Hope Leitner, Realtor®, CRS

Getting started on the road to rental investments is generally the most difficult obstacle for people without 25-30% down payment.   That is where buying the property as an owner occupant can be a huge advantage. The first example would be to buy a home to live in with a minimum FHA down payment of 3.5%.   If you find the right seller, they may even participate in paying part of your closing costs.   This type of loan requires that you live in it, which if it is a single-family property, means you won't be able to rent it while you are living in it. There is no set period but after living in the property for a while, say a year or so, you buy another single-family home to live in but instead of selling this home, you rent it.   With rents as high as they are currently, it will probably even have a positive cash flow. The rub may be in putting together another down payment and closing costs to acquire the second property.   There is no physical lim...

  The sun has come out!!! Thank goodness!    Below I have this month's Market Report for San Diego County, and below that previous month's reports, so you can make your own comparison. I believe that Summer has arrived! The hotter it gets the hotter the real estate market will get!  So, whether you're considering buying or selling, give me a call so we can talk about your realistic options in our unique housing market.    If you know anyone who might be interested in receiving this market update every month, please have them sign up at this  link.   June - Ponder this -  “Green was the silence, wet was the light, the month of June trembled like a butterfly.” — Pablo Neruda - I think I agree, the Earth is still damp from Spring, all the flowers are blooming and there’s a feeling of “trembling” romance is in the air. Take some time to romance your life. Marvel at the clouds, tell your loved ones they are loved.     I am always he...

Purchasing a home can feel like an overwhelming project, but the long-term advantages of homeownership make it a smart investment to secure your future where the benefits extend beyond simply having a place to live. Building equity is one of the most significant advantages of owning a home. As you make mortgage payments, your equity increases, and over time, your home can become a valuable asset to use the equity to finance home improvements, pay for college tuition, or even as a down payment on a second home. Two factors determine equity; the home going up in value and the unpaid balance of the mortgage being paid down.   Appreciation is the increase in value expressed in an annual amount.   Homes have averaged 4% nationally for the past 50 years.   Amortization is the systematic principal reduction that occurs with each house payment made. Another advantage of buying a house is the stability of housing costs. With a fixed-rate mortgage, your monthly princi...

  Your Needs Matter More Than Today’s Mortgage Rates June 19, 2023 If you’re thinking about  selling your house  right now, chances are it’s because something in your life has changed. And, while things like  mortgage rates  are a key part of your decision on what you’ll buy next, it’s important to not lose sight of the reason you want to make a change in the first place. It’s true  mortgage rates  have climbed from the record lows we saw in recent years, and that has an impact on  affordability . With rates where they are right now, some homeowners are deciding they’ll wait to sell because they don’t want to move and have a higher mortgage rate on their next home. As Danielle Hale, Chief Economist at  Realtor.com ,  explains : “. . . homeowners who locked in a 30-year fixed rate in the 2-3% range don't necessarily want to give that up in exchange for a rate in the 6-7% range.” But your lifestyle and your changing needs should matter mor...