Memorial Day is almost here and a lot is happening on the waters around Charleston. Charleston Harbor is a perfect place for sailing. If you are a sailing enthusiast and would like to get
Buy Now Or Buy Later
It’s not unusual for buyers to struggle over the decision of when to purchase. Is it better to wait or is it better to purchase today?
It is likely that you will be better off purchasing today rather than waiting if you are viewing this decision from a financial perspective.
Today we are in a rising market environment. In addition, we have rising mortgage rates. While we cannot predict the future, most experts believe that the trend for both of these factors will continue to be higher for the foreseeable future.
As mortgage rates rise, purchasing power goes down. The more you have to spend on the cost of borrowing money (interest rates), the less you have available to go towards your principal.
In addition, during rising market conditions, the market value of real estate is rising. The combination of these two factors can have a dramatic impact on a buyer’s long-term financial position.
If home prices appreciate by 5.2% 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:
Chris DeLoach [email protected]
Serving Charleston buyers and sellers since 2001 Buying a home – or selling a home – can be one of the most exciting times of your life. My goal to provide you with the best client-centered, po....