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 today:
Making the right decision with regards to timing is not always easy but, following the trends in our local markets, you'll find that the numbers speak for themselves. If you're thinking of buying a home in Charlotte, let's talk!
Visit www.TheMaxwellHouseGroup.com for more information and to search for homes in the Charlotte Metro region. Your first step should be enlisting an experienced, local real estate broker. Selecting a great broker is not as easy as it may seem. There are real estate agents and brokers who will sell you anything but, you want to enlist a seasoned real estate professional for your real estate needs. We would love to share our knowledge of the Charlotte area with you...and give you the grand tour too!
If you're thinking of selling your Charlotte area home, let's talk! As with everything in life, preparation is key and I will equip you with what you'll need to get you, as seamlessly as possible, through the home-selling process. Call or text (704) 491-3310
*References from any of our sellers are available upon request. Read our reviews www.CharlotteRealEstateAgentReviews.com.
© Debe Maxwell | The Maxwell House Group | CharlotteBroker@icloud.com |Rent vs Buy - Waiting Until Next Year Will Cost You Even More