Thinking Of Buying A Home? You Should Wait!
So you are thinking of buying a home and aren’t sure if now is the right time. The answer is… You Should Wait!
Why should you wait??
You should wait to buy a new home if you are comfortable paying a higher price for your next home. The real estate market has improved greatly and while home prices have not started to rise dramatically yet, home prices are going to start edging upward. We have a shortage of homes for sale in many areas and neighborhoods and when there is a shortage of a product the price rises. It’s called supply and demand.
You also should wait to buy a home if you are fine with paying a much higher interest rate for your mortgage. Rates on 30 year fixed rate mortgages are hovering around 3.25% – 3.50% right now. Many experts believe that rates will soon begin to rise to above 5.00%, possibly by the end of the year. How much difference does this make you ask? On a $200,000 mortgage the payment of principle and interest on a 3.50% mortgage is $898 per month. When rates rise to 5.00% that same $200,000 mortgage payment is $1073. per month. That’s a difference of $175. per month or $63,000 over the life of the 30 year mortgage.
You may be thinking you are going to wait until some great deals on foreclosure or bank owned homes come on the market. In today’s market when foreclosure and bank owned homes come on the market they sell very quickly, many times in multiple offers for much more than their list price. Be careful… That doesn’t sound like a good deal to me.
So should you really wait? You should really wait only if it doesn’t make sense to buy a home because of your own personal or family situation. This is the best time to buy a home, right now. All sarcasm and silliness aside, interest rates are not going lower and home prices have clearly already hit bottom and are poised to move higher. Don’t miss out!
If you are going to wait, by all means wait.
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