What’s the moral of this story?  BUY NOW!  Unlike the homes this article is mentioning our home prices have not increased over the past few months and our buyers have their choice of some wonderful homes at great prices, BUT, we can’t do anything about the rise in mortgage interest rates!  So, if a home is in your future, better to take advantage of a buyers market and low interest rates.  You will be able to purchase much more home than you will this time next year if interest rates have increased as much as everyone says they are going to.  Don’t delay, call today and let’s get started.
Courtesy of Keeping Current Matters 2018

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 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:

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.

Remember I have a team of experts that help me navigate you through the home buying process.  It is scary but with me and my team on your side you will end up the winner!