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Rent vs Buy in 94115 : Real Estate Advice

  • All42
  • Local Info3
  • Home Buying14
  • Home Selling7
  • Market Conditions0

Activity 4
Sun Jan 27, 2013
Cindy Davis answered:
I would say that most are a scam. I still see agents advertising like that.

The primary 'no money down' option is for Veterans with the VA. There are some zero down loans tied to rural areas ...

For most folks however, the easiest way in is through FHA...these loans require 3.5% down...and it's still a good idea to have some of your own closing costs, as well as some saavings.

Here is the link to the FHA to learn more:
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Fri Sep 28, 2012
Cindy Davis answered:
I can understand that. Did you have a question for an agent or was this just a statement?

The decision to rent or buy is very personal to each potential buyer. Things to consider 1) how long do you intend to live in San Francisco? 2) Do you have the credit, the down payment and earnings to support a mortgage in this rather expensive city?

I always suggest renting for a short while upon making a move to a new city. That gives you time to adjust, sort your options out, and figure out exactly where you want to buy.

Do a cost analysis of buying vs. renting. Before even consulting a Realtor, I recommend find a good mortgage broker who can help you work the numbers.

All the best to you.
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Fri Sep 28, 2012
William Ng answered:
You can do a 1031 exchange and swap your current property with one at your new location. But you will lose out 6% to the realtors.

I am also interested if there are any way around this. ... more
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Fri Sep 28, 2012
Elizabeth answered:
I have never seen Noe Valley go down in value. S.F. is such a strong market. If you have the opportunity to buy, the morgage rates work for you, then buy. You won't lose your money depending on how long you are willing to hang on to this property and the type of loan product you are going to use. Gets a bit trickier if you are going to use a neg. am., other than that, buy, buy, buy. ... more
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