Cost of Waiting

Wait Until Next Year? Or Buy Now? [INFOGRAPHIC]


Some Highlights:

You can wait until next year – but it will probably cost you.

The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.

Freddie Mac predicts interest rates to rise to 4.6% by next year.

CoreLogic predicts home prices to appreciate by 5.3% over the next 12 months.

If you are ready and willing to buy your dream home, find out if you are able to!

Should I Wait Until Next Year? Or Buy Now? [INFOGRAPHIC]

 

Why do we wait?

Our natural tendency, especially on a larger purchase, is to wait.

Electronics, like TVs and cell phones, still keep getting better, and last year’s amazing technology at a high price is now run-of-the-mill and on-sale.

Sometimes, we may wrongly apply that same thinking to other topics, including real estate.

We wait, because tomorrow may hold a better deal, and who knows what will happen a year from now?

 

Why should I buy now?

The reality of the housing market is that you’re going to miss out if you wait. Prices continue to trend upwards, and interest rates are incredibly low.

Waiting a year will mean a higher price point for the same house, most likely a higher interest rate (and therefore payment), and you will have burned another year of expenses while waiting for that “better deal”.

For example, if you are currently renting at $1000 / month, in one year you will have spent $12,000 on rent alone.

That’s 5% of the purchase price of a $240,000 home.

That’s a sizeable amount of equity to give up while waiting for the “right” time.

To borrow a phrase from J. Massey, the time is “Now 0′ clock”.

It’s time to get started – contact me today!

 

(813) 489-9789

Zach@ZachKidd.com

Your Florida Suncoast Realtor®, serving Dunedin, Gulfport, South Pasadena, St. Petersburg, St. Pete Beach, Treasure Island, and nearby areas.

Advantage Realty Florida