Anxiety about if we should buy now or wait (in Southern California)

Hi everyone. Sorry if this gets posted often, but I’d really appreciate some opinions. My husband and I live in Southern California (live in Orange County, work in Los Angeles county). We’d be first time home buyers. We have about $20,000 for a down payment and the most we could afford is $2500/month in payments (we currently rent an apartment for $1500/month). With these numbers, we’d only be able to buy a 1 bedroom condo for under $400,000, which do exist. I spoke with a broker and he said we should be able to qualify for a 30 year loan based off our various numbers. My husband and I have talked about waiting a couple more years to save more money and better be able to afford a higher mortgage (perhaps $3000-3500). But at this point, looking at the market trends, I’m very concerned that if we do not purchase something now, the prices will continue to increase and we’ll never be able to play catch up. With that said, my husband is also concerned that $2500 is pushing our budget a lot and we’d also be dipping into a majority of our savings for the downpayment. Also, he’s concerned if we buy a condo we’ll be stuck with it for 10+ years because of how long it will take to pay it off. But still, my anxieties remain šŸ˜“ It feels like a now or never situation.

I’d appreciate any thoughts or opinions, but please do not suggest that we move out of state because we can’t due to various personal reasons. Thank you!

submitted by /u/ValtronW
[link] [comments]

Hi everyone. Sorry if this gets posted often, but I’d really appreciate some opinions. My husband and I live in Southern California (live in Orange County, work in Los Angeles county). We’d be first time home buyers. We have about $20,000 for a down payment and the most we could afford is $2500/month in payments (we currently rent an apartment for $1500/month). With these numbers, we’d only be able to buy a 1 bedroom condo for under $400,000, which do exist. I spoke with a broker and he said we should be able to qualify for a 30 year loan based off our various numbers. My husband and I have talked about waiting a couple more years to save more money and better be able to afford a higher mortgage (perhaps $3000-3500). But at this point, looking at the market trends, I’m very concerned that if we do not purchase something now, the prices will continue to increase and we’ll never be able to play catch up. With that said, my husband is also concerned that $2500 is pushing our budget a lot and we’d also be dipping into a majority of our savings for the downpayment. Also, he’s concerned if we buy a condo we’ll be stuck with it for 10+ years because of how long it will take to pay it off. But still, my anxieties remain šŸ˜“ It feels like a now or never situation. I’d appreciate any thoughts or opinions, but please do not suggest that we move out of state because we can’t due to various personal reasons. Thank you! submitted by /u/ValtronW [link] [comments]

<a href="Read More“>View Full Article

Need More Commercial Real Estate Leads?SAVE 40% this month!

Our commercial valuation calculator was created to evaluate commercial real estate. In 6 quick steps you will know your NOI, CAP RATE, and IRR.

Now you can get your own branded version of our calculator!