Have you been putting off the purchase of a Lake Nacimiento home, even though it’s been your dream? Have you been wanting to relocate to the Central Coast, but haven’t felt confident that now is the right time? Have you fallen in love with your dream home but haven’t made an offer yet?
As your Lake Nacimiento real estate agent, I am here to calm some of your fears about the home-buying process. I understand that it’s hard to know when the right time to buy a home is. You constantly wonder what mortgage rates will do, where home prices will go, and what your future holds.
While no one can predict your future, I can give you some insight on the other factors.
Mortgage Rates – I’m sure you’ve heard that mortgage rates are near historic lows right now, but it’s worth repeating. Did you know that in the 1970’s, interest rates were 8.86 percent? In the 80’s, they were a whopping 12.7 percent! In the 90’s they were back to 8.12 percent, in the 2000’s they were 6.29 percent and right now, they are sitting around 3.46 percent.
That means that on a $200,000 house, your mortgage payment in the 1980’s would have been $2,166 for a 30-year fixed rate mortgage. Now, that payment would be $894. That’s a huge difference!
No one can predict when rates will go up again, but many housing experts predict that they will soon. It’s smart to buy now, while you can score such a great rate on a mortgage loan.
Mortgage Values – You’ve been paying close attention to home prices, but what about home values? The price matters right now, but the value matters in the long run. Someday, you will be selling your home, and ideally, you’d like to build equity by the time that day arrives.
According to the latest Home Price Index, home values are projected to increase by 5.3 percent over the next 12 months! This is great news for current buyers. If you wait 12 months to purchase a $250,000 house, you could pay $13,250 more! If you buy now, you could save a lot of money down the road.
Plus, this means that if things keep going in the direction that they’re going now, you can sell your home for more than you bought it for down the road. That is investing in your future.
Personal Reasons — It’s also important to remember why you want to buy the Lake Nacimiento home to begin with. Do you want to raise your family in a quiet, family-friendly area? Do you want to retire at the lake and enjoy mornings fishing or walking along the shoreline? Do you want a space to call your own, or a good place to raise children, or a place that makes you feel safe?
These are all common reasons why people purchase homes. You have a reason to buy a Lake Nacimiento home, so let’s make it happen! Contact me, your Central Coast real estate agent, and we can get going on the home-buying process.
Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.