So you want to buy a house or condo and take advantage of the real estate market in San Diego, but is it the right time for your situation? Practical knowledge says you should wait about five years to gain back your purchasing costs on a home. But sometimes the market sways factors in a different direction.

1. Pay attention to the market. Don’t buy high and sell low. Look into market expectations in your area.

2. Keep an eye out for warning signs that it might not be the best point in your life to get into the financial commitment of buying a new house.

Signs to watch for:

Will you be changing jobs soon?

Do you plan on having kids?

Will you be moving soon?

Is your credit score low or have you recently filed for bankruptcy?

If you are experiencing life-altering changes such as illness, divorce, or other major transitions, it may not be the best time to buy.

3. Whether it’s in Carlsbad or Coronado, buying a new home is always a risk. To cushion the blow you can try to lower the mortgage payment. Remember that your mortgage will most likely be higher than rent would be.

Ask yourself whether it’s good to buy now on bad credit while prices are low, or wait until your credit is better. A financial expert can help you make that kind of decision.

There’s also the option of buying a cheap foreclosure of fixer-upper, and then letting it appreciate over time.

Getting a roommate to help pay the bills and mortgage can open up your home buying possibilities as well.

4. Once you decide to take the chance and buy some real estate, follow these steps-

Attend open houses to get a feel for the area.

Review your financial history to make sure there are no bumps that make your credit look unattractive to lenders.

Finally, check out property listings on MLS like

Today’s market offers great deals on homes throughout sunny San Diego. Just make sure you are making the right decision at the right time, and you’ll be sure to find your dream house.

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This is filed under Home Buying.

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