Buy Now or Wait Until Next Year?
Are you one of many who sees your friends and family diving head first into the real estate market and are wondering if now is the time for you to do the same?
Find out the difference ONE year could make!
According to Freddie Mac projection Q4 '20, a home that costs $250,000 this year with a 4.3% interest rate could cost around $262,000 with a 4.5% interest rate next year. That increases your monthly mortgage payment from around $1,231.60 to $1,321.04.
The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices and interest rates were to increase over a period of time.
What will it cost if you wait to buy your dream home?
It could cost you $89.44 a month, or a daily coffee or Friday night sushi. Annually, it could cost you $1,073.28, or a weekend away or a chance to pay off your credit cards. Over 30 years, it could cost you $32,198. At age 61, you would have spent an additional $32,198 on your home. At that time in your life, hopefully retirement is in your future. We are sure you could think of a few great ways to spend that money!
If you are ready and willing to buy your dream home, let Gregg County Title make your property our priority! Give us a call at 903-653-4188.