VOLUME 23 | JANUARY 2024
A Publication of Local Umbrella Media
R E A L E S TAT E N E W S
The 2024 Home Buying Landscape: The Impact of Interest Rates
ASK MINNIE!
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he real estate market continues to be shaped by various factors, with interest rates playing a pivotal role in influencing the home buying process. As potential homeowners navigate the market, understanding the dynamics of interest rates becomes crucial for making informed decisions. Interest rates have a direct impact on mortgage affordability, shaping the financial landscape for homebuyers. With interest rates fluctuating, prospective buyers find themselves at the mercy of market trends. When interest rates are low, borrowing costs decrease, making homeownership more accessible. Conversely, rising interest rates can lead to increased mortgage expenses, potentially affecting buyers’ purchasing power. We are expecting interest rates to lower at least four times in 2024. With reduced borrowing costs, individuals can qualify for larger loan amounts, potentially expanding their housing options. This stimulates demand and contributes to a competitive market. As a result, home prices
may experience upward pressure due to increased demand. For first-time buyers, low interest rates can be particularly advantageous. Lower monthly mortgage payments allow individuals to allocate funds to other aspects of homeownership, such as home improvements or savings. This fosters a more inclusive real estate market by lowering barriers to entry for those entering the homeownership arena. Conversely, in a rising interest rate environment, the dynamics shift. Higher interest rates translate to increased borrowing costs, potentially pricing some buyers out of the market. Affordability becomes a significant concern, and buyers may need to reassess their budget or consider more modest housing options. In addition to affecting individual homebuyers, interest rates can influence the overall health of the real estate market. A delicate balance is required to sustain a stable and thriving housing sector. Too low interest rates may contribute to speculative buying, driving up home prices and potentially leading
to market bubbles. Conversely, excessively high interest rates can result in decreased demand, causing a slowdown in the market. To navigate the everchanging landscape of interest rates in 2024, potential homebuyers should adopt a strategic approach. Keeping a close eye on market trends and consulting with financial experts can provide valuable insights. Locking in a favorable interest rate through fixedrate mortgages can offer stability and protection against future rate hikes. Government policies and economic indicators also play a role in shaping interest rate trends. Monitoring these factors can help buyers anticipate potential changes in borrowing costs and make timely decisions. The interplay between interest rates and the home buying process in 2024 underscores the importance of staying informed and adaptable. Low interest rates create opportunities
Taking Uber or Lyft?
Minnie Rzeslawski
for aspiring homeowners, fostering a dynamic and competitive market. However, buyers must remain vigilant as market conditions evolve, recognizing that interest rates are a key factor influencing the affordability and accessibility of homeownership in the current real estate landscape. Bottomline, it’s a great time to buy! Minnie Rzeslawski is a full time real estate broker/owner of The 24k Real Estate Group with over 35 years of experience. She can be reached (619) 804-5373.
CIT Y NEWS
REMEMBER THESE SAFETY TIPS By District Attorney Summer Stephan
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s your District Attorney, I’m committed to increasing communication and accessibility between the DA’s Office and you, the community. One way I have been doing that is through this column, where I provide consumer tips on public safety matters. This month I want to remind readers about staying safe when using Uber, Lyft or any app that connects you with strangers. We all enjoy the way technology has opened the world to us and provided life-changing conveniences. But, don’t be lulled into a false sense of security just because something is popular. There are bad actors in every line of business who do not make up the majority, but whose behavior tarnishes the reputation of the industry. The same goes for Uber or Lyft. On one end of the spectrum, riders may end up with a rude driver. But on the extreme end,
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the ride could end in sexual assault, robbery, or worse: death. A case of mistaken identity can turn into a huge risk when inadvertently getting into a vehicle you think is an Uber or Lyft, but is actually a predator. A dramatic and gut-wrenching example of this occurred recently when a South Carolina college student was stabbed to death after accidentally getting into a car she thought was an Uber. Before you hop into that car, remember these tips: Make sure you are getting into the right car. Check the license plate, make and model of the car, which the Uber and Lyft app provide after booking the ride. Ask the driver to confirm your name before getting in the car so you know you are getting in the right car. Also, ask the driver for his or her name to confirm it is the same as the name displayed in the app. If possible, stay inside until your
driver arrives. Waiting outside with your phone in your hand could signal to fake Uber or Lyft drivers that you are a target. Ride in the back seat, especially when riding alone. This gives you better access to a safe exit and provides personal space between you and the driver. Use the ‘share trip status’ in Uber or the ‘send ETA’ feature in Lyft to let others know your location and to share your driver’s information with a friend or loved one. Trust your instincts. If you feel that you’re in danger, you can call 911 from the Uber or Lyft apps. Parents should remember that even when using ride sharing services, children who are of car seat age must safely be secured in an ageappropriate seat. Do not allow minors to ride alone. Both Uber and Lyft require passengers to be at least 18. Personal safety begins with awareness. Criminals look for the
easiest target, so don’t make it easy on them. District Attorney Summer Stephan has dedicated nearly 30 years to serving justice and victims of crime as prosecutor. She is a national leader in fighting sex crimes and human trafficking, and in creating smart and fair criminal justice solutions and restorative justice practices that treat the underlying causes of addiction and mental illness and that keep young people from being incarcerated. Captain Neal has played an integral part in the maps that are used to route our response vehicles to active incidents. In his earlier years with the organization, he actually produced them and ensured they were accessible and would be accurately displayed on our Fire Apparatus computers. However, now he is responsible for managing this work through other CVFD personnel, the City of Chula Vista GIS, and our Fire Dispatch
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