Breaking in to the San Diego real estate market is a challenge that often has potential home buyers saving for years to try to accomplish. Interestingly, however, is a population of San Diegans who are making the choice to give up homeownership in favor of renting.
As reported by ABC10, an increasing number of San Diego homeowners are taking advantage of the record profits they can realize on the sale of their property and then making arrangements with the buyer to rent back the home.
Often times this is done to remove contingencies on their next home purchase which can give buyers an advantage in a highly competitive housing market.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.