The median sales price is up 2.5% to $625,000 for detached homes and 3.5% to $419,000 for attached homes as of December 2018 in San Diego according to SDAR. Interest rates are the lowest we’ve seen in 4 months, hovering in the low-mid 4% range depending on credit and other lender guidelines. Inventory is up and days on the market a bit longer along with escrow days.
Affordability remains a major factor with buyers options to pay or buy down the interest rate with points, place more cash down to purchase or accept Private Mortgage Insurance with a Government Loan to qualify with a higher debt-to-income ratio. Paying discount points to “buy” down the interest rate and lower the payment-Click here.
CALHFA-The income limits for a CALHFA first and second mortgage in San Diego is $157,050 effective of 1/16/2018. Sales Price Limit Statewide: $765,000. LOW DOWN PAYMENT, GRANTS, 100% FINANCING IN SOME CASES. INQUIRE HERE.
5 Strategies Buyers Are Using to Purchase a Home In California
FHA-Low down payment-3.5% down and allows higher debt-to-income ratio.
CALHFA-Low to No Down Payment Options Available.
VA-100% Financing Available.
Buy Down Interest Rate to Lower Payment
Add a Non-Occupant Co-Signer/Borrower
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