Category Archives: Real Estate

New Study – Nearly Half of All Americans Missed Rent or Mortgage Payments Due to Covid-19

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.

Read More at: https://www.gobankingrates.com/money/economy/nearly-half-of-all-americans-have-missed-a-rent-or-mortgage-payment-due-to-covid-19-in-debt/

San Diego County’s median home price stalls for 1st time since May

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.

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2020-11-18/san-diego-home-price-gains-stall

Trying to buy a home in San Diego? Experts say to do these things first

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.

read more at: https://www.sandiegouniontribune.com/business/story/2020-11-06/trying-to-buy-a-home-in-san-diego-experts-say-to-do-these-things-first