Home Buyers Will Pay More By The End of 2015

20150204-Cost-of-Waiting

The Cost of Waiting (Source: keepingcurrentmatters.com)

There could be a high cost for buyers to pay if they’re hesitating to purchase a home within the next few months.  Why?  There are two main factors, both of which should be considered when looking to buy a home – 1) the rate at which home values are increasing and 2) the amount home mortgage rates are projected to increase.  Home values have increased by 20% (gasp!) within the past few years, and values will continue to increase as long as supply (for sale inventory) stays low.  And, as I wrote about in this blog not too long ago, I anticipate the mortgage rates to increase by the end of this year, 2015.  Mortgage rates have been in the high 3% and low 4% range for a while now.  But, what do both of these factors together mean for the average homebuyer?  Well, it means there could be a high cost for waiting to buy, to the tune of hundreds of dollars per month. Take a look at the graphic…

By the end of the year, if current projections become reality, it’ll cost a buyer $10,000 more to purchase AND almost $200 more monthly to pay for a home.  That’s a lot of money, folks!  Want to discuss this more?  Get in touch by phone, text, e-mail, or carrier pigeon, I’ll answer to them all!

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