Should you buy now

George Lorimer
Monday, June 27, 2022
Should you buy now
Were you thinking about buying a home a few months ago? Now you paused because the market changed. Here are a couple of questions to ask yourself if you should buy now. 
  • Will you live here in San Diego for at least 3 years or more? If yes, consider buying. 
     
  • Did you sell another property or make money in the stock market because of the pandemic boom? If so, you should consider buying because that money will likely be worth less (less buying power), because of inflation. 
     
  • Can you afford a home? Rates going from 4% to 6% is a big change in your payment. The bad news is rates are probably going up more before they go down again. We have ways for you to get mortgages in the 5 %s. 
     
  • Are you sick of renting? Do you dislike your landlord? Does your rent keep going up? Consider buying a smaller home (less money) so you can start to build wealth. 
Remember, some people didn't buy homes when mortgages were under 3%. Some people are waiting for prices to go down or rates to go down. The problem is sometimes it becomes less affordable over time.

Two years ago, people choose not to buy a home because they thought the pandemic would cause home prices to drop. In contrast, they went up 20% from 2020-2021, then again over 20% in 2021-2022. Mortgage rates were 3.25% (Jan 2022) and now are 6% (June 2022). 

Now buying isn't an option for people because of the change in payments. In the meantime, Wall Street is buying single homes and hiking up the rents. 

To have success and build wealth in real estate people buy and wait, not wait to buy. The difference in wealth is a staggering 40X more wealth of owners versus renters. Click here to get homes
 


 

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