Buying a House – The Costs of Waiting
We, at the Rehoboth Beachteam, have been talking a lot recently about the potential cost of waiting to buy in today’s real estate market. In this post, we wanted to take look at the actual cost for someone buying a house who has waited over the last twelve months.
The chart below uses a 10% increase in house values. This number is directly in between the average sales price increases in the Lewes and Rehoboth Beach housing markets. The Lewes average sale is almost the same as 2012, where in Rehoboth Beach the average sale price has gone up nearly 21% in the last year. The chart uses approximate mortgage rates last year compared to the same period this year.
Here is the impact on a monthly mortgage payment (principal and interest):
Clearly, if you plan waiting to buy your home, it’s going to start to costing you money. Interest rates and home prices in 2014 are predicted to keep on a slow and steady climb up.
We have helped hundreds of buyers find their perfect home throughout the years. Please call Carla at 302.542.5534 or email to firstname.lastname@example.org with any questions you have about our area or the real estate market in general.