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.
I had been wanting to refinance for months but the busy schedules of my husband and I made it difficult to follow through. We decided to make it easy and just refinance with our current mortgage holder even though their rate was going to be a little higher. But during the process, there were some issues due to a bankruptcy we had gone through 5 years earlier. Our bank's mortgage broker referred me to the Char Ruppel team because he had worked with him in the past on similar deals and said he is a stand up guy!We have not been disappointed! Communication has been over and above our expectations, receiving communication even when we really didn't have an action point to take care of...just to "check-in." Communication was always cordial and pleasant, phone calls and emails were responded to promptly, and they made it so easy to get our refinance taken care of!I highly recommend the Char Ruppel team for your mortgage lending needs!