2018 started 30 yr mortgage rate @ 3.95%, now currently at approximately 4.40% (source: https://ycharts.com/indicators/30_year_mortgage_rate).
San Diego’s single family median price is at $635,000 up 10.5% from last year (March 2018 source: Sandicor Inc).
To see a better picture, let’s calculate the numbers…after all it’s all about the numbers!
Ok let me pick an area…hmmm…what’s my favorite area, yup! you guess it right! Mira Mesa =)
Say if you bought a single family in Mira Mesa in January 2018, median price then was $595,000 and 30 year interest rate then was 3.95%, your monthly payment (with 20% down payment) would have been $2,945 (principal, interest, tax & insurance)
But if you waited, for the same home, median price went up to $615,000 and interest rate went up to 4.40%, your monthly payment couple months later is……… $3,171
Monthly payment up by $226 by just WAITING! Plus your downpayment requirement went up too by $4,000!
Just saying…why wait? We are ready when you are! by the way, you don’t have to come up with 20% down payment to buy…we have TONS of options to discuss with you from as little as 3.5% down payment or finding you ways to secure down payment or closing cost assistance! Ready to take the plunge or have any questions? Contact me!
Tina Balch, Realtor