Anyone else feel like they got shot out of a cannon this year? The innumerable amount of change our country has seen in barely more than 100 days since January 1 is staggering, and we’re not done yet.
More recently, the bouncing of fiscal markets has made many of us fiscally concerned. Whether it’s our retirement account or general savings plan, these daily fluctuations can add stress to an already full day. Yet if you have been saving for any amount of time, most likely that balance is still higher than it was a few years ago, and certainly more than it was a decade ago. Saving and investing is a long game, and so is real estate.
Sure, Flip or Flop, Master of Flip, and other HGTV delights portray homes with a quick transformation into a big paycheck, yet this certainly isn’t the norm. Most folks stay in their homes for a minimum of 6-12 years, and most of us know someone that’s been in the same place for decades.
What has been consistent in the 805 for years is the fact that we are not building enough new inventory. Add this to many folks having rates locked into COVID lows, cheap mortgage payments are not pressuring people to sell. The long game of real estate extends further here because without a lot of supply, even if demand doesn’t increase, our house prices will continue to rise.
What does that mean for you? It means that the best time to buy a house was 20 years ago, and the next best time is as soon as you can. Do I think folks should buy something that they don’t like, or put themselves in a dire financial position just to get in? Nope. What I do think is that one’s first property is most likely going to have only a few of the myriads of things we dream about when thinking of homeownership.
I think that you should look for something that you’ll be able to grow into for at least 5 years. I also think that pushing yourself a little outside of your comfort zone is a good thing, as we never know until we try. There’s a reason that the shortest mortgage loan term is 10 years. Focus on the future, focus on the strategy, focus on the long game and you’ll be home before you know it.
Austin Lampson is a licensed mortgage professional and branch manager of Origin Point Mortgage. She has spent the last quarter century helping her clients balance math and emotion to achieve their financial goals. Reach Austin at 805-869-7100, austin@austinlampson.com, or visit austinlampson.com.
