Last week, Forbes published an article titled "Buy a home Now or Pay More Later" I thought I would share their insight to potential buyers considering buying now or waiting until later. If you have any questions, please let me know. I am here to help you with any of your real estate questions.
With mortgage rates creeping up toward 5% as 2013 draws to a close, potential home buyers have some decisions to make — and soon. The danger for potential home buyers isn’t that mortgage rates are nearing 5.00%; the real threat is that rates could go higher, to 5.50% or even 6.00% in 2014.”The article spells out the financials consequences a buyer would face by waiting. ($67,746 on a $300,000 mortgage). They gone on to identify four things a buyer should take into consideration before delaying a decision to purchase.
Rates will likely rise — and soon with 5% interest rates right around the corner.
The Federal Reserve will stop “tapering” causing rates to return to historically normal levels (6-7%).
Home values are rising
The autumn buying season is underrated “as you can take advantage of year-end tax breaks and the fall weather makes it an ideal time to move”.
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