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Rent vs Buy - Waiting Until Next Year Will Cost You Even More
Prospective buyers should read this post:
 
Rent vs Buy - Waiting Until Next Year Will Cost You Even More
 
Charlotte home prices have increased by 7.1% year-over-year. Over that same time period, interest rates have remained historically low, which has allowed many buyers to enter the market. Interest rates are beginning to increase ever-so slightly though.
 
 
What Does This Mean as a Charlotte Home Seller?
As a seller, you will likely be most concerned about ‘short-term price’ – where are home values headed in the course of the next six months? Will your buyer pool be reduced with an increase in interest rates? 
 
What Does This Mean as a Buyer in Charlotte?
Conversely, as a buyer, you must not be concerned about price but, rather, about the ‘long-term cost’ of the home. The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year.  As well, CoreLogic’s most recent Home Price Index Report, home prices will appreciate by 5.2% over the next year.
 
With home prices appreciating 5.2% over the next year, here is a sample of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 ... more

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