Just because St. Patrick's day has come and gone for another year, there's no reason to let your luck run out when it comes to buying your Charlotte area home. After widely signaling its intentions to do so, the Federal Reserve Bank raised its benchmark interest rate one quarter of one point just this past week. And all things being equal, the Federal Reserve continues to stick to its forecast of two more increases this year and as many as three of them in 2018.
If you're anticipating purchasing a home in the forseeable future, it makes a lot of sense to do so sooner rather than later and NOT wait until next year. Not only will interest rates gradually go up, but so will home prices as long as the home inventory shortages we've been seeing in the Charlotte metro market for several years now continue.
As interest rates increase, your purchasing power decreases. As home prices increase concomitantly with interest rates, your purchasing power decreases even further. This is what we call The Cost Of Waiting, which is defined as the additional funds it would take to buy a home if prices and interest rates were to increase over a period of time.
The infographic below shows clearly what your cost of waiting might be and it's pretty substantial in terms of monthly and annual payments and over the life of a loan.
Why not take advantage of current interest rates before they rise again? Don't get caught in the trap of the cost of waiting. Don't let your luck run out just because St. Patrick's Day has come and gone.
And if you are thinking of buying a home this spring season, don't forget to check out my
If you are considering selling or purchasing a home in the Charlotte metro area, I would love an opportunity to earn your business, exceed your expectations, and to prove to you that:
"The Right Broker Makes All The Difference."