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| 01/04/2022 |
Here’s why waiting to buy a home may cost you in the long run.
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What is the cost of waiting? By the end of the year, we usually know what the Federal Reserve plans to do. This year is no exception: The Fed will raise interest rates slightly next year, or at least, that’s what a lot of people are predicting.
If the interest rates went up 1.25%, a $340,000 home would have the same monthly payment as a $400,000 home does today. Waiting will cost you either $60,000 off your home value or several hundred dollars on your monthly payments.
Rates are expected to rise as high as about 3.5%. We don’t know what the future holds, but we can say that the Fed has taken decisive action. They were buying mortgage-backed securities and keeping our rates low, but now they’ve decided to back off of that position. Rates won’t rise quickly, but they should increase over time.
Pay attention to rates because waiting could cost you. If you have any questions or there’s anything we can do to get you in the right home, call us today at 770-634-9710. I promise you’ll be glad you did.
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Northeast Georgia Board of REALTORS® All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Multiple Listing Service. Real estate listings held by brokerage firms other than CENTURY 21 Results may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. Copyright ©2022 All rights reserved.