St Patrick's Day Might Be Over, But Don't Let Your Luck Run Out!

By
Real Estate Agent with RE/MAX Executive | Charlotte, NC

 

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.

 

 

Don't let your luck run out if you're buying a home

 

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.

 

SEARCH ALL CHARLOTTE METRO AREA HOMES

 

 

And if you are thinking of buying a home this spring season, don't forget to check out my

Spring 2017 Buyer Guide: Things To Consider When Buying A Home

 

Home Buyer Guide: Spring 2017

 

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."

 

Looking for a new home? Let Nina Hollander, a RE/MAX agent guide you.

 

 

Posted by

 

SEARCH ALL CHARLOTTE METRO AREA HOMES HERE

 

Nina Hollander, Broker, Realtor / REMAX / Carolinas Realty Partners / Ph: 704.779.0813 / F: 704.341.3346 / E: Nina@NinaHollander.com / W: www.GreatHomesInCharlotte.com

Nina Hollander
Broker, Realtor, CRS, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with RE/MAX Executive Realty
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: http://activerain.com/blogs/ninahollander
Search for Charlotte Area Homes: www.HomesInCharlotteArea.com

2007 - 2016 Charlotte Magazine 5-Star Customer Satisfaction Award Winner

 

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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

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Topic:
Home Buying
Location:
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Groups:
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Buyer Information - What Buyers Need to Know in Today's Market
Advice for Buyers
Tags:
interest rates
cost of waiting to buy a home
great homes in charlotte
dont let your luck run out
dont let your luck run out with rising interest rates
dont let your luck run out with rising home prices
home buyer guide spring 2017

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Rainmaker
1,149,520
Wayne and Jean Marie Zuhl
Hallmark Realtors - Clark, NJ
The Last Names You'll Ever Need in Real Estate

Rising interest rates make this spring the most financially savvy time to buy a home.

Mar 19, 2017 06:55 AM #17
Rainmaker
1,784,194
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Wayne and Jean Marie Zuhl ~ good morning, Wayne and Jean Marie... it's clear that between rising interest rates and rising home prices, there are quite a few buyers out there who are now getting priced right out of the market.

Mar 19, 2017 07:07 AM #18
Rainmaker
2,184,124
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

I love the tie in to St Patty's day Nina Hollander , have a good Sunday

Mar 19, 2017 07:09 AM #19
Rainmaker
1,784,194
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Scott Godzyk ~ hi Scott.... was trying to get a different take on the same old, same old "buy before interest rates go up."

Mar 19, 2017 07:11 AM #20
Rainmaker
310,125
Nathan Gesner
American West Realty & Management - Cody, WY
Broker / Property Manager

Good morning, Nina. It will be interesting to see what happens with rates this year and what impact it has on the market.

Mar 19, 2017 07:15 AM #21
Rainmaker
1,784,194
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Nathan Gesner ~ this year of increasing rates has been coming for a long time and I will predict it will price many buyers right out of the market, Nathan.

Mar 19, 2017 07:20 AM #22
Rainmaker
1,496,223
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

They will be lucky any time of the year, as long as they choose to work with you!

Mar 19, 2017 07:42 AM #23
Rainmaker
1,784,194
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Brian England ~ hi Brian... aren't you just so very nice to say so! Hope you are having a good weekend and enjoying the March Madness.

Mar 19, 2017 07:43 AM #24
Rainmaker
2,093,416
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Nina Hollander,  Great information and you have stuff great writing skills.  Make it a great day.

 

Mar 19, 2017 09:01 AM #25
Rainmaker
1,784,194
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Will Hamm ~ hi Will... thanks for stopping by and for always leaving such a positive comment! Hope you are enjoying your weekend.

Mar 19, 2017 09:33 AM #26
Rainmaker
565,181
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

HI Nina Hollander - great example to get people off the fence and moving on that dream home!

Mar 19, 2017 10:16 AM #27
Rainmaker
1,784,194
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Sheri Sperry - MCNE® ~ hi Sheri, hopefully people will start listening soon. I've seen a few fence sitters get the shock of their lives this year when they realized they should have bought a year ago and now can't afford anything.

Mar 19, 2017 10:46 AM #28
Ambassador
3,068,513
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Nina this is a great time of the year to purchase a home.  Hopefully Buyers are motivated to buy sooner than later.

Mar 19, 2017 02:27 PM #29
Rainmaker
1,784,194
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

George Souto ~ hi George... one thing we know for sure is that it won't get cheaper to buy the longer they wait!

Mar 19, 2017 03:18 PM #30
Rainmaker
2,259,997
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Nina loved the Title as well as the message, hope buyers are reading and taking this great advice, Endre

Mar 19, 2017 05:20 PM #31
Rainmaker
1,784,194
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Endre Barath, Jr. ~ hi Endre... I have a few clients now who are kicking themselves because they didn't listen to me last year!

Mar 19, 2017 05:29 PM #32
Rainmaker
3,888,006
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Smart consumers are anxious to take advantage of the current very low mortgage interest rates.

Mar 20, 2017 10:03 AM #33
Rainmaker
1,784,194
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Roy Kelley ~ hi Roy, there are quite a few people out there who need to smarten up right quick... I still have people asking if interest rates are going down. What alternate universe are they living in?

Mar 20, 2017 10:15 AM #34
Rainmaker
1,078,271
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Los Angeles CA

Great presentation Nina. 

It looks like a small rate increase but through the year it drips in quite large chunk of money that could be saved. 

Mar 20, 2017 10:31 PM #35
Rainmaker
1,784,194
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Inna Ivchenko ~ thanks, Inna. People really don't realize just how much it adds up over a long period of time when you are paying a bit more each month. It's a shocker when they see it.

Mar 21, 2017 04:06 AM #36
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