Checking out the latest with home prices here. So the quick takeaway from this data is that median home prices in California dipped slightly below $800,000.00 and we had a 3.8% drop from the month before. If we take a step back though, and this is important for you home buyers, of course we have lots of little ups and downs, but look at the overall, relentless, upward trend in home prices since 2009! Even the little drop we just had…its still 5.5% more expensive than the same time last year!
To me the message here is clear, if you want to purchase a home, and you have the means to make that happen, then buy a home now! Get on board this escalator and ride it to the top. Stop fretting over the new interest rate reality, and start building equity in your new home now. Hopefully interest rates will drop back down. If so, you can just refinance your home loan to take advantage of the better rates. You know what you won’t be able to do? You won’t be able to benefit from today’s prices, if you don’t take action today.
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