Some buyers are still on the fence to buy. They are waiting to see if the price will drop on the homes. Question is, how much will it cost you to wait?
Yes you might buy the house less, but what will it cost you in the long run? How much will your mortgage be, what interest rate will it be at?
Well those are the questions, now you have to answer those. But here are some numbers to better understand.
- Sale Price $250,000
- Down Payment 3.5% $8,750
- Mortgage 30 yr 5.25% $241,250
- Payment $1,332.19
- Wait to see if the home decreases 5% $237,500
- Interest rate increases 1%
- Mortgage 30 yr 6.25% $229,188
- Payment $1,411.15
- Monthly payment increases $78.96 a month
So if you wait to buy your home for almost $20,000 you now have increased your monthly payment almost $100 dollars a month. So now tell me, is it worth waiting? You increase your payments and in the long run you pay more for the house.
I am not trying to pressure you to buying a house, but at the same time, I don’t want you to pay more for a house.
Jeannette Neerpat
9000 Sheridan Street
Pembroke Pines, Fl 33024
www.Neerpat.com
Would you like a Free Market Analysis? Visit www.Neerpat.com or call 954-993-4104.
If you enjoyed this article, please consider sharing it!
