Downtown San Diego Condos - 5 Simple Buying Thoughts

Since we are working with a wide variety of buyers in this market, I was thinking about some things that would make their lives much easier. These tips do not only apply if you are thinking about buying a condo in downtown San Diego. I have boiled it down to 5 simple things a prospective buyer can do and know these thoughts can be used wherever your market is located.

Pick up the phone and call a good realtor.

• Buying may seem simple, so remember P.T. Barnum's famous quote, "There's a sucker born every minute." However, the real speaker of this quote was George Hull and he is lost to history.Same idea with purchasinga home or condo.You may think you are buying one thing and find out after the closing you bought something else.A good realtor's job is to guide you down the path of purchasing and to ensure you are buying what you think you are buying. Don't be the sucker born this minute.

Have a financial snapshot taken.

• Financing is the key element in today's homebuying market. We have heard about "lenders""over and over the last few months.Unless you are purchasing with a stack of cash, you will need a mortgage.What is your financial condition? Will you qualify for the best mortgages, or will you be stuck with high interest rates and high loan costs?Your realtor can help you find a lender that is reputable and consistent. If you are promised a loan program that sounds too good to be true, you'd better believe it's too good to be true.

Create your home dream list, and then decide what compromises are acceptable.

• Everyone wants the most expensive house at the least expensive price.Understand if the best house is available at a deeply discounted price, someone smarter than you has already purchased the house.Figure out what neighborhood you want and what features you absolutely, positively must have.There are some compromises you can make and there will be some compromises that are unacceptable.Only you can determine which is which.

Determine your buying timeline.

• In other words, if you aren't planning to purchase for 12-18 months, now is not the time to start looking at homes.Now is the time to work on the financial snapshot.The old sayings still have meaning. "Don't put the cart before the horse."In other words, get real in your homebuying game plan.

Pay attention.

• You would be amazed at the number of people who are buying the biggest purchase in their life, and they lose focus.Do not run out and buy rugs for the house you don't own yet.Read the documentation.Read the contracts.Understand what you are signing.Realtors, lenders, escrow officers, physical inspectors, termite inspectors, etc. are not your parents.They are going to treat you as adults.They are not going to be living with you when the escrow has closed.They can show you the way, but you need to pay attention to all the signals.Make sure the purchase is a green light and not a red light you slam into carelessly.

I don't know how much the picture has to do with my 5 simple thoughts, but I just laughed when I saw this walking wallet. Sometimes graphics are just plain funny.

By Sharyn & Victoria Crown, Downtown San Diego real estate agents

This is part of a series of articles entitled, New Condos, Downtown San Diego Style