Should You Buy Now or Save for Later?

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Affordability is extremely high right now, and conditions are just right to purchase a home right now. In times such as these, why not let the market build up equity for you naturally? Owning a home in an appreciating market can build up equity faster than you can save money.

For example, a $400,000 home that appreciates by 6% gains $2,000 a month in equity. Could you save that much money every month?

One of the best reasons to buy a home now is to get ahead of rising prices and interest rates. Even though when you purchase a home with 3% down and pay private mortgage insurance, you can rest easy knowing that the rates for PMI are substantially lower than they have been in the past. 

Another reason to buy now is that if you're renting, you can immediately turn your monthly payments into equity. The rent you're currently paying is probably similar to what you would be paying for a monthly mortgage. Also, when you own a home, you gain many different tax advantages. 

Buying a home is a temporary cost that may sting a bit at first, but this investment will pay for itself over and over again. 

If you're looking to buy a home in Southern California, let's set up a time to talk soon, because these low rates and high affordability will not last forever. Contact me at your convenience!