Posts from December 26th, 2016
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26
Don't Wait! Move Up to the Home You Always Wanted
Now that the housing market has stabilized, more and more homeowners are considering moving up to the home they have always dreamed of. Prices are still below those of a few years ago and interest rates are still around 4%. The holiday season is almost over, we think it is about time you give yourself the perfect gift: Your Dream Home.
Sellers should realize that waiting to make the move while mortgage rates are increasing probably doesn't make sense. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain budget for your monthly housing costs.
The chart on the right details this point.
With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5% (in this example, $10,000). Experts predict that mortgage rates will increase by at least half a point by this time...
