The Consequences of Waiting to Buy a Home
The national home prices have risen by 5.4% in the last year. While the home prices increased, the interest rates remained low. The low interest rates encourage buyers to enter the housing market and also secure low rates.
Sellers are commonly concerned about the short-term prices that their homes are projected to reach over the next few months. Unlike sellers, as a buyer you should consider the long-term cost of the home primarily.
Many sources including The MBA, Freddie Mac, and Fannie Mae predict a substantial rise in mortgage interest rates over the next year. Home prices are also predicted to increase by 4.8% in the next year.
Here is an example of the differences in costs when buying a home this year versus next year:
If you are wanting to buy a home in the near future, you could save thousands of dollars by committing sooner. Let the PorchLight team help you find your dream home!