Buying A Home? Do You Know The Difference Between Cost & Price?
As a seller, you will be most concerned about ‘short term price’ – where home values are headed over the next six months. As a buyer, you must be concerned not about price but instead about the ‘long term cost’ of the home.
TheMortgage Bankers Association (MBA), theNational Association of Realtors,Fannie MaeandFreddie Macall projected that mortgage interest rates will increase byabout three-quarters of a percentage point over the next twelve months.
According toCoreLogic’smost recentHome Price Index Report, home prices will appreciate by 5.2% over the next 12 months.
What Does This Mean as a Buyer?
Here is a simple demonstration of what impact an interest rate increase would have on the mortgage payment of a home selling for approximately $250,000 today if home prices appreciate by the 5.2% predicted byCoreLogicover the next twelve months:
Author:Andrea Ortega Phone: 480-861-4663 Dated: December 15th 2015 Views: 405 About Andrea: Andrea Ortega has been a licensed Realtor in Arizona since 1996, and has been with American Allstar ...
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