I appreciate your enthusiasm about potential real estate ownership. Please do me a favor and read 5 articles that are addressed to individuals in your situation. I authored these articles and they can most easily be retrieved by going to my website. Click on Rental Owner Services and then Rental Home Ownership. Good luck with your plans.

Thu Mar 27 2008, 10:47

Mike,
First let me say I am not a realtor.
Do not buy a house right now.
Ever try to catch a falling knife?
Yes, you could hurt yourself
Better to wait for the knife to stick in the floor
Then simply grab it.

See what I mean?

good luck

don't carry a house through the recession, its not easy

Mon Mar 17 2008, 16:15

Mike,

If you need to move in 5 years, I would purchase I property that will cash flow. Make sure your monthly payment is equal to or less than the going rent for the house you buy. There are many properties and San Diego that cash flow right now. Also, since you are first time home buyers you may qualify for some programs with down payment assistance. This will help you maximize your cash flow potential. The market is picking up right now. There are multiple offers on properties under 350k. It is difficult to tell whether prices will continue to decline. I am currently working with multiple buyers and with the multiple offers, the end price ends up being very close to the listed price.

Sun Mar 16 2008, 21:26

Hi Mike,
Inventory is high and interest rates are low, when will we hit the bottom no one knows. Most of the time we only know after the fact. I would get pre-approved for a loan maybe consider an FHA loan with the new limits for San Diego. I would start shopping for the location you like and then decide if you should purchase a single family home, townhome or condo.

Sun Mar 16 2008, 18:38

Hello Mike,

My advice to you is simple, only buy when you feel the moment is right for you. No one other than yourself can answer that question. I offer listings to your email , with no pressure to be your agent. Its your choice not mine, all i feel im obligated to do is help you as a friend .
thanks from Ron my email is r.mccarty@yahoo.com

Fri Mar 7 2008, 23:11

Dear Mike,
Now is a good time to purchase a home because the market conditions will get you a good price and sellers who want to sell, and are ready to negotiate. No one knows about tomorrow..but we know today is a buyer's market!

Fri Mar 7 2008, 17:06

Mike: Have you chosen an area yet? Probably you need to buy close to your work or your wife's work. If you have children you will have to consider good school districts. Your five year plan is excellent. You can not go wrong with it. My advice would be to buy now. If the interest rates goes up 1/2 % between now and when you finally make up your mind to purchase, your purchasing power goes down approximately $14,000 so, instead of being able to purchase a $ 350,000 home, you will have to find a home for $336,000. You are correct. Your $ 15,000 down and your projected payment of $ 2,500.00 will purchase you a home between $ 350,000 and $ 360,000 with a 42% mortgage/debt ratio. Nowadays, lenders look for very good credit and proof of income. I agree with the other agents that a home in terms of appreciation might be better than a town house or a condominium. Good luck. If you need any help you can find properties for sale all over San Diego in my website.

Sat Mar 1 2008, 20:41

Mike:

Your timing for entering the San Diego real estate market couldn't be much better--unless you possess a crystal ball!

If at all possible, I would suggest buying a single family detached home rather than a condo or townhome, because these properties will usually be the first to recover--unless you find a bargain at the beach. And unlike a few years ago, you can now find quite a bit of San Diego housing inventory in the sub-$350,000 range,

Your five year plan sounds like a good one--and I would suggest implementing it as soon as possible while interest rates are still affordable. You will also find it next to impossible to purchase anything with less than 3 percent down; however, you appear to be in good condition for 95 percent financing.

If you would like to search the San Diego MLS, just click the link below--and best wishes in finding an outstanding home and investment.

Sat Mar 1 2008, 09:25

Mike,
If you haven't been pre approved for a loan, I would do that first, so you will know what you can afford. You might have the loan officer give you various amounts you would qulify for, based on 3 possible interest rate situations. I think it is a wonderful time to buy if you plan on living in the property. There are so many motivated sellers right now, including banks. See the article I wrote about Contrarian Investing at this site http://www.chicagotitlesd.com/december07/MFNewsContrarianInv…
I would recommend getting a Realtor to help you and I can recommend some if you need referrrals. Some specialize in working with buyers and some don't. You can find more information on our site shown below and I do free seminars on buying foreclosures, short sales and bank owned properties. See the details at http://www.fredeckertgroup.com on the front page. Good Luck and have a superb weekend.

Fri Feb 29 2008, 17:47

With inventory high and interests rates low it is an ideal climate for buyers, despite the national media. I would advise to choose carefully and make sure not to buy on the high-end of the neighborhood as there is less chance for growth. Historically, returns on real estate have proven to be sound investments and there is no real reason to think that will change. Since you are planning on owning for at least 5 years before selling, the chances of seeing a return on your investment is quite good, unless you buy too high for the neighborhood or take out equity lines, etc.

Fri Feb 29 2008, 17:43