Real Estate Forums

San Diego Real Estate · 02-24-2008, 07:39 AM

With the softening of San Diego Home prices and the interest rates dropping many San Diego first time home buyers are back in the market.

Let us know how your market is doing with all the recent changes!

Orlando MLS · 03-08-2008, 08:09 AM

That must be a blessing in San Diego as I know the home prices are astronomical for first time home buyers.

Just out of interest, what is the average income for a first time home buyer in San Diego vs the average home price?

Here in Orlando the average home price is around $235k and the average household income is around $50k. We are finally seeing the affordability index go over 100% which is a great sign for first time homebuyers to jump in on their first home.

The market is still depreciating here, but with homes still selling 30 to 40% below the market value, first time homebuyers have the best opportunity in roughly three years to snatch up a home with some equity already built into it.

Also, I read an article in time magazine the other day that was indicating that interest rates are expected to rise dramatically towards the end of the year. The article indicated that first time homebuyers should stop trying to time the market as now is the time to buy. If the market drops by 10% towards the end of the year, yet interest rates go up by 1 point - then time was estimating that first time homebuyers would actually lose money by waiting for an additional 10% price decrease at the end of the year.

San Diego Real Estate · 03-08-2008, 08:34 AM

Orlando,
The state of California estimates its population as of 2007 to be 3,098,269 people, increasing its rank to second place, ahead of Orange County. The the median household income of San Diego County in 2005 was $64273 that probably is up a little from that now.San Diego’s high housing prices, coupled with its relatively low wages, make it the 6th least affordable major metropolitan area in the country. (National Association of Home Builders, 4th quarter 2006)

The minimum annual household income first-time buyers need to purchase a median-priced home at $472,000 in San Diego is about $100,000. (San Diego Metropolitan, 3/07; California Association of Realtors)

The average monthly mortgage payment in San Diego – including taxes and insurance – is $3,330. (San Diego Metropolitan, 3/07; California Association of Realtors)

As you can see the two markets are quite different!

Electra2008 · 07-10-2008, 06:50 AM

you have a great information concerning to the insurance,i respect your knowledge ,but i also want to share some information towards the insurance .that is what actually insurance means,why often people doing insurance of home ,and other things
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. An insurer is a company selling the insurance. The insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.