Buying a home in San Diego can be very exciting but can also feel scary. If you think about it too long and listen to too many people who don’t own a home or even some who do, you may become paralyzed with fear and never jump in. It is okay to be careful and do your homework. However, overanalyzing for too long can hurt you in the long run. Constantly ask yourself, “Should I buy a home now or wait until next year?”
I remember meeting people who would go through our Open Houses during 2012- 2016. These people wanted to buy a home but kept saying they would wait for the bubble to burst. I still see a few of these people around who still haven’t bought anything. They are kicking themselves for not buying back then.
We also helped many people buy homes during that period, and then, at some point, they decided to move out of San Diego. We then sold their homes, and they left with a lot more money than they had when they initially bought their house. They were sure happy! That said, yes, you do have to put much thought into it. It is a big financial decision. But no matter what time it is, it always seems like mortgages are high, and one wonders how they will pay their mortgage.
How Will I Pay The Mortgage?
So, you’re either going to pay your mortgage or you are going to help your landlord pay theirs. Either way, you are paying a mortgage. Why not it be your own.
My parents bought houses back in the 1970s and 1980s. There were times when interest rates were way up at 18%. Sure, the purchase prices were much lower. However, with interest rates as high as they were, so was their mortgage. They, too, asked themselves, “How are we going to pay this mortgage.” Today, they are sure happy they took those risks. This allowed them to have a large safety net to retire with and not have to work in their golden years.
Should I Buy a Home Now?
So, are you asking yourself, “Should I buy now or wait until next year”?
At the time of this blog, a home today at $700,000 with interest rates at 4.3%, your mortgage will be approximately $3223.00. With projected interest rates for next year at 5.10% and the price going up to $735,000, your mortgage payment will be approximately $3,629.00. That is a difference of $406.00 a month.
If you are thinking of buying a home and would like to discuss a plan of action, contact the McT Real Estate Group at 619-736-7003. Together, we will examine your long-term goals and determine whether buying a house is the best option for you today.