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Buying a Home? Consider Cost not just Price

Buying a Home? Consider Cost not just Price

The difference between COST and 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.

Last month, 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 one full percentage over the next twelve months.

Additionally, many experts are calling for home prices to also increase over the next year.

What Does This Mean to 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 even if home prices don’t increase.
 
 

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Jim Starwalt

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Jim Starwalt, Broker Associate

RE/MAX Center

Phone: 224-627-7581

Jim@StarHomeTeam.com
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Buying a Home? Consider Cost not just Price




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