shared that over the course of the last 12 months, home prices have appreciated by 7.0%. Over the same amount of time, interest
rates have remained historically low which has allowed many buyers
to enter the market.
As a seller
, you will likely be most concerned about ‘short-term price’
– where home
values are headed over the next six months. As a buyer
, however, you must not be concerned about price, but instead about the ‘long-term cost’
of the home.
What Does This Mean as a Buyer?
If home prices appreciate by 4.7% over the next twelve months as predicted by CoreLogic
, here is a simple demonstration of the impact that an increase in interest rate would have on the #mortgage payment of a home
selling for approximately $250,000 today:
is in your plan for 2018, doing it sooner rather than later could save you thousands of dollars over the terms of your loan.
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