There are so many factors to take into account if you are thinking of purchasing a home. If you have been thinking of buying a new home but you’re just not sure, check out this “Cost of Waiting” chart. Remember, this is only one factor of many and purchasing a home is one of the biggest decisions you can make.
*For the first two examples, I used Billings Association of Realtor’s Existing Home Sales report to establish median price and Freddie Mac’s Primary Mortgage Market survey to establish mortgage rate. I also assumed a 20% down payment in all examples.
**To establish next year’s pricing, I depended on the over 100 housing experts surveyed for the Home Price Expectation Survey who called for an approximate appreciation rate of 5% over the next 12 months. For the interest rate, I took the average of the projections from the Mortgage Bankers’ Association, Freddie Mac and Fannie Mae.
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