Are you a first time home buyer buying a house in the housing market 2021? Are you asking yourself the question “Should I buy a house in 2021 or wait for a pull back?” In this video, we discuss supply and demand, interest rates and what’s driving home prices in this housing market. We also go over an example of buying a house right now with today’s interest rates versus waiting a few years after a market pullback with potentially higher interest rates and compare the monthly payments. Should you buy now or wait?
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Insight on the housing market:
Examples used in the video:
Example 1 – Buying today
$500,000 Purchase Price
$400,000 Loan Amount (20% Down)
Monthly Payment: $1,632.96
At a 5% home appreciation in 2021 and 2022, below is the new value of the home.
2021 – $525,000
2022 – $551,250
Example 1 – Taking that $551,000 price and saying prices pulled back by 20% in 2 years.
$441,000 Purchase Price
$352,800 Loan Amount (20% Down)
Monthly Payment: $1,633.87
If you one of those sitting on the sidelines waiting for a housing crash or a foreclosure wave, what do you think is going to cause the housing crisis for home prices to pull back? How long are you willing to wait?
Do you need to be connected with a knowledgeable and professional Realtor or mortgage professional (lender) in your market? If so, please reach out to me directly.
Jeb Smith (Huntington Beach Realtor/orange county real estate)
Coldwell Banker Realty
I N S T A G R A M ➳ https://www.instagram.com/jebsmith
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