Are you looking for a condo under $100,000?
Do you feel as if there are no affordable properties in good neighborhoods?
Have you been stressed out by the hordes of investor buyers that seemingly have a choke-hold around this end of the market?
Have no fear, you can buy a condo today, under $100,000 for you and your family. Seriously, it’s true! Every month a few of these properties appear on the market. Not everyone has $100,000 cash to buy at the drop of a hat, but if you do, it makes the process easier. The great news, today it is easier to finance a condo under $100,000 than it has been in the last 4 years. There is no need to begin shopping until your financing has been secured and you have an approval letter in hand. In this market you will generally need to supply a proof of funds and approval when submitting an offer, so have them ready when you begin your search.
So what is the secret to getting an offer accepted on a condo in San Diego county?
For Starters: make sure that you have a really good agent that has been working consistently in real estate for at least 3 years. The real estate market we face today is unlike any other time. The multitude of transaction types such as short sales, probate, trustee sales, bank owned, etc makes it easy for an inexperienced agent to miss out on an opportunity. Understanding each of these vastly different transactions requires time and dare I say hands-on experience. Choose an agent that has been certified as a REALTOR©. These agents have pledged to a strict code of ethics and standards of practice. Most importantly, they have sworn not to work in an area that they are not practiced.
Secondly: make sure that your expectations are in-line with reality. It has been my experience when working with first time buyers that their expectations are just a bit high compared to what is reality in the housing market. There is no “Perfect” property. Every property will have an issue that will need to be addressed: a toilet may not flush properly, a fluorescent light fixture may flicker too much or there may be an indication of an old water leak underneath the kitchen sink. These are all issues that can be dealt with easily and should not keep you from purchasing the property. Always have an inspection completed to verify that there are no major underlying issues, but don’t be afraid to purchase a property if doesn’t seem perfect. In most cases you can get a pretty good deal by simply negotiating around these items.
Finally: Research the neighborhoods. If there is a neighborhood you would like to move to, make sure there are properties in your price range. There are many web sites available for you to check home prices. If 1 bed 1 bath condos generally sell for $175,000 and your budget is $100,000 you may want to consider looking in an adjacent neighborhood. There has been a ton of redevelopment in San Diego county over the past few years and a neighborhood that you wouldn’t have considered just 1 year ago, may be completely different today. Patience is a virtue! In most cases you will not find your new home in a week, it could take 3 to 6 months. Keep your options open and be ready to move when an opportunity presents itself.
There is no better time to purchase your first home than today. Interest rates are low and owning our home has turned out to be cheaper than renting. Take advantage of this opportunity, you’ll be glad you did.
- J.R. Thrasher
- License #01888955