There is a formula used to determine whether it is cheaper to rent or buy, and according to figures posted by Trulia, the numbers add up to more value in home ownership than in paying rent. The real estate site compared the median sales price to the median monthly rent of a two-bedroom apartment, condo or townhouse in 50 cities, and San Diego ranked 32^nd, and was among the cities where buying is better.

Although the U.S. economy is still in the recovery process, there are many potential homeowners whose personal financial situations are solid, and these people are in a great position to take advantage of low prices and mortgage rates.

“Price alone should never be the sole factor in deciding to purchase a home. Instead, buyers should first ask themselves if they plan to live in the home for at least seven-to-10 years, could make monthly payments on the house, and have enough cash in the bank for a down payment and an additional six to eight months’ worth of mortgage payments. If you can answer ‘yes’ to each of these questions, then the cost of buying a home definitely outweighs renting in most cities,” Ken Shuman, Head of Communications at Trulia said.

In San Diego, the struggling economy has put a damper on new construction, so the inventory of new condos could be quickly swallowed up once the country gets back in a buying mood, and tight inventory means rising prices. By investing in a home before the market rebounds, new homeowners position themselves to gain more equity in their property.

If you are ready to make the jump from renter to homeowner, enter your information in the box to your right and a rock star real estate agent will help you save thousands on a home in San Diego.

Photo courtesy of: Oiskas at en.wikipedia [Public domain], from Wikimedia Commons

Under the new rules in SB458, neither senior nor junior lien holders can pursue the balances owed to them from borrowers after an approved short sale. The law applies to residential properties, from single family homes up to four unit properties. The law goes into effect immediately, and will apply to escrows that close any time after July 15.

New short sale rules may help reduce foreclosures

Realtors are touting this new short sale law as a victory for homeowners, saying they will be able to avoid foreclosure proceedings, and incur less damage to their credit. Supporters of SB458 also believe that the number of short sale transactions will increase, and the number of foreclosure sales will be reduced, which will protect property values by yielding higher home sale prices in California.

Of course, a short sale must still be approved by both the senior and junior lienholders. If junior lien holders are now unable to pursue the remaining monies owed to them through deficiency judgments, they may push harder during negotiations to recoup the amounts owed to them by the borrower.

The short sale process for California homeowners and buyers is already a long and frustrating process when multiple lenders are involved. SB458 may encourage homeowners to follow through with a short sale, rather than go through foreclosure. The law may also add incentive to junior lien holders to demand larger sums of money before they will approve a short sale, extending the negotiation process even further.

A short sale can still be a great value for a persistent, patient homebuyer. An experienced agent can help you successfully navigate the complicated short sale process. Contact a San Diego Condodomain agent to find available San Diego condo properties, including short sales and foreclosures, and save thousands on the commission in the process. Call 877-852-6636 to speak with a representative today!

Photo courtesy of respres, via Wikimedia Commons

Let’s take a look at how the different neighborhoods downtown are looking based off of data found on Trulia.com.

If we start with the East Village, the median sales price as of 1^st Quarter 2011 was $311,000 which represents an 11.1% drop from last year. The number of sales is up 1% which represents an increase over last week. There are 107 homes for sale and 105 foreclosures.

In the Gaslamp section of downtown, the market is less saturated. The median sales price is $320,000, so that has gone up 18.5% from last year. Inventory is low with only 16 homes for sale and 24 foreclosures.

The Marina section of downtown looks to be a little more stable with a median sales price of $476,000. It hasn’t changed much only going down 0.8% from last year.  The average listing price is $873,935, up 1.2% from the prior week. There are 83 homes for sale and 52 foreclosures with 160 homes recently sold.

Little Italy’s median sales price is $254,500 which represents a 1.8% increase over last year.  The average listing price is $374,285 and inventory is low with only 34 homes for sale, 35 foreclosures and 93 homes recently sold.

Park West which is also known as the Banker’s Hill or Hillcrest neighborhoods has a median sales price of $405,000. This is a decrease of 9.5% from data obtained last year. The average listing price, however, is $795,295. 58 homes are for sale with 36 in foreclosure status and 72 homes that have recently sold.

Adding to this snapshot of the downtown market is the news that mortgage rates have fallen again recently. According to Freddie Mac’s weekly survey the average rate on a 30-year loan fell to 4.78%. This represents ideal conditions to buy one of these great deals downtown while the market for buyers prevails.

Contact one of our San Diego Condodomain agents to save money on real estate commissions and financing!

Cortez Hill’s Aria building (1441 Ninth Avenue) now offers FHA and VA financing. This is a great opportunity for buyers, as Aria is currently the only Cortez Hill development built post-2000 that can extend these types of financing without the buyer applying for individual unit approval (i.e., “spot approvals”). FHA loans require a 3.5% down payment, while VA loans can fund to 100%. Aria still has a lot of very competitively priced 1-, 2-, and 3-bedroom view units available with all the amenities one would expect from a building of its caliber.

In anticipation for the all new CondoDomain San Diego search portal, we have pushed our local blog live! In the coming months we plan to release CondoDomain San Diego and begin working with buyers looking to purchase in downtown San Diego, CA! If you want to get a feel for what our site will be like in San Diego, CA, please feel free to check out our Boston site.

Why Buy With CondoDomain?

1. We are exclusive buyers brokers! We only do 1 thing…and we do it very well!

2. Condos! Its what we know! Its what we do!

3. Flat Fee! We run an efficient business that benefits YOU, not a commission based agency that is compensated when you spend more!

Our average client receives more than a $13,000 refund back at closing…

We’re Hiring!

If you are interested in learning more about the company please write us or check out our Facebook Group here.

About CondoDomain.com LLC

CondoDomain.com is a web-based real estate brokerage based in Boston, MA. The company is expanding nationwide to offer its buyers’ brokerage services in more than 30 cities around the U.S. Currently operating in Boston, CondoDomain offers an innovative flat-fee business model allowing the majority of the commission to be refunded to the buyer. By combining up-to-date MLS feeds, new construction buildings, FSBO, Foreclosures, Lofts and Auction listings all on one site, CondoDomain has become one of the most popular and user friendly real estate websites available. CondoDomain.com offers a 100% satisfaction guarantee to all of its clients, ensuring a professional, efficient, and pleasant transaction. Visit www.CondoDomain.com for more information or feel free to dive into our blogs at www.CondoDomain.com/blog.

For more information, please contact Erica Farthing at (877) 852-6636.