The South Coast Real Estate Round-Up

Procrastination, More Costly Than You Think

July 10th, 2014 4:13 AM by Christopher Terry

Whether you've been on the fence about purchasing a home, moving up or down sizing putting it off is costing you a fortune.

Home Prices

Over 100 economists, real estate experts, investors and market stategists were recently asked to project where home prices were headed. The average was a 4% appreciation over the next 12 months.

Mortgage Rates

Freddie Mac has projected that the average 30 year mortage rate will be 4.8% this time next year. Last week the Freddie Mac rate was 4.14%. 

What does that mean to you?

If you are a first time buyer and were looking at $250,000 homes this is what it would cost if you waited until next year.

DATE 

MORTGAGE

MORTGAGE RATE

P & I

Today

$250,000

4.17%

$1,218.17 

July 2015

$250,000 

4.8% 

$1,364.13 


Difference in Monthly Payment: $145.42


If you are a move up buyer and looking at $500,000 dollar homes, here's what it would cost you if you waited until next year.

DATE 

MORTGAGE

MORTGAGE RATE

P & I

Today

$500,000

4.17%

$2,435.34 

July 2015

 $520,000 

4.8% 

$2,728.26 


Difference in Monthly Payment: $291.92


With interest rates and home prices projected in increase procrastination will be more costly than you may think.
Posted in:General
Posted by Christopher Terry on July 10th, 2014 4:13 AM

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