WAITING TO BUY A HOME NOW MAY NOT BE IN YOUR “BEST INTEREST.”
If you are undecided on whether or not to pull the trigger on buying a new house, please take five minutes to read the article found here, “Ignore the Headlines” by Dan Kadlec for Time magazine. I concur with the author’s conclusion that it is an ideal time to buy before:
· Interest rates start going up
· Homes prices begin to level out;
· Sellers become less amenable to negotiating price and terms; and the worst part of all,
· You remain longer in a house you’d rather not be in...
Most people buy based on monthly house payments, but if the interest rate rises, more of the payment goes to interest and less to the cost of the actual house. Even if the price of the house goes down, if the interest rate goes up, you actually get less house by waiting.
Normally when the market softens, the interest rate raises, so this could be the perfect storm for buyers--you have a softening market which means better prices, more homes to choose from, more room to negotiate, and historically lower interest rates. If you were thinking of buying or moving up you should take a hard look at this information.
To see the full article, please visit: here.
If you are undecided on whether or not to pull the trigger on buying a new house, please take five minutes to read the article found here, “Ignore the Headlines” by Dan Kadlec for Time magazine. I concur with the author’s conclusion that it is an ideal time to buy before:
· Interest rates start going up
· Homes prices begin to level out;
· Sellers become less amenable to negotiating price and terms; and the worst part of all,
· You remain longer in a house you’d rather not be in...
Most people buy based on monthly house payments, but if the interest rate rises, more of the payment goes to interest and less to the cost of the actual house. Even if the price of the house goes down, if the interest rate goes up, you actually get less house by waiting.
Normally when the market softens, the interest rate raises, so this could be the perfect storm for buyers--you have a softening market which means better prices, more homes to choose from, more room to negotiate, and historically lower interest rates. If you were thinking of buying or moving up you should take a hard look at this information.
To see the full article, please visit: here.
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