Should You Wait to Buy a Home?
That's a great question.
Based on the current market information, the short answer is - probably not.
Here's why...it's only going to cost you MORE to wait.
Based on the Mortgage Rate Projections from Fannie Mae, Mortgage Bankers Association, and National Association of Realtors - they all agree that interest rates will be jumping by a full point over the next 12 months.
Think one measly point in interest rate is no big deal? Most people don't put much thought into the interest rate and the ACTUAL cost of buying a home. But look at these two graphs showing the cost of waiting just one year. Based on the projection from CoreLogic of a 4.7% increase in home values across the nation, along with the 1% interest rate increase, the cost is staggering.
Wow! That same $400,000 house you're looking at today will cost you an extra $335 a month next year. And that $500,000 house will cost you an extra $5,000 a year! Just by waiting ONE year.
If you'd like to make a move, but aren't sure if it's a good decision, let's talk. 940.536.3735