The Hidden Costs of Waiting to Buy a Home

To Buy or Not to Buy: That is the Question…

It’s not uncommon to hear people talk about delaying the home-buying process until home prices drop, in order to guarantee that they are purchasing a home at the best possible price.  As a Mortgage Advisor with Samuel Scott Financial Group, Mark Robertson frequently hears people voice their concerns about purchasing a home in the current economy.

In this video, Mark explains the unseen costs of waiting to buy a home, and why it may not be the best decision to just look at home prices.

There are many different factors that come together to influence whether or not it is a good time to buy a home.  It is important to look at the current housing market, overall economy, and interest rates.  The buyer should not be concerned solely with housing prices, but rather with the overall cost of buying a home. 

For example, let’s say you purchase a home for $400,000 with today’s interest rate of 3.75%.  If you put 20% down, we are looking at a payment of $1,481 a month.  If the home decreases in price by 5%, the new cost would be $380,000. With a 20% down payment and an interest rate of 4.75% (just a 1% raise), the payment will increase by $183 dollars more per month, even though the price of the home has gone down.  Over a 30-year span, you will spend more than $35,000 extra on the home.

The bottom line is that it is extremely important to look at the overall costs of purchasing a home.  Even if prices were too fall lower, the cost of a home could still increase if interest rates go up, even if it is only 1%.

There are many factors play a role in the overall cost of a home. Potential home buyers should consult with a skilled Mortgage Advisor to help identify whether or not they should purchase a home now or later.

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Mark Robertson was one of the four original Mortgage Advisors who helped launch Samuel Scott Financial Group in 2006.  Six years later, he remains one of their top producing originators and a client favorite.

Mark believes that it is his job to empower people and help them make educated decisions about purchasing or refinancing their home.  With more than a decade of experience in real estate and lending, he uses his expertise to position his clients for successful transactions.

Through out San Diego, Mark is known for his incredibly high level of customer service.  He goes above and beyond to make sure his clients receive star treatment and professional communication.  His ‘first-class’ mentality has earned him an outstanding reputation and thriving business with high end clientele looking for specialized loan programs.  Mark is the perfect source of information for buyers who need Jumbo loans, are self employed or have other unique financial situations.

Samuel Scott Financial Group is a boutique mortgage company recognized for superior customer satisfaction and the way they tailor the residential loan process to every individual client.  Todd “Samuel” Pianin and Brian “Scott” Reynolds founded the company on the principles of long lasting relationships, and a sincere honest approach to every single individual we serve.  Consistent and reliable, Samuel Scott Financial Group has been selected as The

Best Mortgage Company in San Diego for the 5^th straight year by readers of local publications.

President:  Todd Pianin

Vice President of Sales:  Russ Schreier

Mortgage Advisors:  Christian Alvarez,  Dean Brown, Mark Buchanan, Mitch Palmer, Brian Reynolds, Debra Roberts, Mark Robertson, Alex Scoma, Brian Shaw, Keith Sims, David Talbott.

 

Samuel Scott Financial Group is licensed by the CA Dept. of Real Estate license #01458652 and NMLS identifier 235584. ©2011 Samuel Scott Financial Group. All rights reserved.