WHAT HAPPENS IF RATES AND PRICES INCREASE AND I WAIT 6-12 MONTHS TO BUY?
If you have been thinking about buying a home but you haven’t quite made the taken the steps to do so yet, the this is for you! This was a hot topic of discussion on our live radio show this past thursday (KPRZ Thursday’s 5pm-6pm) and the information and data available should make you think twice about waiting.
In Summary, here is what industry experts are predicting:
- RATE PREDICTIONS – Increasing from 3.7% to 4.2%
- PRICE PREDICTIONS – 10% increase
On a $400,000 mortgage that’s $115 more per month for an increase in the interest rate.
TODAY $400,000 LOAN AMOUNT – $1841 Monthly Payment.
Below are some examples of actual homes that are now on the market for this sales price (areas are Lemon Grove, San Marcos, La Mesa, Chula Vista, Santee, Carlsbad):
Now if you WAIT 6-12 MONTHS , your monthly payment would be roughly $1956 per month with much less square footage. Below are examples of what you might get for the same price, if you wait 6-12 months down the line (Areas are Spring Valley, Escondido, Oceanside):
THEREFORE: WAITING 6-12 COULD COST YOU AN EXTRA 20 MINS ON YOUR COMMUNITE, 300 SQ FEET AND A BEDROOM So Don’t WAIT!
Listen to our On-Air Radio Discussion on this topic below.
Radio Show: The Word on Wealth with Marty Schneider & Real Estate Expert Rebecca Austin