Whether you are a first-time home buyer or a move-up buyer, housing experts in two major areas —home prices and mortgage rates — suggest buying now rather than later.
According to a recent survey of over 100 economists, real estate experts and investment and market strategists project the average home value appreciation over the next 12 months is 4%.
MORTGAGE INTEREST RATES
In the last Economic & Housing Market Outlook, Freddie Mac predicted that 30-year fixed mortgage rates would be 4.8% by July 2015. As of last week, the Freddie Mac rate was 4.14%.
What does this mean to you?
If you are a first-time home buyer currently looking at a home priced at $250,000, this is what it could cost you on a monthly basis if you wait to buy next year:
If you are a move-up buyer currently looking at a home priced at $500,000, this is what it could cost you on a monthly basis if you wait to buy next year: Bottom Line With both home prices and interest rates projected to increase, buying now instead of later might make sense.
Talk to a Wisconsin Mortgage Corporation Loan Officer today.
Reposted for our friends at Keeping Current Matters.
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Categories: Home Buying