San Diego Real Estate Recovery?
Yesterday, the Lieberman/Isakson Amendment was included in the senate version of the Economic Stimulus Bill by a unanimous voice vote. This amendment would provide a Tax Credit to all home buyers at the rate of 10% of the sales price up to a limit of $15,000. The credit would be available for a one year period to all purchasers of primary residences.
Another Senate amendment 353, a proposal by Senator John Ensign (R-NV) if passed, would provide 30 year fixed financing at a rate of about 4%, for anyone purchasing a primary residence.
If these two provisions survive in the final passage of the current stimulus bill they could have a tremendous impact on our industry. Here in San Diego, we could see an immediate and dramatic turn-around in real estate. San Diego Realtor
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I hope this optimism is well-placed. I’ve been following this blog for a very long time and everything I read, especially the truer outlook vs. pie-in-the-sky optimism has borne out. This would be a welcome turn of the market.
San Diego Real Estate Investment
Where can I buy a cheap house? In what part of San Diego?
Tijuana Dentist
Stop land speculation, tax home sales under 5 years, require people to live in a home for 5 years, slow down the home flipping, etc.
< Orange County Lawyer/strong>
Buying a home is a long term deal. I bought 10 years ago, value has doubled (a couple of years ago I could say tripled), and in 5 years house will be paid off. No more mortgage! Try that with a rental! Yeah… commute sucks.
San Diego Criminal Attorney
Okay SD Atty, but consider this: After the initial irrational exuberance that tripled our homes’ “values” in 8 years, what are the chances of our homes’ values reverting to the mean? In other words, in this time of (rational?) depression, what’s to prevent our homes’ “values” from returning to their original purchased prices–or lower?
Every time I look at long term charts of SD home values, I’m taken by how irrational the upward spike of the last 10 years looks in relation to the longer term trends. Bottom line: A purely rational assessment points to much, much lower home values here in San Diego, even over the long term.
>Buying a home is a long term deal. I bought 10 years ago, value has doubled
>(a couple of years ago I could say tripled), and in 5 years house will be
>paid off. No more mortgage!