Anyone that lived through the 80’s remembers the song by the Clash “Should I stay or Should I go”. https://www.youtube.com/watch?v=GqH21LEmfbQ
While country music was more my go-to rhythm, this song by the Clash transcended all the high school clicks. Remember the Mods, the Hicks, the Surfers, the Jocks, and all the others………..which were you?
Back on topic……… I just spoke to a gentleman who purchased a home in Monterey in 1990 for $275k. It is currently in escrow for $945k. Pretty good return huh? It’s even better if you consider he only put down 20% (or $55,000) and is leaving the table with $670k in profits after 26 years.
With the current hot housing market we are hearing a lot people trying to decide “should I buy or should I rent now”. And a little like the song from the Clash (you knew I would tie this all in), there isn’t always a black and white answer. I can sit here and write about why I think it is still a great time to buy; more people are entering CA than leaving, wages for trades people are on the rise, land is scarce, raw material costs are rising, rents are up and rates are low but here are two articles that I hope will make the decision making process easier for buyers that are on the fence:
$217,726: That’s What You’ll Save (Give or Take) If You Buy a Home Now
House prices: Buy now or later? A lack of supply means that America’s lofty house prices are unlikely to fall far: