Why waiting to buy a home could cost you!

To determine if they should buy now or wait another year, both renters and current homeowners need to ask themselves: Do I think mortgage rates and home prices will be lower or higher a year from now?

If you average the most recent projections from the major industry forecasters, the expectation is that home prices will increase by 7.7%. and interest rates should average out to 3.6%.

Applying the projected rate of home price appreciation, the house costing $325,000 today will cost $350,025 next year.

Therefore, as a result of rising home prices alone, a prospective buyer will have to borrow an additional $22,523 just for waiting a year to make their move.

What does it mean to you if home values and mortgage rates increase?

Assuming a buyer purchases a $325,000 home this year with a 30-year fixed-rate loan at 3% after making a 10% down payment, their monthly principal and interest payment would be $1,233.

That same home one year from now could be $350,025, and the mortgage rate could be 3.6% (based on the industry forecasts mentioned above), making their principal and interest payment total $1,432.

The difference in the monthly mortgage payment would be $199.

That's $2,388 more every year and $71,640 over the life of the loan.

Do you still think you should wait to buy your home?

Let’s connect to take the first step toward your new home today.
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