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.
Very Professional and Very Responsive
Barry was always able to give me the answers to any of my questions anytime day or night. I felt like there were no surprises anytime during the process. I felt comfortable and very confident in Barry's knowledge of the FHA requirements and his knowledge of the mortgage industry. At no time was I ever wondering what was going on or what the next steps were, he prepared me for every turn in the road. I could not have asked for a better loan officer. I would personally recommend him to anyone who is need of a great Loan Officer and promise you will have a great experience with him and his team.