If you’re a potential homebuyer wondering whether it’s best to make a move before the calendar turns over or wait until spring 2021, here are three critical considerations to make:
1. Interest rates are at historic lows. You’ve probably been seeing this in headlines for almost a year now, but rates just dipped below 3% for the very first time. We’ve been helping buyers left and right lock in rates in the upper 2s on great pieces of real estate. If you’re discouraged about rising home prices, consider that rates have a much more significant impact on your mortgage payment schedule. Though it may seem counterintuitive, buyers today can afford more home for their money than in years past.
2. You can move into a new home with more space. This year, we’ve all realized just how important it is to have adequate living space. We’ve already helped scores of families move up from a townhome or condo into a home with more rooms and a yard. Is your family expecting a brand-new member soon? Are you having parents or grandparents move in to create more of a multigenerational lifestyle? If an upgrade is on your horizon, consider acting now; there’s never been a better time to leverage your purchasing power and move up into a larger dwelling space.
3. You can move into a home away from the city. When companies began allowing their employees to work from home, many people realized that the only thing they liked about living in the denser urban areas of San Diego was the close proximity to their place of work. Now that these employees can work virtually from anywhere, they’re looking at real estate in the extremities of San Diego where they would have never considered living before. Places like Poway, Fallbrook, North Escondido, and other areas just outside of the city are now hot markets, and it’s more than likely that they’ll become even more competitive as we enter 2021; if you’re one of the many city dwellers looking for more elbow room, it may be best to act now.
These are just a few of the things to consider as a homebuyer in the fourth quarter of 2020. If you want more tips and tricks on how to win in the San Diego real estate market, please feel free to give us a call or send an email.