We often talk about the potential cost of waiting to buy a home. Today, we want to look at the actual cost for someone who waited over the last year. We used a 10% increase in house values as prices have gone up by double digits in San Diego on average. We looked at approximate mortgage rates last year compared to this year. Here is the impact on a monthly mortgage payment (principal and interest):
Make sure you read this correctly…by a 10% increase, you would be paying more than $200 MORE every month because you “waited” to get into this market. In California, this looks more like $500!
Call us to get pre-qualed today! 888-333-0075
