The Cost of Waiting to Buy A Home

Buying a home can seem overwhelming, and with interest rates and prices rising, sometimes potential buyers simply put off their plans without realizing the cost of waiting.

Whether it’s because it’s daunting to take the first step or due to a desire to save more money before buying, we frequently hear “We’ve decided to wait a while.”

Yet with prices climbing as quickly as they have been, it’s hard to save at a rate that will outpace price increases. And even if prices didn’t go up as they’re expected to, a rise in interest rates could mean the monthly payment on the home you’re looking at today will be far higher in 6 months or a year.

Another reason people sometimes wait is that they want to purchase “once prices have gone down.” But timing the market can be tricky. And by the time prices do go down, will they actually go down to what they are today if they keep climbing for a while?

We asked Alissa Samia Alvarez of Skyline Home Loans to share some specifics on what potential numbers look like for waiting, given a specific example of buying one of our recent listings – 2691 Magnolia in Long Beach – with 20% down.

Here’s a look at those numbers:
cost_of_waiting_1

Cost of Waiting

If you’d like to arrange a time to discuss your real estate plans, simply fill out the contact form below and we’d be happy to talk with you about how to get started.

About the Author

Shannon Jones has been selling real estate since 1998 and specializes in listing and marketing homes. She has consistently been one of the top Realtors in the Long Beach area. Prior to her award-winning career in real estate with the Shannon jones Team, Shannon has had successful careers in journalism and public relations. She holds a bachelors degree from UC Irvine and a masters degree from UC Berkeley. Shannon holds E-Pro, CDPE (Certified Distressed Property Expert), and PSC (Pre-Foreclosure Specialist) certifications. Shannon is very personable and maintains a very strong moral compass, always putting the best interest of home buyers/sellers above monetary goals. A California native, Shannon enjoys gardening, travel, reading, cooking and poker when she’s not selling homes MY DESIGNATIONS Lic# 01247705 | CDPE (Certified Distressed Property Expert) | E-Pro | PSC (Pre-Foreclosure Specialist) MY SERVICE AREAS Anaheim Bellflower Buena Park Carson Cerritos Cypress Downey Fountain Valley Garden Grove Huntington Beach La Palma Lakewood Long Beach Los Alamitos Los Angeles County Norwalk Orange County Rossmoor San Pedro Seal Beach Signal Hill South Bay Westminster

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