Why Waiting To Buy Might Not Make Sense

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Whether you are a first time or a move-up buyer, there are two factors that will impact the amount of house you can afford in your price range: home prices & mortgage rates.

Let’s look at what the experts are predicting over the next twelve months for these two areas:

PRICES

Over 100 economists, real estate experts and investment & market strategists were recently polled as a part of the Home Price Expectation Survey. They were asked to project where home prices are headed. The average value appreciation projected over the next twelve-month period is approximately 4.4%.

MORTGAGE INTEREST RATES

In the latest Economic & Housing Market Outlook from Freddie Mac, they predict that the 30-year fixed mortgage rate will be 4.7% by this time next year. As of last week, the Freddie Mac rate was 3.69%.

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 until next year to buy:

Cost-Of-Waiting-Spring

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 a year to buy:

Cost-Of-Waiting-Spring2

 

Bottom Line

With both home prices & interest rates projected to increase, waiting to buy could put a serious dent in your family’s wealth.

Click here for great Basking Ridge Area real estate deals.

Call me at 908 334 0709 to help you Sell or Buy your Biggest Investment, Your HOME!!

Basking Ridge Real Estate Solutions – Carol Garcia.  Representing clients in the purchase and sale of real estate in Bernardsville, Basking Ridge, Peapack/Gladstone, Bedminster, Branchburg, Bridgewater, Far Hills, NJ and surrounding areas.

 

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About Spring Ridge Real Estate

Real Estate Professional
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