The Price Of Waiting To Buy A Home

There is much more to consider when purchasing a home than just the purchase price. The cost of waiting should be a large influence on when to make a home purchase. The cost of waiting has two major considerations, the home’s appreciation over time, and the interest rate at which a buyer will get on their loan. Home prices are currently rising about 6% a year in San Diego. The cost of borrowing is also expected to increase as interest rates look to appreciate, according to Freddie Mac. This means the ‘cost of waiting’ could have a big impact on your mortgage. 

For example, on a home costing $500,000 now, with interest rates around 3.5%, your payment would be around $2200.00 per month. The same home next year will likely cost $20-30,000 more due to price increases and the interest rate could be nearly a full point higher at 4.5%, meaning the mortgage payment will cost you about $350 more per month. ( times 12 months/ year, times 30 years= over $130,000 more)

TIME = MONEY 

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should i buy a home now or wait?

 Some Highlights:

  • The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.
  • Freddie Mac predicts interest rates to rise to 4.6% by next year.
  • CoreLogic predicts home prices to appreciate by 5.3% over the next 12 months.
  • If you are ready and willing to buy now, find out if you are able to! Talk to a lender.

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com

 

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