In real estate there is a 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 not be concerned about price but instead about the ‘long term cost’ of the home.
Recently, a nationwide panel of over one hundred economists, real estate experts and investment & market strategists projected that home values would appreciate by approximately 8% from now to the end of 2015.
Additionally, Freddie Mac’s most recent Economic Commentary & Projections Table predicts that the 30 year fixed mortgage rate will be 5.7% by the end of next year.
What Does This Mean to a Buyer?Here is a simple demonstration of what impact these projected changes would have on the mortgage payment of a home selling for approximately $250,000 today:
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Jim Starwalt, Real Estate Broker
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Real Estate 2014 - A Home’s Cost vs. Price Explained