WOULD YOU RATHER BUY A HOME FOR $200,000 OR $150,000?
What if I told you $200,000 would be better and that if you are interested in purchasing a new home in the near future…..now will be better than later.
LET ME EXPLAIN!
Many people look at only the current Real Estate Market conditions when deciding if they should purchase a home or not, but the most important thing to look at right now is INTEREST RATES. In California interest rates are at an all time low and some people forecast rates to increase in time. If interest rates do increase the home you can afford to purchase today will be “out of your price range” tomorrow.
(everyone’s specific situation will vary, but this is an example of one client)
Current interest Rate 3.25% – Monthly Payment $875.00 – Purchase price $200,000
interest Rate Example 5.25% – Monthly Payment $875.00 – Purchase price $150,000
With the above example…..if you would like to stay with a monthly payment of $875.00 you can no longer afford the $200,000 home.
With the unknown interest rate future and home prices beginning to increase, if you are thinking of buying a home….make sure you call today to review your options.
- Kari Cross
- Intero Real Estate Services