personal details feel free to contact me via email @ firstname.lastname@example.org
Whatever you choose to do, San Diego welcomes you! Congrats on graduating and moving into the next chapter of your life!
If you can afford to buy, then buy. Find out if you can qualify for a mortgage, as it has been a little difficult these days.
The housing market in San Diego is still a little low, but is coming back rapidly.
Let me know if I can be of any help.
Yoann Baral Baron
Allied Green Realty
619 995 9467
But if you've got some deeper pockets or are fortunate enough to be a trust fund baby now couldn't be a better time to purchase a home in the areas you've mentioned. They're not making anymore property in those areas and the prices just keep going up.
I was raised in Newport Beach and personally saw what happened to property values there. I sat on the fence in disbelief and got left behind. Moved to San Diego and didn't let any California surf pull the sand out from under my feet. Not only that, San Diego has Newport Beach beat hands down. I wouldn't live anywhere else. But don't sit on the fence too long.
If we can help you in any way please feel free to reach out anytime. My cell is 760 815-6977 and my email address is email@example.com. We're a one stop turnkey family owned and operated real estate broker, developer, general contractor and interior design company with over 100 years of combined experience.
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Also don't forget to factor in the cost of maintenance and repair on a property you own. When you rent your landlord gets to pay all of this.
If rent is much less than the payment to own, you might choose to keep renting. Renting is also very flexible in that you can move immediately if you have a job change, without having to sell or rent your house.
First stop...a lender. I am not one, but can refer you to a few if you do not have someone you trust.
The San Diego Homes Team
It depends! I am advising pretty much anyone who can, to buy right now, but each situation is different and we don't have a crystal ball as to where the market is going to go this year (although, there are so many indicators that say UP). I would love to chat with you about your specific situation, if you are pre-qualified, what you want/need in a home, etc. so feel free to contact me directly and we can work together to see what is best for you. Sometimes, my clients need to rent for a year and then we go house-shopping, it's only what's best, if it's what's best for you!
All My Best!
Real Estate Broker/ RealtorÂ®
McAllister Homes Real Estate
Residential Sales & Property Management
Mission Beach, La Jolla, and Pacific Beach are beautiful areas by the ocean (most comparable to Hawaii ;)). Condos in those areas can be affordable but you will most likely be looking at substantial HOA dues, especially in La Jolla. Good luck! You will love it here!
Welcome to San Diego, you'll love it here!
Normally, I'd say rent until you get acquainted with the neighborhoods, but prices are rising due to low inventory. So, it depends on if you know where to buy, although your budget may end up guiding you.
What I do suggest right now is to have some listings sent to you in your price range, even if you're just going by monthly payment right now. Or you can get pre-qualified to see what you're price range actually is. You'll start to see what's available where, and soon you'll have already narrowed down your neighborhoods.
A couple of questions to ask yourself are, do you have money set aside for closing costs? You can ask a seller to pay them, but we're in a really competitive market now, and sellers are looking for the highest and cleanest offers.
What sort of down payment do you have? This will let you know what type of loan you'll have, and your loan will tell you what properties you can buy (some loans are more restrictive).
Do you know your credit score? This will also help you with a loan type, and will also dictate your interest rate, which affects your monthly payment.
A lender will want to see documents like W-2's, tax statements, bank statements, etc.
When you're ready to go out and look at homes, I can let you know what your monthly payments will be before you even write an offer. The more you understand, the less stress you'll feel.
Feel free to contact men anytime with questions, I'm here to help!
If you have the opportunity to buy now-do it.
Look at any statistics both short term and long term, for San Diego, and you will see that we are trending up at a rapid pace and heading to what may be our next peak in the market. Even if your life takes you to another city in the future, you have in most cases, an excellent rental to hold on to after the move. In the event you want to return,you've reserved that option.
A wise old gentleman once said to me, 'If you can afford to buy land in Souther California-do it and hold onto it'.
Do your research.
The closer to the Ocean you get, the more demand there is.
Any of these great Agents can help you understand neighborhoods where you want to live, and where you'll be happy.
Don't worry about the price of the property-set the bar for the amount of mortgage you want to pay every month. Once you set this number, we can work backwards to find the price of a property that allows you to keep that monthly comfort level-this is how to keep a healthy quality of life.
There are many more factors here to consider, BUT FIRST talk with a lender to establish your monthly comfort level and get preapproved. Some properties are getting over 50 offers, Yes 50! No Seller today, will look twice at an offer that does not have a Preapproval and Verification of Funds accompanying it. Sounds scary I know, but it's my job to let you know what the playing field really looks like, and then equip you to successfully negotiate the game.
If I can answer any questions for you, please contact me through phone, text, or email or you can visit my site at: http://www.SanDiegoHomesByShane.com
Thank You and Good Luck!
Can you afford what you want to buy?
Do you have a substantial down payment? closing costs?
Do you have 3-6 months of savings after you buy?
What is your credit score?
What is your income?
If you meet the needed loan criteria, by all means buy. Most folks just graduating need to get established at a job, save up money, and so on.
Feel free to call me directly if you would like to explore this further!
Cindy - 619-379-8616
A Direct Lender