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TO BUY OR NOT TO BUY? CONSUMER ADVOCATE CRAIG SEWING TACKLES SOME OF THE MOST FREQUENTLY ASKED REAL ESTATE QUESTIONS BY SARAH VERDANO What are some common mistakes people make when investing in real estate for the first time? Craig Sewing: That’s the mistake – when people look at purchasing a property solely as an investment instead of a home. It’s a home first, investment second. A home is where you LIVE, build memories, raise a family, enjoy community. That’s where your head needs to be at. Equity growth and tax advantages come along with it. Should people buy instead of rent? Every situation is different, which is why I offer a free renting vs. owning analysis on my website, so that people can get a basic understanding of what may be best for them. I like buying because the Feds policy of Quantitative Easing is artificially lowering mortgage rates. I can’t say where values will go, because I don’t
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have a crystal ball, but the cost of homeownership is incredibly inexpensive in the current market. This won’t last. Renting a home can cost the same as owning, and even more. If you’re paying rent anyways, why not pay a mortgage instead? Can people with bad credit still buy a home? Years ago I built a credit firm, so I know the space. It can be tricky! It’s not something you necessarily learn about in high school or college. There is a difference between a bad score and not being credit worthy. You can’t look at credit score alone as there are other compensating factors that might help you qualify. What are your tips for home sellers in today’s market? There are 17,000 real estate licenses in San Diego