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Is Waiting to Buy Costing You Money?

If you’re waiting for inventory to pick back up before buying, are you really making the best decision? Waiting to buy could end up costing you.

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Is waiting to buy a home costing you money? There are really two things to consider when it comes to the long-term impact of waiting: home appreciation over time and the cost to borrow money (interest rates).

The Federal Reserve has signaled that they are planning on increasing the interest rates in 2017 at a much more rapid rate than they have in the past. We have already seen interest rates go up over the last six months, and we anticipate that they are going to continue to do so, probably at a quicker rate.

If you’re a buyer, you might be tempted to wait until more inventory comes on the market, but think about this.

If rates go up even 1%, home affordability will drop by 10%.

As interest rates go up, even just a 1% increase will affect home affordability by 10%. This means that there would need to be a 10% drop in home prices to give you the same monthly payment you could get at today’s rates. We don’t see that happening anytime soon.

Home prices are really dictated by supply and demand. When we look at those numbers locally, it’s pretty ridiculous how low our supply is right now. In the last 13 years, I’ve never seen the inventory in our market as low as it is right now.

If you’re looking at a certain price point, let me know. We can discuss the interest rate projections and what it would cost you to wait. If you have any other questions, don’t hesitate to reach out by phone or email. We would love to hear from you soon.