Realizing it’s time to buy a home is an exciting and scary moment. That’s why The Caton Team is here to guide our clients through the Bay Area Real Estate market.
Today’s topic – The Cost of Waiting – is something most buyers do not consider when first looking into Real Estate investing.
Buying the dream home is not a linear journey. Getting into the dream home is a stepping stone process of Real Estate investments. All in the name of equity.
Equity is earned over time and through updating a property. It’s the money ‘in’ your home. That future value minus the mortgage is the profit that turns into the downpayment for the next, bigger, and better Real Estate Investment.
Often buyers will consider waiting until they can afford the home they really want, instead of buying something smaller – here’s where things get real.
The Bay Area is one of the most expensive Real Estate in the country. Properties are selling in less than a week, significantly over list price, with multiple offers – repeatedly. This not only creates an appraisal lag but also a savings nightmare.
My point is – California Real Estate has appreciated since 1849. There are and will be ups and downs through the years, but overall its constant trajectory is up.
What does that mean if today you’re thinking about buying Bay Area Real Estate today?
Invest in the best place within budget, in the best area possible – improve the property, and over time it will earn equity. Equity is the stuff dreams are made of.
Because trying to out-save the market is impracticable, the only way to do so is to own and earn equity.
With the most affordable market, Alameda County, seeing $300,000 in appreciation from January 2020 to March 2021 – it’s a tall order to expect anyone to save faster than the current market is appreciating. This means – if a buyer waits – they could wait themselves out of the market.
Here’s some food for thought; data for San Francisco, San Mateo, Santa Clara, and Alameda Counties.
Values are from January 2020 and March 2021.
San Francisco: $ 1,668,000 / $1,687,000 – Average appreciation of $19,000 – Peaking at $ 1,835,000 in June 2020. *(This average is skewed due to the diversity of the city. For more detailed information please reach out.)
San Mateo: $ 1,881,000 / $2,453,000 – Average appreciation of $572,000 – Peaking at $2,453,000 in March of 2021.
Santa Clara: $ 1,454,000 / $1,936,000 – Average appreciation of $482,000 – Peaking at $1,926,000 in March of 2021.
Alameda: $968,000 / $1.275,000 – Average appreciation of $ 307,000 – Peaking at $ 1,275,000 in March of 2021.
Real Estate wealth is made over time with sage wisdom. The Caton Team believes in the power of homeownership to create long-term security and wealth. Each client is unique and each opporunity different. If you’re considering a sale or purchase of Real Estate in the Bay Area – you need a full-time, professional Realtor to guide you. The Caton Team would love to interview for the job as your Realtor Team – please reach out at your convenience.
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Data for homes sold UNDER $1 million in San Mateo & Santa Clara Counties, and sold OVER $1 million in San Mateo & Santa Clara Counties. Castro Valley, Hayward, San Lorenzo & San Leandro.
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