Why Rent?

Union Square loft

In the study of 50 metro markets nationwide, San Diego ranks 18 in cost burden to renters.  55 percent of renters are paying at least a third of their income to rent!  Here are the bullet points:

• If you are planning a longer term investment, buying is better than renting.
• Owning your home gives you the security of knowing where you will be in the future.
• Owning your home gives you the opportunity to make changes that a tenant cannot.
• Owning your home allows you to be more involved with the community.
• Interest rates are predicted to rise soon.  1% of interest will be $70 to $180/mth in your payment.

View from Metrome condo

 

Have you heard of the rent vs. own analysis?  It shows you the benefit of owning a home compared to renting.  No one can predict the future but using conservative figures with a 3% per year expected annual increase in the cost of a home and monthly rent, it is a far better investment to buy.  You also get the added benefits of being able to customize the home to meet your personal needs.  On a $400,000 property, the tax savings alone would amount to over $100,000! 



Banker's Hill Short Sale

       The US economy continued to grow faster than initially anticipated in the 2nd quarter.  This economic expansion has brought back speculation that the central bank will raise interest rates later in the year.  The positive economic reports show that the overseas impact on the U.S. seems to have been temporary.  Mortgage rates are near the lowest levels ever with 30 year fixed rates around 3.875 and 15 year 3.125%. 

Banker's Hill Short Sale:  2 bed 2 bath 2 parking for $399,000!

2 bedroom Union Square Loft $379,900

Aloft for under $300,00!  -0- down for vets!

New Metrome listing for $329,000.  Let me know if you hear of anyone with interest and I will send the upcoming list.  marsha@sellsandiego.com