Buying a home in San Diego can be very exciting but can feel scary at the same time. If you think about it too long and listen to too many people who don’t own a home or even some that do, you may become paralyzed with fear and never jump in. It is ok to be careful and do your homework. But, over analyzing for too long can hurt you in the long run. Constantly asking yourself, “Should I buy a home now or wait until next year”? I can remember meeting people that came in through our Open Houses during 2012- 2016. Some of these people wanted to buy a home but kept saying that they were going to wait for the bubble to burst. It is 2018 as I am writing these words. I still see a few of these people around that still haven’t bought. They are kicking themselves for not buying back then. We also helped many people buy homes during that time period and then 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! With this being 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 are going to 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 1970’s and 1980’s. There were times when interest rates were way up at 18%. Sure, the purchase prices were lower, however, with interest rates as high as they were, so was their mortgage. They too asked themselves “how are we going to may 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, “showed I buy now or wait until next year”?
Buying 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.
Historical Market Data:
If you are thinking of buying a home and would like to sit down and go over a plan of action, contact the McT Real Estate Group at 619-818-8122. Together we will look at your long-term goals and see if buying a home is the best thing for you today.
[table id=14 /