A customer sent me an email asking when is it a good time to buy. Instead of re-writing the contents here is the email I sent to him.
I will have a funny answer. The answer is always “Buy Now” I made a loan 3 years ago for a Chef who was buying for the first time and he had not completed his income taxes so I had to go to a specialty lender and that made the loan cost more. The loan was 920,000 and the rate was 4.6%- I felt awful because if we could have gotten his taxes his rate would have been 3.5%——- I year after his purchase he wanted to refinance the loan but the rate had gone to 5.4% and that was the BEST rate. So he bought at a good time even with the higher interest rate.
Only once in California can I remember it was not good to buy but that was a long time ago and the phenomenon only lasted a few months. Over time Real Estate always goes up—Look at your home purchase price and the value now. This is not true across the country but in California it is always the right time to buy.
My house has gone up 14 times the purchase price (40 years)
Here is a video I did a few months ago and the video surprised even me.
