First-Time Home Buyers in San Diego County (Mesa: fit in, transplants)

[lyner]

For people who have been in San Diego County for a while or the real estate agents on this board, where are the young families/individuals buying property and what kind of properties are they buying?

I am talking about working/middle class folks. Is 20% down payment the norm? Do first-time homebuyers make up a smaller percentage of buyers in SD than in other cities? Are they forced into 1-2 bedroom condos? Are people just pushing off purchasing property and renting? Is the amount of inventory comparable and proportional to other cities? Are there any sites with these statistics?

I would think that the current situation prices this particular demographic out of the market, but are there hard numbers/statistics that show this? Maybe with comparisons to other cities? I would like to know how this demographic is comprising.

[Mugsy]

Sandy Robbins - Home

Above is a link to our 1st realtor and that was in 2001. She specialized in 1st time home buyers back then...maybe contact her...


We got FHA and CHAFA loans and she really worked to find us a first home.

[Cardiff Kook]

Have you made the move yet lyner? I put 10% down (and prepaid my PMI) on a 2 bed 2 bath twin home in Cardiff FYI

[lyner]

Originally Posted by GMUAlum08

Have you made the move yet lyner? I put 10% down (and prepaid my PMI) on a 2 bed 2 bath twin home in Cardiff FYI

I am glad to say that I have

What do you mean that you prepaid your PMI? Are you saying that you made extra payments early to remove PMI prematurely?

[Cardiff Kook]

Originally Posted by lyner

I am glad to say that I have

What do you mean that you prepaid your PMI? Are you saying that you made extra payments early to remove PMI prematurely?

Congrats man, welcome to SD!

It means that I paid extra money at closing to completely remove the PMI from my monthly payments. So now I don't have PMI as part of my monthly payment.

[shmoov_groovzsd]

This list below is superficial because I have never heard of any survey or data point that asks first time buyers if they are in fact, first time buyers.

However the value in the article below shows the key factors for what drives the top first time homebuyer list. If you look at that list, we fit in almost none of the categories.

IMHO, you really have to be ok with what you are comfortable spending, and the prospects for long term career.
My general rule is that if you or your partner/spouse can comfortably afford housing payments if one of you loses a job, then buying may make a lot more sense. Its good to think about worst case scenario, but not stress over it. Very few here have some degree of job stability. That is a question that is important to think about as well.

I have met more younger families struggling here to keep two jobs and maintain the quality of life they had elsewhere. The bright side is that if you own for 10+ years, the housing payment will be locked in (unless you take out equity) and in SD at least, the demand for homes generally keeps prices rising.

We were first time buyers over 3 years ago and bought a 2nd property a year later. We have had 0 regrets and in no way to I feel my overall quality of life was compromised. This is contrary to some of the more negative sentiment about the area we live.


Top 10 Markets for First-Time Home Buyers in 2014 - Real Estate News - realtor.com

[mandasand]

I am also interested in this topic. I have been here a year, recently moved to a rental house in Serra Mesa. It is 3/2 1350 sq ft, large yard, garage, etc. I think the market value is probably $450k. We would buy using a VA loan, so we would not need to put anything down. But, we have over $100k in savings. We technically aren't first time home buyers but transplants. My hubby is nervous about buying here because, in reality, to get anything close to the home we owned in Northern California, we would have to spend $600k.

I am still not familiar with the good areas, in general. I like Serra Mesa but maybe it's not a good place to buy? The elementary school is rated 9 but all other schools 5-6. We cannot afford Carmel Valley, and I probably wouldn't want to live there even if I could. I like neighborhoods with character, so I was thinking Talmadge. I know my hubby would prefer Scripps Ranch. I like old, he likes new.

For the OP - I wouldn't invest in a condo unless you buy one below market value and live in it for 5+ years. Plus condo associations are a nightmare. I used to own one 10+ years ago and there was a lawsuit which dragged on for years, affecting the property value, and in the end, the residents still didn't get the defects fixed even though we won the case - the attorney's took all the money.

[lyner]

Originally Posted by GMUAlum08

Congrats man, welcome to SD!

It means that I paid extra money at closing to completely remove the PMI from my monthly payments. So now I don't have PMI as part of my monthly payment.

Can you provide a ballpark of how much you're talking about, either in absolute numbers or as a percentage? I ask because, isn't PMI issued BECAUSE one doesn't have enough liquid funds for 20% down and closing costs? What was the middle ground that you had to reach?

I understand this will vary greatly depending on other variables (lender, credit score, etc.), but any information is helpful.

Thanks in advance, and feel free to not disclose any further information. I don't mean to pry!

[Cardiff Kook]

Originally Posted by lyner

Can you provide a ballpark of how much you're talking about, either in absolute numbers or as a percentage? I ask because, isn't PMI issued BECAUSE one doesn't have enough liquid funds for 20% down and closing costs? What was the middle ground that you had to reach?

I understand this will vary greatly depending on other variables (lender, credit score, etc.), but any information is helpful.

Thanks in advance, and feel free to not disclose any further information. I don't mean to pry!

A few extra thousand which I felt was worth it based on what it was going to cost me per year to pay the PMI monthly

[StarsNStripes]

I love Talmadge, too, but the prices are obscene.