Buying a home is exciting. There are many great homes available in the San Diego area - specifically in Rancho Santa Fe and La Jolla. Whether it's brand new, or just new to you, buying a home is a time for big dreams, plans and goals for the future. It's also a time for big mortgage payments and the responsibility that comes with them. Many buyers, when they are pre-approved for a loan, automatically go out and start looking for houses that are as expensive as they can possible buy. That doesn't really mean they can afford these houses, it just means their debt-to-income ratio was acceptable to the bank.
Fortunately, the trend of “buy as much as you can afford” is slowly changing. Ultimately, it's better to buy something that's slightly less than what you're approved for. That way you don't have as many big-payment worries hanging over your head. Consider that carefully, especially if you're buying high-end real estate in the La Jolla and Rancho Santa Fe area.
Choose wisely when you're making a purchase of something as large, expensive and permanent as a home. You won't be able to just re-sell it on a whim, generally. It's a great time to buy right now because prices are low in San Diego and all across the country, but do your buying wisely.