5 Tips for Buying a Home in San Diego in 2024
If you intend to buy a home in San Diego in 2024, now is a good time to start planning!
Why plan, you say? Well, remember my 5 P's of buying a home: Proper Planning Prevents Poor Purchases! Here are 5 key tasks you can do early-on to prepare and set yourself up for success:
1. Consider your budget and research your payment options.
Having a clear understanding of your budget and long-term financial goals will prevent disappointment and frustration once you start looking at homes. Don't forget to think about closing costs, moving costs, HOA fees, property taxes, incidentals, mortgage payments, etc.
If you're paying all-cash: First, narrow down your price range. Then find out exactly what you need to do (and how long it takes) to make your purchase funds liquid. Talk to your financial advisor about your plans and make sure they align with your long-term investing strategy. Perhaps you are considering forming an LLC or trust to purchase a home; it's time to contact a real estate attorney, so you have the entity ready when you find the right home.
If you're obtaining a loan: Look into your different financing options (you may have several to choose from, including jumbo, conventional, FHA, VA, etc.).
Start asking questions...
- How much should I put down?
- What will my monthly payment look like?
- What loan amount do I qualify for?
- Talk to a loan officer to find out what you can do to get the best loan program possible. Ask your Buyer's Broker for a referral to a reliable loan officer.
- And use this list of 14 Questions to Ask During Your Loan Pre-Approval Process as a guide.
Also Read: Buying a Home in San Diego with a VA Loan
2. Keep an eye on your credit score.
A poor standing could impact your mortgage terms, leaving you with a higher-than-desirable interest rate. If you start paying attention now, there's time to improve deflated numbers, as well as correct any errors on your credit reports.
Credit score, in conjunction with your debt-to-income ratio, are factors that lenders use to assess your ability to make payments and will directly affect your loan options in most cases. If you need a referral for a reliable loan officer who can help you with this, ask an experienced buyer’s agent (like me) for a tip.
3. Work with people you trust.
The professionals you choose to work with can make or break your 2024 Home-Buying Experience. It may take a few interviews, but the time spent searching will pay off.
It's crucial to find an exclusive buyer's agent (here are five reasons to use an exclusive buyer's agent) AND a loan officer who are willing to take the time to discuss the process in-depth with you and figure out a strategy that fits your specific needs, budget, and goals. And if paying cash and forming an LLC for the home purchase, your attorney will be an important part of your team.
No matter who you choose, you will all be working as a team to achieve your goal of buying a home. Some teams work better than others, so choose wisely and ask for referrals.
Also Read: How to Interview a Buyer's Agent
Also Read: 7 Tips for Choosing Your Lender
Also Read: 14 Questions to Ask Your Loan Officer
4. Learn as much as you can.
Read a book. Research home-buying articles online. Check out the Resources section of this website for many helpful articles on an array of home-buying-related topics. And find an exclusive buyer’s agent who has a passion for teaching.
When you find a good resource, ask a lot of questions. The more you prepare, the better-equipped you’ll be for your 2024 Home-Purchase Journey.
5. Research your specific market.
The San Diego housing market has been very challenging for some buyers the last few years. We've seen rising prices, rising interest rates, and stiff competition for a low supply of homes in some areas.
The market behaves differently depending on price range and neighborhood AND it's constantly changing in real-time (what you learned, read, or heard about the market a month ago may already be old news). It's important for you to understand the current market conditions in the specific area(s) you’re interested in. To learn more about San Diego's current real estate market, read Is San Diego a Buyer's Market or a Seller's Market? OR even better, reach out to me via phone or email and we'll have a discussion about the current state of the market in real-time.
Knowing whether you're likely to face low inventory and stiff competition (or the other way around) can help you set realistic expectations for your home-buying process.
If you decide to interview me as your Exclusive Buyer's Agent (which is a good first step), we will schedule a Globella Buyer Strategy Session to meet in person and go into greater detail about the current state of the market in your desired area, as well as your ideal price range and type of home.
Some buyers in a competitive housing market just spin their wheels (writing offer after offer and never get one accepted) and never buy a home. The more you educate yourself, the less likely that will happen to you. I can help you with that after you've hired me. Until then, I recommend that you spend time driving and walking neighborhoods you're interested in to get to know them better.
If you're still considering whether or not you should buy a home in 2024, read When Is the Right Time to Buy a Home in San Diego? to help make your decision!
And call or email me today to schedule your complimentary Buyer Strategy Session/Interview.
Also Read: The Top 5 Reasons to Stay Renting
Also Read: The Top 5 Reasons to Buy a Home
About Justin Gramm
Justin Gramm is the founder and principal broker of Globella Buyers Realty, your San Diego Exclusive Buyer Brokerage.
Exclusive Buyer Agents do not list homes for sale and never represent sellers. They have no "inventory" to try to sell you. They can represent you in purchasing any home.
They are specialists at representing buyers only on the buyers' side of the transaction. Exclusive Buyer Agents work to get buyers the best price and terms when they buy a home.
Planing to Buy a Home in San Diego in 2024?
If you have excellent credit and plan to buy a home or condo in San Diego County within 90 days, contact Justin Gramm to hire an agent on your side of the transaction. Call Justin at 858-779-2727 or E-mail.