Goals for Purchasing a Home in 2021

As we near the end of 2020, it may be a good time to start thinking about your purchasing goals for next year so that you can get ahead of it. It’s never too early to begin making plans for future purchasing options when it comes to a new home. There are plenty of things to consider before you buy a house and there are some actionable steps to take now as this year is coming to a close.


Whether you’re planning to sell your home soon or are thinking about switching it up and buying a new property in the near future, here are some ideas to keep in mind as you plan your purchasing goals for 2021.


San Diego home values continue to be on the rise 


Now is a great time to purchase a home, especially in an ever-growing city like San Diego where the property values continue to rise with no sign of slowing down. It’s no surprise that the perfect weather, endless beaches, unique cuisine, and diverse community have brought many people to this city, and it continues to thrive. With the tech and software industry expansion happening in San Diego, there will be an increasing demand for housing in parallel with the job growth.


If you invest in a new home soon, you will be able to lock in the current market price while being able to sit back and watch your home value steadily rise over time. The best thing you can do now is start to plan out what you’re looking for in a new home: what are your must-haves, what neighborhood are you thinking, what are your nice-to-haves? The more information you can provide a realtor, the better chance they’ll have in finding the perfect place for you.


Interest rates are falling to new lows


2020 has been quite an unpredictable year with everything from the pandemic to its impact on daily life and the economy. As of now, interest rates have just fallen again to a new low. Currently, the 30-year fixed mortgage rate has fallen down to just below 3%, and the 15-year fixed mortgage rate is down to around 2.5%. The interest rates on a mortgage determine the amount of money that you pay each month, and right now, these rates are very low. So, if you’re able to secure a loan at these low interest rates, you should take advantage because it can potentially save you thousands of dollars over time. 


Planning ahead and getting everything in order


If there is a new home in your planned future and you’re thinking about buying next year, the best thing you can do now is start getting everything in order. Make sure you’re saving as much as you can for the down payment and that you’re paying down debt to increase your credit score. If you can avoid it, don’t take up any new lines of credit, but do ask for credit line increases on your current cards to boost your credit to debt ratio which impacts your credit score.


You can also start to think about which neighborhood you might be interested in and drive around it to see what it’s like during different times of day and times of the year. If you’re unsure about which location might be a good fit for your lifestyle, I’m here to help. Being born and raised in San Diego, I know this area like the back of my hand and can help guide you to the spot that meets you and your family’s evolving needs.


Getting prequalified for a mortgage loan is a crucial step to take that can clear up some hurdles and can help streamline the whole process. If you don’t have a lender in mind or would like some suggestions, I can recommend one of my trusted referrals.


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Let’s look forward to 2021 with purchasing goals in mind and an actionable plan for achieving them. If you have any questions or would like some guidance with your real estate needs, please don’t hesitate to reach out. I’m here to help and can put you in your dream home in San Diego at the best price possible.

Real estate agents affiliated with Coldwell Banker are independent contractor sales associates and are not employees of the company. Coldwell Banker and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate. While some properties on this site may not be Coldwell Banker's exclusive listings, Coldwell Banker has ongoing relationships with agents in those markets. Please contact Coldwell Banker for assistance. All information on this site is deemed reliable, but not guaranteed. All information should be independently verified.

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