Buying Your Home: The Cost of Waiting

    Whether you are a first time buyer or a move-up buyer, you should look at the projections housing experts are making in two major areas: home prices and mortgage rates.

    PRICES

    Over 100 economists, real estate experts and investment & market strategists were recently surveyed. They were asked to project where home prices were headed. The average value appreciation projected over the next twelve month period was approximately 4%.

    MORTGAGE INTEREST RATES

    In their last Economic & Housing Market Outlook, Freddie Mac predicted that 30 year fixed mortgage rates would be 4.8% by this time next year. As of last week, the Freddie Mac rate was 4.14%.

    What does this mean to you?

    If you are a first time buyer currently looking at a home priced at $250,000, this is what it could cost you on a monthly basis if you wait to buy next year:

    First Time Home Buyers Cost of Waiting | Keeping Current Matters

    If you are a move-up buyer currently looking at a home priced at $500,000, this is what it could cost you on a monthly basis if you wait to buy next year:

    Move-Up Buyers Cost of Waiting | Keeping Current Matters

    Bottom Line

    With both home prices and interest rates projected to increase, buying now instead of later might make sense.

     

    Looking for a team of experts to help you navigate this buyer’s market?

    We have a team of highly-skilled Buyer Agents committed to applying their expertise in the market to help you find the perfect home at the right price for you.

    Contact our team today.

    office 800.214.1245

    email homes@thedaileygroup.com

    As always, we’re never too busy for your referrals!

     

    Photo credit: Keeping Current Matters “Buying a Home: Cost of Waiting”

    Post source: Keeping Current Matters

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