Special offer

Should I Wait Until Next Year To Buy? Or Buy Now?

By
Real Estate Broker/Owner with The Real Estate Agency (Office License: 265417) 317824

Should I Wait until next Year to Buy? Or Buy Now? [INFOGRAPHIC] | Keeping Current Matters

Some Highlights:

  • The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.
  • Freddie Mac predicts interest rates to rise to 5.1% by 2019.
  • CoreLogic predicts home prices to appreciate by 4.3% over the next 12 months.
  • If you are ready and willing to buy your dream home, find out if you are able to!

 

Source: Keeping Current Matters | The KCM Crew 021618

Comments (3)

Susan Hale
Re/Max Realty of Defiance,Inc. - Defiance, OH
Re/Max Northwest Ohio Realtor

I just received a call this morning from a renter inquiring about finding another rental as their landlord is going to raise their rent $50 month.  I inquired whether they would like to own their own house and not rent.  I told her about the $5,000 Welcome Home funds that will be coming next month lasting about 4-5 weeks that they could use for down payment.  She  told me that she and her husband were adament on not purchasing a house now because Dave Ramsey said they shouldn't purchase a house if they don't have 20% down!!  They only wanted to concentrate on getting  a lower monthly rent payment so they can save more for a down payment.

 

I shared with her that finding good rentals are as difficult to find as available houses to buy these days.  Based on the info she shared her rental location and rent amount seemed very reasonable.   I recommended if they weren't  wanting to take advantage of current financing rates, gov grants and house prices that they probably wouldn't find a rental as nice as what they have for the money.  

 

 I was trying to help her understand that waiting to save 20% wasn't necessary. There are even local conventional loans with 5% down.   They could pay on their new mortgage principal every month the extra funds that they were saving for the 20% down payment.  House prices and mortgage interest rates are sure to rise during their waiting period.   Based on the tone of her voice my caller puts  Dave Ramsey on a pedestal as the  KIA!

I like your pictured diagram post, Jennifer!  Back in the 70's a 20% down payment was required. Wish there had been other options like today so that my husband & I could have became a home owner sooner in life.

Feb 16, 2018 08:05 AM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

YOu buy when all the cards line up for you.  But if you can, now is the time to buy

Feb 16, 2018 08:24 AM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Nice illustration of the ramifications of waiting to buy Jennifer. With interest rates still near historic lows rates have really only one way to go as we've seen them do the last couple of weeks. If you are in the position to buy now, why wait and spend even more later?

Feb 16, 2018 12:25 PM