November 01, 2021

Are you on the fence if now is the right time to buy? Are you waiting for the market to take a dip? San Diego realtor Nick Palm talks about how waiting to buy could be causing you to miss out on thousands of dollars in equity.

When is the Best Time to Buy?

Are you thinking of buying a home, but think you should wait until the market dips, or wait until you have a down payment saved up? Hi, I'm Nick Palm with the Whissel Realty Group. I come across buyers every single day who want to wait to purchase for all those reasons.

They think we're at the top of the market. They think the market's going to crash. They think they need to save for a down payment. The reality is is that the longer you wait, the more you're losing in potential appreciated value. National home prices have increased over 20% in the last year, and they're expected to increase another 16% by the end of 2022.

The amount of appreciation that people have in their own homes, that amount of equity alone is going to keep the housing market from ever going into one of those foreclosure markets again. Now, think about a house that was valued at $500,000 this time last year. That same house is worth well over $600,000 this time this year. And by the end of 2022, it very well could be worth up to $700,000. That's a $200,000 difference. That's over $300 of appreciated value every single day.

If you're waiting to purchase a home to save on a down payment, think about all that money that that home that you're looking for is appreciating every single day. You're just going to have to save more and more money. It's not smart. Now, keep in mind that not all home loans are the same, and not all down payments on conventional loans are a strict 20%. In fact, we have some conventional loans that go as low as 5% or 3% down. Even better, there are some government-backed loans by the FHA and VA that can get even lower on the down payment.

If you're thinking about purchasing a home, give me a call. We'll talk about some options, and I'm looking forward to helping you with your home journey.

See More Listings