Homes For Sale In Bergen County NJ | House-Buying Power at Near-Historic LevelsHouses for sale in Bergen County , NJ continue to experience a sellers market particularly in the
What If I Wait Until Next Year To Buy A Home For Sale In Bergen County NJ
We recently shared that national home prices have increased by 6.7% year-over-year. Over that same time period, interest rates have remained historically low which has allowed many buyers to enter the market.
As a seller, you will likely 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 increase by this time next year. According to CoreLogic’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 5.2% over the next twelve months as predicted by CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today:
If buying a home 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.
Latest Blog Posts
Renters Under 50 Want to Buy a Home In Bergen County NJ!Homes For Sale In Bergen County NJ | Renters Under 50 Want To Buy A Home Houses for sale in Bergen County , NJ continue to
Alpine Homes | Dreaming of a Luxury Home? Now’s the Time!If you are looking for a home Alpine, NJ please check out our website you will find an up-to-date user friendly site.
3 Tips for Making Your Dream of Owning a Home a Reality [INFOGRAPHIC]Homes For Sale In Teaneck NJ | Tips for Making Your Dream of Owning a Home a Reality [INFOGRAPHIC]Houses for sale in