Real estate news with Jim Frimmer — San Diego's home affordability drops

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Real Estate Agent with HomeSmart Realty West CalBRE #01458572

Contact Jim Frimmer for all your San Diego real estate needs!
http://www.missionvalleycondos.info


San Diego's home affordability drops

http://www.missionvalleycondos.infoHome prices in San Diego have been increasing steadily — with a couple of bumps here and there — since February 2009, and that is reflected in the Housing Opportunity Index released each quarter by Wells Fargo and the National Assocation of Home Builders.

The index tracks 226 markets and determines how many households earning the median income for that market could afford to buy a home in that quarter. In addition to the median income, the index takes into account current interest rates and standard underwriting standards, currently defined as a 10% down payment and a 28% debt-to-income ratio.

In the third quarter of 2010, San Diego's affordability was ranked as the 12th worst in the country. For comparison, San Diego was the 10th worst metro area in the second quarter of 2010 but the 19th worst in the third quarter of 2009.

http://www.missionvalleycondos.info


http://www.missionvalleycondos.infoAs home prices rise, fewer people can afford a home, usually because they can't come up with that 10% down payment. For those with great credit scores, little debt, and good down payments, there are many options.

If you're trying to get started in a home, a condominium can often offer you better affordability as well as amenities that you often couldn't afford, such as swimming pools, spas, tennis courts, recreation rooms, exercise facilities, and private book and movie libraries.

There are 39 condominium communities in Mission Valley, giving you a great variety of choices for floor plans and locations. http://www.missionvalleycondos.infoOf course, the central location of Mission Valley means that just about everythign is close to the beaches, universities, San Diego Trolley, fine dining, world-class shopping, and more.

If your intent is to buy a home, live in it, raise a family in it, retire in it, and perhaps even die in it, anytime is a great time to buy a home!

Ready to get started looking for your home? Give me a call!

 

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If you're looking for a great real estate agent in San Diego, well,
let me Google one for you.

I'm available 24/7, so feel free to contact me by phone or email.

Jim Frimmer, Realtor
Century 21 Award Mission Valley
California DRE License #01458572
619-729-5701
jimfrimmer@century21award.com
Mission Valley Condos Information

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Need an inexpensive photo? Try RusselRayPhotos.com!
Try Russel Ray Photos for inexpensive, royalty-free photos.

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Rainer
147,103
Deborah "Dee Dee" Garvin
W. J. Bradley Mortgage Corp. - Carlsbad, CA
WJ Bradley Mortgage Corp.

Jim,  Your post is so timely!  Complacency will cost many people the opportunity of their lifetime in the purchase of real estate in San Diego county.  As rates raise dollars are literally slipping through their fingers.  Add the fact that the high balance amount of $697,500 will be reduced by about 10% in Sept., 2011 (throwing all larger loans into the jumbo product mix and interest rates approximately 1% to 1.5% over the conforming high balance loans of today......and you can quickly see why I firmly stand by my contention that consumers should be buying real estate if they qualify.  The cost of waiting far exceeds the cost of a possible decline in value.

Nov 28, 2010 06:27 PM #1
Rainmaker
447,863
Malcolm Johnston
Century 21 Lanthorn Real Estate LTD., Trenton, Ontario - Trenton, ON
Trenton Real Estate

Jim, hopefully more people start realizing that it's a good time to buy real estate. The longer that people put this off, the more likely it becomes that it will be less affordable. It's sad to see that the American Dream is slipping from the grasp of so many Americans.

Nov 29, 2010 10:20 AM #2
Rainmaker
368,356
Heather Tawes Nelson
Realty ONE Group - Scottsdale, AZ
Associate Broker, ABR, CLHMS, CRS - Scottsdale, AZ

That is good news for the overall SD market, but not such good news for the folks who are getting priced out of the market. We have started to see signs of a recovery in Phoenix/Scottsdale, but prices are still falling in many areas, so we are not quite out of the woods yet.

Happy New Year!

Dec 31, 2010 04:34 PM #3
Rainmaker
1,108,339
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

Hey, everyone Thanks for stopping by.

As usual, I get way behind in checking the comments to my many blog posts, so that’s what I’m doing this evening, trying to catch up.

I’ll read through all the comments to see if any of them need a specific response. If so, I’ll respond below this comment. Thanks again for stopping by and commenting. I really do appreciate it, and I’ll be by your blogs soon to do some reading and commenting soon.

Happy new year to everyone!

Jan 04, 2011 10:11 PM #4
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Rainmaker
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