When is the Best Time to Buy a Home?
Have you ever wondered if now is the “right time” to make a move and buy or sell your home? It’s important to take into consideration the interest rates and how they will affect your monthly house payment. The cost to wait to purchase a home or refinance your current home loan could be significant if the interest rate increases.
Did you know that for every 1% increase in interest rate, you lose 10% purchasing power?
For example, if you wanted to buy a $300,000 house, but the rate increased by 1%, you could then only afford a $270,000 house in order to have the same monthly payments. You could see your monthly house payment drop by hundreds of dollars just by making a move quickly when interest rates are low.
Just imagine what you could do with the money you’re saving by locking in a low-interest rate!
Jeff Cook Real Estate understands that making a decision on your home is a big deal and we don’t take that lightly. Our team of experts stay up to date on local market trends and gives you the resources to make the best decisions on when to refinance, buy, or sell your home. Give us a call at 855-HEY-JEFF to speak with an agent today!