- The “cost of waiting to buy” is defined as the additional funds necessary to buy a home if prices and interest rates were to increase over a period of time.
- If you buy now at 3.6% at a home price of $250,000 your principal and interest payment will be $1,136.61/month on a 30-year mortgage. If you wait a year to buy, rising house costs and interest rates could drive the house cost to $263,500 and the rate to 3.8%, bringing the same 30-year mortgage to $1,227.80/month.
- Freddie Mac forecasts interest rates will rise to 3.8% by Q4 2020.
- CoreLogic predicts home prices will appreciate by 5.4% over the next 12 months.
- If you’re ready and willing to buy your dream home, now is a great time to buy. Contact your Collins Group Realty Buyer Specialist for help.
One Response to “The Cost of Waiting Until Next Year to Buy a Home”
Thanks for this blog and it more informative and useful to read.