Are Myths About Home Ownership Holding You Back?

As you’ve probably have heard that San Diego is the second least affordable place to live in the United States. The fact that one needs to make almost double the median wage to own a median priced home in San Diego has probably scared many from the thought of home ownership. The numbers may be even more intimidating when considering home ownership in Carlsbad. First time home buyers, especially, are prone to believe the myths about home ownership.

The biggest home ownership myth many believe is that they can’t afford to own a home. Though it is true prices have increased and many of the home prices in San Diego have skyrocketed, home ownership is still affordable for the serious buyer. On a side note, because home prices have gone up, many interested home buyers believe that it is more affordable to rent long term. Like home prices, rents in San Diego have also gone up. Prospective home buyers should research their desired living area beforehand as home ownership in some communities are actually less than the rent costs. To make a decision about whether home ownership or renting is best for you, you should assess your current lifestyle, finances and your future financial goals.

Other myths about home ownership new home buyers believe revolve around having enough to qualify for a loan and affording the 20 percent down payment. With the recession a few years ago and the push to help first-time home buyers get a home, there are additional resources and aid opportunities available. Though each market may be different, prospective home buyers don’t necessarily need the conventional 20% down payment. In fact buyers can make an offer with 5-10%. San Diego is a very competitive market, so the more buyers can afford to pay up-front, the more likely their offer will be accepted. Another thing to consider is with the less money down you put, the higher your monthly mortgage payment will be if you get the home. It is also easier to get loans with imperfect credit now. Another thing to remember is with better credit, you have more loan options.

You may be surprised about how easy home ownership can be. If your finances are in order, you have a budget and you’ve done some research about home prices in your desired living area, you’ll be amazed at how easy it is to buy your dream home. For additional resources for first-time home buyers, visit my website or read some of my posts. I’ll be happy to answer any questions you may have.

Myth vs. Truth(c) Globelink International Travel

This information is brought to you by:
Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® CalBRE# 00476662
Certified Distressed Property Agent

Sunshine Smith, SFR, Realtor® CalBRE# 01249837
Short Sale, Foreclosure Resource Certified

RE/MAX BY-THE-SEA
dennis@SanDiegoHomes4u.com
www.SanDiegoHomes4u.com
760-436-0087 or cell at 760-212-8225

Providing quality Real Estate services in the North Coastal San Diego area including Del Mar, Solana Beach, Rancho Santa Fe, Cardiff by the Sea, Encinitas, Leucadia, Olivenhain, Carlsbad, La Costa, Aviara, Oceanside, Vista, San Marcos, San Elijo Hills, Escondido; all San Diego County.

View all San Diego area homes for sale at
http://www.sandiegohomes4u.com/MLS_Search.htm

About Dennis Smith

Dennis Smith has written 268 post in this blog.

Dennis and Sunshine Smith are Realtors with RE/MAX BY-THE-SEA in the San Diego area. We have the Local Knowledge and Expertise by assisting buyers, sellers & investors in San Diego County since 1994. http://carlsbadLifestyles.com/

About Dennis Smith

Dennis and Sunshine Smith are Realtors with RE/MAX BY-THE-SEA in the San Diego area. We have the Local Knowledge and Expertise by assisting buyers, sellers & investors in San Diego County since 1994. http://carlsbadLifestyles.com/
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