Waiting for the Market To Change Could Cost You
I explain why it doesn’t make sense for buyers to wait in this market.
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We’re in the middle of an extremely competitive market for buyers. If you’re looking to purchase a home, should you just wait? It’s tempting, but I don’t think the math adds up. Today I want to go over an example that proves it doesn’t pay to wait to buy.
You can watch my full explanation in the video above, or you can skip to each topic using the timestamps provided:
0:00 — Introduction
0:32 — What does it look like to buy a $200,000 house at 3.5% interest?
2:38 — What happens when rates increase?
4:14 — As rates increase, your buying power decreases
5:34 — If rates increase by 1%, it will cost you almost $40,000 in interest on a $200,000 home
6:01 — It could cost you big if you wait
6:39 — Wrapping up
If you have any questions about today’s topic, please call or email me. I am always willing to help.