What is the cost of waiting to purchase a home in this market? — ⏰🏡🏘️
Let’s use this property in hypothetical property with 2 bed / 2 bath listed for $284,900 in a well maintained community close to determine the true cost of waiting
On this home, if you purchased TODAY at $284,900 with an interest rate of 5.25% with 3% down, your mortgage payment (with HOA + taxes) would be $2,349
➡️ If you waited 3 years and took into account interest rates rising and steady property appreciation, your interest rate is projected to be 6.125% and that same property would be worth $295,783 making your monthly payment $2,586
Monthly expense increases $237 BUT your true cost of waiting (with loss of property appreciation and amortization lost) is $23,213. 💰💵💸
Now is your time to jump into the market. Especially as we start to see buyer demand slow down through the colder winter months. Don’t wait!