Have you been putting off buying a new home? It might cost you to wait! Back in January, we spoke with Nathan Hartseil on our web series, Stay Focused, about his forecast for the 2017 mortgage industry and some of his predictions are coming true. Sellers, this infographic is for you too! The sooner you put your home on the market, the better for your switch into a new home.
- The “Cost of Waiting to Buy” is defined as the additional funds it would take to buy a home if prices and interest rates were to increase over a period of time.
- Freddie Mac predicts that interest rates will increase to 4.8% by this time next year, while home prices are predicted to appreciate by 4.9% according to CoreLogic.
- Waiting until next year to buy could cost you thousands of dollars a year for the life of your mortgage!
Ready to take the plunge to keep costs down? Email us!
Some of this article originally appeared on Simplifying the Market.