There are many people waiting to time the "Bottom" of the home price AND get a smoking rate.When is that time? That's a good question...the lender I work with are all saying that interest will be going up...and will probably not be going down again any time soon!
If a person waits to purchase for say, another 6 months hoping to save $3,5,10k what will that mean to their monthly payment?
In this example we take a buyer that purchases a home with a list price of $300k
They borrow $275k for 30 years at 5%
Their payment is $1476.26
The same buyer waits to save $5,000 and purchases a home for $295,000
and borrows $270k for 30 years.
By waiting the monthly payment is $ 1648.76
So by waiting to save $5k this buyer is going to pay $172.50
a month MORE for 30 Years!!
That's $62,100 for the life of the loan!!!!
Do you think it makes sense to wait now?