I was getting my car services this week and overheard a couple of folks talking about their home sale and purchase stories. The gal moving out of state felt good about being able to sell her home quickly in this market. The man gave a short history of his own buying experience in the Orange County area. I had to shake my head as I listened.
He and his wife thought of purchasing a home in Mission Viejo in1999. The price was $260,000 for a four bedroom home in good condition. Though they qualified, they decided NOT to purchase, fearing the monthly payments. Then a few years later, they considers buying again. The were looking at the same type of home in Mission Viejo, but now the price was $440,000. Once again, they decided to NOT purchase at the time. Then they watched the home almost double in price by 2006. Out of fear, they moved out of state and bought a home. Then the market crashed pretty bad in that state, they lost the home and moved back to California. They wound up making a home purchase in Temecula not too long ago. Bad news is they both work in Orange County. Good news is he says they are pretty happy. But I can’t help but think how happy they would have been and they moved forward with the purchase in 1999.
I agree that several factors need to be taken into consideration when buying a home. I know there are no guarantees. I know real estate values go up and come down. But in the long run, they go up. So when you are making a decision to buy, check in with yourself and make sure you are not letting unfounded fears take over the decision-making process. Looking at hard and fast numbers and real data can help allay your fears. A good agent can help you with that.