What If I Wait Until Next Year To Buy A Home

Dated: 05/07/2018

Views: 686

 What If I Wait Until Next Year to Buy a Home?

What If I Wait Until Next Year to Buy a Home? | MyKCM

We recently shared that national home prices have increased by 6.7% year-over-year. Over that same time period, interest rates have remained historically low which has allowed many buyers to enter the market.

As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. 

As a buyer, however, you must not be concerned about price, but instead about the ‘long-term cost’ of the home.

The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. 

According to CoreLogic’s most recent Home Price Index Reporthome prices will appreciate by 5.2% over the next 12 months.

What Does This Mean as a Buyer?

If home prices appreciate by 5.2% over the next twelve months as predicted by CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today.

Of course for homes in the $500,000+ price range, the difference on a monthly basis and over a 30-year will be significantly higher. 


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Bottom Line

If buying a home is in your plan for this year, doing it sooner rather than later could save you thousands of dollars over the terms of your loan.

Let's get started with your home search today!! Call Karen at 703-244-9343 or email [email protected]


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Karen Komo


The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

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Frank Kenney

I grew up in Fairfax County and playing sports throughout the area. As an adult I have been running my own company for almost 10 years. I took a struggling franchise and grew it into the largest of i....

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