Tips for Home Buyers
So this is interesting… we have some buyers who are on the fence in hopes of the “what if the market softens and prices come down?” It’s an awfully big ship to turn around, but the market does fluctuate and yes, at some point we may see prices leveling off.
There’s one huge thing people are over looking and that’s our historically low interest rate right now.
Check this out – if you financed $1,000,000 today at 4.5% your payment would be $5061. If you said to yourself, I’d rather wait for prices to drop 10% to $900,000 well I would assume interest rates would then be 5.5% and guess what, your payment would actually be more $5,110!
So wait if waiting is good for your lifestyle, meaning coordinate with a graduation, work promotion, etc. But don’t wait to save money. The opportunity is in the 30 year fixed interest rate. Trust me, in 10 years it’s highly likely you’ll be bragging to your friends about your interest rate at dinner parties.
On another note, here’s some sources for coming up with the down payment…
You don’t need 20% down and you can use the California Association of Realtors website to see which down payment programs you are eligible for. Or please contact me, Danae Aballi, best realtor in Newport Beach, and I will connect you with a great lender who can walk you through the options too. 949.945.0923 call/text