Buying a home in an upscale community  place like Rancho Santa Fe or La Jolla seems like a dream come true, but it's becoming a nightmare for a lot of people. The real estate magazines say it's a buyer’s market, but many of them fail to mention that it's only a good market for a particular kind of buyer. If you want to buy and don't have good credit plus a healthy down payment, it may not be a “buyer's market” for you.

Instead, you may find that you've been shut out of purchasing your dream home in La Jolla or Rancho Santa Fe, right at a time where the prices have come down enough that you could afford to purchase in one of those beautiful areas. Many upscale buyers do not want to wait to see what prices do since they will be living in these homes for the long haul and price fluctuations are not of major concern. They want to make a purchase now, when they know they can make the payments on the selling price being asked.

If they don't have 20% down, they are not going to get the best rates, and that could put the house out of reach. Additionally, if they don't have a credit score above 700 they may not be approved to buy the house. It's unfortunate, but San Diego and upscale home like La Jolla homes  and Rancho Santa Fe Homes have been hit hard by foreclosures and other real estate problems, and banks aren't lending on luxury La Jolla Real Estate and luxury Rancho Santa Fe Real Estate as easily as they used to. It's leaving many buyers shut out of the market.

Posted by Dennis DeSouza on
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Posted by James on Thursday, January 13th, 2011 at 9:13pm

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