Waiting for Lower Mortgage Rates?
You Might Be Waiting Yourself Into
a More Expensive San Diego Home! 🏡

I hear it all the time from homebuyers:

"We're going to wait until mortgage rates come down."

Fair enough. Nobody wants to pay more interest than necessary. But here's something I've learned over my 27 years in real estate:

A lower interest rate doesn't necessarily mean a less expensive home.

Sometimes, waiting for a lower rate actually costs you MORE.

Let's Do Some San Diego Math!

Take a hypothetical home in Clairemont, ZIP code 92117, where median sale prices increased 6.6% year-over-year through September 2026, according to Redfin.

Let's compare buying today versus waiting another year.

Scenario 1: Buy Today

• Purchase price: $1,100,000

• Down payment (20%): $220,000

• Mortgage rate: 7.32%

• Monthly principal and interest: $6,045

Scenario 2: Wait One Year

Suppose that home appreciates 6.6% while mortgage rates decline.

• Purchase price: $1,172,600

• Down payment (20%): $234,520

• Mortgage rate: 6.75%

• Monthly principal and interest: $6,084

WAIT! The interest rate dropped, but the buyer now needs $14,520 MORE for the down payment and has a HIGHER monthly mortgage payment!

And here's what many buyers overlook.

The person who bought earlier could potentially refinance that smaller mortgage at 6.75%, reducing their monthly principal and interest to approximately $5,714 over the remaining 29 years, before refinancing costs.

Same neighborhood. Lower loan balance. Better position.

When you own a home, rising property values can build YOUR equity instead of increasing the price of a home you're still trying to buy!

My Advice?

I'm not suggesting home prices always rise, rates always fall, or everyone should rush into buying. They don't, and they shouldn't.

I'm suggesting we stop trying to predict the perfect market and start developing smarter financial strategies.

As your REALTOR®, my job isn't to sell you a mortgage payment. It's to help you make an informed decision and develop a plan that fits your financial goals.

Because waiting might save you money. But having a PLAN puts you in control! 🏡

Illustrations assume a 30-year fixed-rate mortgage, exclude taxes, insurance, HOA fees and transaction costs, and do not guarantee future appreciation or refinancing availability.