Written by Baruch Rosenberg of Keller Williams Realty. CA BRE #01709370
With home values in San Diego County up over 13% over 2013 at the end of March some may wonder is now a good time to move up? Yes! Let me explain, you see during this current real estate cycle we have seen the bottom of home prices arguably twice, once in 2009 and once again in 2011. Most people who purchased real estate between 2008 and 2012 more than likely have earned equity now. So let me give you 3 great reasons why now may make perfect sense to move up.
1. You have earned equity
If you were able to purchase an entry to mid level home between 2008 and 2012 you can take advantage of your earned equity. You see we continue to have low levels of inventory across San Diego right now, mainly in the entry level market. This means your home may be in high demand.
2. Interest rates remain great
Since 2008 to the present interest rates haven’t really changed much. In early 2009 they were slightly above 5% and sure they came down dramatically into the low 3% recently, still interest rates have not gone back above 5% for now, mainly staying below 4.5%, but for how long?
3. You can now afford a new price point
Since most entry level homeowners now have earned equity, taking that money and using it as a down payment for your next purchase allows you to buy in an area, neighborhood and/or price point where perhaps your were not able to do so before. Also since interest rates havent changed much, your interest rates wouldn’t be much different.
Now makes perfect sense and many homeowners in San Diego county are taking advantage of this great scenario we are in. So if you have outgrown your current home, need to be in a different area for commuting purposes or want to change school districts for your children now is a great time.
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