When the inaugural Opportunity Cost Report was released recently by realtor.com, they explained that “with interest rates and home prices expected to climb in the next year, the financial penalties of delaying or forgoing a home purchase in today’s market have become very steep”.
The report estimates that, based on today’s dollars, the average purchaser would accumulate $217,726 in increased wealth over a 30-year period as a homeowner. What does this mean to someone sitting on the fence waiting to buy?
Experts believe that both home prices and mortgage interest rates will increase over the next twelve months. Obviously, if this does happen, the monthly cost of a home a year from now will be dramatically higher than it is today.
The report insinuates that waiting one year to buy may cost you $18,672 and waiting three years could cost you $54,879.
The bottom line is if you are ready and able, now is the time to buy.
More Secure Retirement
From my first call with Kim Dodge I had the confidence I needed to proceed. Kim gave me options no one else offered. I trusted her advice and together we looked at the big picture. Her advice on the Reverse Mortgage was honest and complete. I knew exactly what my responsibilities were. I weighed the options, chose my own path and Kim’s expert guidance and now have a more secure retirement with the reverse mortgage.