Ronda's Real Estate Blog Downtown San Diego

Why is it the best time to buy a home RIGHT NOW?

rondadodge — Fri, 13 Nov 2009 17:23:51 +0000

While the economy continues to experience multiple forces affecting the recession and eventual recovery, projections reported from real estate advisors trend toward a slow and steady recovery for real estate. This, along with historically low interest rates, makes it a solid long term investment to hedge inflation. Let’s take a look at the overall interest rate history as reported by Freddie Mac:

Historical Mortgage Interest Rates

As reported by The Mortgage Market Guide in October: “There is no doubt that rates are going higher, and clients are simply foolish to not take advantage of the current environment, as it is highly unlikely that rates will ever be lower or even potentially equal to where prices have been over the past week.”

And then again in November they reported “…Future inflation is not a matter of “if”…it’s simply when and how high.”

Let’s look at what this means in terms of buying a home:

Say you want to purchase a home for $500K (an average home cost here in San Diego), the principal and interest at 5% on a 30-yr loan would be $2,684/mo. The same payments for a 6% loan would only allow you to purchase a home worth $447,687, a loss of $52,313 buying power!

Likewise with the same scenario, the cost to you from having a $500K home on a 5% note versus a 6% loan will cost you $112,910 over a 30-yr amortized loan.

So while our real estate market may be heading toward a slow recovery, the time to get the best value for your dollar doesn’t get any better than right now!

Home Buyers Tax Credit Extended, Expanded

rondadodge — Thu, 05 Nov 2009 23:27:40 +0000

As it now stands, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances. Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The legislation maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order. Reprint CA Assoc. of Realtors

Calling all travelers looking for the ultimate condo

rondadodge — Mon, 19 Oct 2009 00:01:38 +0000

So who would that be? Highly successful people, corporate entities, these people travel a lot and want 5-star service, a turn-key property, fully furnished, fully amenitized complex and the Se Luxe Residences in Downtown San Diego are just that. Just 22 homeowners will enjoy their private suite here. Two in escrow already. Order in-room chef prepared dinners, 24-hour concierge service for your every whim. Call today!

You’ve arrived, now enjoy it! Whole ownership for having it your way. Throw the keys at the concierge on the way out and make residual income, or not. Whichever you prefer! Visit www.SeSanDiego.com Call me for further details. Amazingly unique opportunity for the discriminate buyers!