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  • BUYER BOOT CAMP
  • APRIL 2022 edition
  • MARCH 2022 edition
  • FEBRUARY 2022 edition
  • JANUARY 2022 edition
  • 2021 Editions of inside real estate
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  • Home
  • BUYER BOOT CAMP
  • APRIL 2022 edition
  • MARCH 2022 edition
  • FEBRUARY 2022 edition
  • JANUARY 2022 edition
  • 2021 Editions of inside real estate
    • DECEMBER 2021 edition
    • NOVEMBER 2021 edition
    • OCTOBER 2021 edition
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    • AUGUST 2021 edition
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    • JUNE 2021 edition
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What If I Wait Until Next Year To Buy A Home?

Billy OBrien,04/4/2016

As a seller, you will be most concerned about ‘short term price’ – where home values are headed over the next six months. As either a first-time or repeat buyer, you must not be concerned only about price but also about the ‘long term cost’ of the home.

Let us explain.

There are many factors that influence the ‘cost’ of a home. Two of the major ones are the home’s appreciation over time, and the interest rate at which a buyer can borrow the funds necessary to purchase their home. The rate at which these two factors can change is often referred to as “The Cost of Waiting”.

What will happen over the next 12 months?

According to CoreLogic’s latest Home Price Index, prices are expected to rise by 5.5% by this time next year.

Additionally, Freddie Mac’s most recent Economic Commentary & Projections Table predicts that the 30-year fixed mortgage rate will appreciate to 4.5% in that same time.

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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SPECIALIZING IN HISTORIC HOMES
6187 Atlantic Ave #2136Long Beach
CA 90805-2922
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