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Home Buying in Today’s Market

Home Buying in Today’s Market

Even with the current pandemic, the housing market is strong. Prices are high which can scare some potential buyers away from wanting to buy a home. These high prices should not be a barrier because of such low mortgage rates like 2.81%. With low mortgage rates like this, it allows a buyer to spend more money for cheaper price. 

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Some reasons for high prices are availability of listings, which there are very few. In such an active market during a time of uncertainty, San Diego County real estate market is still in good condition. Since there are very few listings available, patience becomes very important. For example, since prices are high try to stay away from buying a house that isn’t a fit. It is very important to make sure that a buyer finds what is best for them. This will prevent from buying the wrong house. 

Another important thing to go along with this process because of such high prices for buyers, is finding what you can absolutely afford. This means staying in line with you budget. To add this also means making sure you have the right down payment. The bigger the down payment the lower the mortgage payments. If this can’t be done, future buyers should keep saving, start budgeting between necessities and wants, or even expand your search to a different area. If potential buyers do this for a longer period of time, they will be able to get a more affordable mortgage payment. 

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