Arlington VA Home Buyers Gambling with Mortgage Rates

SHOULD YOU BUY A HOME NOW?

Buyers frequently ask the question, “Should we buy a home?”, or more specifically, “Should we buy a home today?”.  We’ve always felt that the answer to that questions is almost always an unqualified “Yes!”.  The reasons are relatively simple.

First of all, the price of new and resale homes has steadily increased ever since the mid-1940’s.  The local real estate markets may vary going up and down with the economy, but the general trend has consistently been rising values if viewed correctly in the long term.  Delaying the purchase of a home simply allows prices to go higher, and all too oftern they go beyond the reach of the home buyer who is then locked out of the market.

The second item that concerns the home buying consumer is interest rates.  We are still enjoying reasonable interest rates, so any delay could mean paying significantly higher interest rates in the not too distant future.

DO YOU WANT TO GAMBLE WITH INTEREST RATES?

¼% = adds $.20 per thousand per month on a 30 year mortgage

1%  = adds $.80

Therefore, a 2% change in interest rates equals $1.60 for every $1,000 borrowed!

Time is Money!  Waiting to buy could cost you more money than it’s worth