Is It A Good Time To Sell A Home In California
I’ve been reading about that a lot lately. For the first time since I’ve been forecasting and doing these market updates in California. I’m not 100% sure exactly where we’re headed. I have a feeling that we are going to be safe for a few more years. That the products that they’re coming out with are going to extend the affordability phase, but we are truly coming into a time where home prices are just not affordable.
Affordability has a lot of factors, but the main one being is the mortgage payment equal to or a little bit higher than what the rents are? And if the answer is yes, then that’s a buy recommendation.,You’re fine. I’m starting to see where the rents would be, let’s say $2,500, and the mortgage payment is $3,500. So that’s a pretty big difference in terms of whether or not something is affordable. If I were to say whether it’s affordable. I may want to rent at $2,500 and save $1,000 and have extra money for shoes and stuff like that. Right, Jocelyn?
I wrote this newsletter and this prompted me to do this video. What I wanted to tell you is that. If you’re wondering is now a good time to sell a home or not in California. I have a strong recommendation that it is a time to sell. If you’re counting on the money from your sale for an investment purchase, or for retirement, or something like that. I would strongly suggest that you take your winnings and move, and do what it is that you’re going to do.
If you’re not 100% counting on this money. I really think that it would be an acceptable risk to hang on another year or two. And see what the market has in store for you. I personally, with my properties, I’m going to hold onto those properties as long as I can until I retire. And even then I’m not going to get rid of them I don’t think unless I run out of money. Then yeah, I will totally get rid of them.
When people ask, “Hey, is it a good time to buy,” I go back to that old analogy. “Hey, does the market rent equal what the mortgage payment is? Then definitely it’s a good time to buy.” When you’re thinking about selling there is not just one right answer. That’s why it’s always best to speak to a professional who is going to give you an honest opinion and not have it just based on the fact of whether or not they want your listing.
I think that most traditional people that you’ll go talk to. They’re going to tell you absolutely you need to sell that house when they may be motivated by that commission check. So if you’re looking to get an honest answer about real estate or mortgages You need to pick up that phone and give me a call at (909) 920-3500.