Is it better to buy now, or wait for home prices to come down? That answer is easy.
Let’s Review the Facts:
-You can afford a higher sales price with a lower mortgage rate.
-Housing inventory is still at an all time low keeping the housing market strong now despite rising interest rates.
– As mortgage rates rise, the sales price you can afford decreases.
– There will be several more rate increases this year.
So lets take a look at an example of a home with a $400,000 sales price:
– At 5% your payment would be $2147
– At 5.5% your payment would be $2271
– At 6% your payment would be $2398
– At 6.5% your payment would be $2528
So should you wait for home prices to come down? No. Your monthly mortgage payment will be lower if you buy now. Isn’t that what really matters?
If you are thinking about buying a home, reach out to me: Christina Swain with Opus Elite Real Estate at 267-397-6291 or TheSwainTeam@gmail.com