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Purchasing A New Home In Spring TX What Happens If You Wait Until Next Year
Dated: 09/06/2018
Views: 492
What If I Wait Until Next Year to Buy a Home?
We recently shared that national home prices have increased by 6.7% year-over-year. Over that same time period, interest rates have remained historically low which has allowed many buyers to enter the market.
As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but instead about the ‘long-term cost’ of the home.
The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Index Report,home prices will appreciate by 5.2% over the next 12 months.
What Does This Mean as a Buyer?
If home prices appreciate by 5.2% over the next twelve months as predicted by CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today:
Bottom Line
If buying a home is in your plan for this year, doing it sooner rather than later could save you thousands of dollars over the terms of your loan.
Best Priced Properties Team "Clients First" Russell and Melissa Banki Texas REALTORS- Hite Properties Certified Negotiation Experts (CNE) Accredited Luxury Home Specialist (ALHS) Certified Home Selling Advisors (CHSA) Certified Home Buying Advisors (CHBA) Certified Expert Home Selling and Buying Advisors. Ask us about our Smart Home Buying and Selling Strategy. CALL OR TEXT. cel 713-480-0889 or 936-445-0216. As local real estate Montgomery County Real Estate Experts in The Woodlands, Spring, Shenandoah, Magnolia, Montgomery, Conroe and Greater North Houston/Houston TX Metro areas we can save you valuable time & money! Contact us today. We want to earn your business and help you achieve all of your real estate goals. It would be our pleasure to help you with all your residential/commercial buying, selling or investment needs. We believe our clients should feel confident and benefit from selling or purchasing real estate.
Melissa Banki | REALTOR® GRI CNE
REALTOR®, GRI, CNE - Hite Properties Best Priced Properties Team - The Woodlands TX Cell: 936-445-0216 Clients First! Treating the relationship with far more value than the transaction. We be....
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