4 Reasons to Buy Your San Mateo Dream Home This Winter

Vicki Moore
Published on December 5, 2016

4 Reasons to Buy Your San Mateo Dream Home This Winter


As the temperature in most areas of the country starts to cool down, the housing market will do the same.  It’s a perfect opportunity to buy a home in San Mateo while interest rates are still low and many home buyers are out Christmas shopping.  The typical thought is that if a seller has their home for sale during the holidays, they’re more motivated than the typical seller.  Although that may be true in some circumstances, it’s not in all but it’s definitely worth asking your realtor what the situation is.  Find out why they’re selling; it may make a difference on whether or not you’re buying.

Saratoga Ave, Bay Meadows, San Mateo

Saratoga Ave, Bay Meadows, San Mateo

Here are 4 reasons you should consider buying your dream home this winter instead of waiting for spring!

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Index reports that Nationally home prices have appreciated by 6.3% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.2% over the next year.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

mortgage rates 2015 through 2017

2. Mortgage Interest Rates are Projected to Increase

Your monthly housing cost is related to the price you pay for your home just as much as it is to the mortgage interest rate you secure.

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage are currently at 4.08%. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if you need a mortgage to buy your home.


3. Either Way You’re Paying a Mortgage

There are some San Mateo renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage or they don’t want to be responsible for the maintenance of a home. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage – either yours or your landlord’s.

As an owner of a home in San Mateo, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.  In San Mateo  – and other Silicon Valley cities – you cannot save as fast as the housing market rises.  Things come up, right?

In my case, during the summer, my cat got sick.  There went a big chunk of my savings.  However, when you own a home, that equity continues to rise whether the cat gets sick or not.

California Association of Realtors Annual Historical Data Summary Report tracks trends in California’s housing market from 1968 to present. 

Let’s take a quick look at San Mateo County home sale prices just back to 1990.

In 1990, the median home sale price in San Mateo County was $328,310.

For 2015 – realize, just 25 years later – the median home sale price in San Mateo County was $1,250,000.  That’s a 380% increase.  

Ask yourself:  Could I have saved $921,690 between 1990 and 2015?  $36,868 per year?!

Are you ready to put your housing cost to work for you?

4. It’s Time to Move on with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

How much longer are you going to wait?

Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, you just want to have control over renovations, or you want to have a forced savings account for the good times and the bad maybe now is the time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.


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