A new GOBankingRates survey found that a staggering 46% of Americans missed one or more rent/mortgage payments, and that 25% have missed more than one. And Erik Wright, owner of Chattanooga, Tennessee-based New Horizon Home Buyers says that the survey results are not surprising.
Category Archives: Real Estate
San Diego County home prices in October did not increase from the previous month for the first time since May.
The median home price for all homes — single-family, condos, townhouses — was $650,000, unchanged from last month, said CoreLogic data provided by DQNews on Wednesday. The price is still up a substantial 13 percent in a year, but marked a rare slowdown in price appreciation that has defied expectations throughout the pandemic.
Many of the circumstances that experts say have driven up prices across the nation are still present: Record low mortgage rates, lack of home inventory and desire to own a home as many people are stuck working outside offices.
County home prices have increased 10.2 percent since the pandemic began. That makes the process of purchasing a house stressful for even the most hardcore money savers. While interest rates are at historic lows — an average 2.89 percent in September — it is hard to find many scenarios where it is cheaper to buy than it was a year ago.
Get Pre-approved for a mortgage
Having financing in order before the price war begins is key because it helps potential buyers act quickly on a house where there are multiple offers.
The basic reason is sellers often have a fear that a sale will fall through because of financing, so if a buyer has that ahead of time, it will make it a more attractive bid if there are multiple offers.
Get a head start on competition
A lot of listings nowadays have virtual and 3D tours that can help potential buyers learn about a place before they can actually see it.
Under California COVID-19 restrictions, real estate agents cannot hold open houses, and agents are limited to one showing at a time. Requirements include wearing masks and signed waivers. Buyers can get a head start by viewing 3D tours common on sites like Zillow, Redfin, Realtor.com and Trulia. It isn’t that different from photos — but it does allow for potential buyers to experience what it is like to walk throughout the property.