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Consider Cost Not Just Price When You Are Buying A Home In Coachella Valley
As a seller, you will be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but instead about the ‘long-term cost’ of the home.
The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will rates to rise to 4.5% by the Q4 2020. According to Core Logic’s most recent Home Price Index Report, home prices will appreciate by 5.2% over the next 12 months.
What Does This Mean as a Buyer?
If home prices appreciate by the 5.2% predicted by Core Logic over the next twelve months, here is a simple demonstration of the impact an increase in interest rate would have on the mortgage payment of a home buying for approximately $250,000 today:
If buying a home in Coachella Valley is in your plan for this year, doing it sooner rather than later could save you thousands of dollars over the terms of your loan.
Alison is a native of Washington State who relocated to California permanently in 1994. She had a successful career in education prior to committing to a career in Real Estate. Alison believes that c....
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