What is the Cost of Waiting Until Next Year to Buy In Ventura County?

By
Real Estate Agent with Allison James Elite CA. BRE 01501699

#TimeToSell #ChrisBJohnsonRealtor #SellersPayZEROCommission #ListYourHomeandPayNoCommission

Your home is probably the biggest asset you own. This is why you should hire a professional to guide you through all your real estate transactions. My goal is to help 24 to 28 families each year either buy or sell a home. I am NOT interested in Selling 100 or 200 homes a year because I would not be able to give each family the time, attention and energy they deserve....

What is the Cost of Waiting Until Next Year to Buy? | MyKCM

We recently shared that over the course of the last 12 months, home prices have appreciated by 7.0%. Over the same amount of time, interest rates have remained historically low which has allowed many buyers to enter the market.

As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but instead 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. According to CoreLogic’smost recent Home Price Index Report, home prices will appreciate by 4.7% over the next 12 months.

What Does This Mean as a Buyer?

If home prices appreciate by 4.7% over the next twelve months as predicted by CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today:

Bottom Line

If buying a home is in your plan for 2018, doing it sooner rather than later could save you thousands of dollars over the terms of your loan.

 

 

About Me

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Chris B. Johnson is a REALTOR® who Specializes in Short Sale and REO Transactions. Chris has been Certified as a California Association of Realtors HAFA Specialist, a National Association of Realtors Short Sale and Foreclosure Resource, Chris B Johnson Realtor is a Certified Distressed Property Expert, Certified Short Sale Negotiator, Certified Default Advocate and Certified Pre-Foreclosure Specialist. With a full time staff dedicated to short sale negotiations and transactions, we have been successful with (almost) every short sale to date.  LinkedIn Pro    UpNest    What's Your Home Worth?

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California Ventura County
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Rainmaker
343,637
Gwen Banta
Sotheby's International Realty - Los Angeles, CA

I hope you and your family are well during these fires, Chris.  Be safe, and Happy Holidays!

Dec 17, 2017 12:43 PM #1
Rainmaker
3,737,780
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

In my area values went up over 10 percent and will be the same this spring

Dec 17, 2017 02:39 PM #2
Rainmaker
391,997
Chris B Johnson
Allison James Elite - Moorpark, CA
5 Star Rated REALTOR® Quality, Not Quantity

Thank you Gwen Banta, so far, so good!

Dec 18, 2017 09:02 AM #3
Rainmaker
391,997
Chris B Johnson
Allison James Elite - Moorpark, CA
5 Star Rated REALTOR® Quality, Not Quantity

Sounds like its booming in Minnesota, thank you William Feela !

Dec 18, 2017 09:05 AM #4
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Rainmaker
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Chris B Johnson

5 Star Rated REALTOR® Quality, Not Quantity
Is it Too Late to Short Sell My Home??
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