With intentions to buy and hold for 7-10 years, historically that would be enough time to ride out any market dips and end up on the high side.
A 30-year fixed mortgage loan at $100k costs a buyer $492 per month at a rate of 4.250% vs at 3.250% it costs $435.
This adds up when you are looking at a $700k loan and you have a $399 per month lower payment.
My opinion is get in *now* while rates are super low and don’t worry if the prices can potentially come down or not; as long as you plan to hold for 7-10 years, historically you will end up with a more valuable home than you paid (name a time in history when 10 year *prior* a house was more expensive in LA?).
The rates being as low as they are create the greatest opportunity to buy (in the LA market).
Daniel Gat has been helping fulfill the American Dream since 2005 and can be reached at email@example.com