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What If I Wait Until Next Year to Buy a Home?

Monday, May 7, 2018   /   by Sal Giuliano

What If I Wait Until Next Year to Buy a Home?


What If I Wait Until Next Year to Buy a Home?



What If I Wait Until Next Year to Buy a Home? | MyKCM


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 Reporthome 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:


What If I Wait Until Next Year to Buy a Home? | MyKCM


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.

Elevate Real Estate Brokers
Sal Giuliano
3923 S San Mateo Drive
North Port, FL 34288
941-626-3069
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Kim Hibbs
Account Executive
Kim.Hibbs@hwahomewarranty.com
Cell: 512.987.4884
Customer Service: 888.492.7359
https://www.hwahomewarranty.com/


Betty Kedziora
Loan Officer
Office: 941.538.6123 <941.538.6123>
Mobile: 630.625.2435 <630.625.2435>
Fax: 941.256.2558
Betty.Kedziora@LHFS.com
NMLS #: 408864

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