Buying A Home? Do You Know The Difference Between Cost & Price?

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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.

The Mortgage Bankers Association (MBA), the National Association of Realtors,Fannie Mae and Freddie Mac all projected that mortgage interest rates will increase by about three-quarters of a percentage point over the next twelve months.

According to CoreLogic’s most recent Home 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 by CoreLogic over the next twelve months:

If you are thinking about buying a home, even if its a year away, Contact Jay Cermak, Top Fort Lauderdale Real Estate Agent with The Edwards Real Estate Group at Keller Williams Realty.  Schedule a homebuyers consultation where we go over the buying process, inform you of the local real estate market and conduct a needs analysis to truly understand your needs and find you the best home at the best price in your budget.

Schedule your Homebuyers Consultation today 954.235.3589!

Search Fort Lauderdale Homes for Sale online at http://JaySellsFortLauderdale.com