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Good News For San Diego Home Buyers

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If you are in the market for a new home, now may be the time. Last week the Federal Housing Administration announced annual insurance premiums would drop by a quarter of a percent. A quarter of a percent may not sound like much but it could save the average San Diego Home Buyer around $1,200 per year, according to Phillip Molnar’s article New Homeowners will get savings under Fed Change published in the San Diego Union Tribune. The rate change goes into effect at the end of January on all federally-backed loans.

Combine the decrease on annual insurance premiums with a decrease on the 30-year fixed rate mortgage and now is looking like a prime time to buy a home. Prices are expected to rise throughout the year, said Matthew Shaver, a San Diego senior mortgage consultant at Finance of America, who said he would advise people to buy now to lock in the lower mortgage rate.

Federal Housing Association loans make up 11.6 percent of loans. The San Diego housing market is one of the more expensive markets across the United States. However, as long as the economy stays strong, the price of housing will continue to rise. With President elect Donald Trump being sworn in this week, no one knows what will happen to the economy, but initial response is that the economy will stay strong.

If you are looking at new homes, make sure you have a professional home inspection done to insure you are buying a house that meets general safety standards, earthquake safety standards and is well built so you don’t have to worry about expensive repairs or restorations after you move in. Home prices are high enough as it is without having to worry about the unexpected roof falling in or foundation crumbling. To schedule your San Diego Home Inspection today, contact SanDiegoHomeInspector.com

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