The inauguralOpportunity Cost Reportwas released recently by realtor.com. The report explained that“with interest rates and home prices expected to climb in the next year, the financial penalties of delaying or forgoing a home purchase in today's market have become very steep”.
The report estimates that, based on today's dollars, the average purchaser would accumulate $217,726 in increased wealth over a 30-year period.
(You can get the projected wealth increase for almost 100 metroshere.)
What could this mean to someone sitting on the fence waiting to buy?
Experts believe that both home prices and mortgage interest rates will increase over the next twelve months. Obviously, if this does happen, the monthly cost of a home a year from now will be dramatically higher than it is today. TheOpportunity Cost Reportbreaks down exactly how much a purchaser could lose over increments of one year and three years. Here are the results based on an average purchaser in the U.S. delaying their purchase:
If you are ready, willing and able to buy a home, waiting doesn't make sense.
Author:Julie Baldino - Owner-Managing Broker Phone: 360-910-3586 Dated: February 25th 2016 Views: 603 About Julie Baldino: Julie Baldino is a seasoned veteran of the Pacific Northwest real estate industry, and has consisten...
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"It was a pleasure to work with Julie Baldino. A very kind person, helping us with a lot of time and dedication to get the house that we were looking for and not a house to buy quick. It took several houses to go around looking at the good and the bad and we didn't get the pressure with her to get a home which wasn't the right one for us. She always was trying to be sure that we were buying "our house".
Once we found it, she took care of every single detail with the seller's Realtor to complete all paperwork, inspections and any requests to the sellers.
We are enjoying our house and we have only a big thanks to her because she was on our side at all times and we got "our house". I would refer any of my friends or family to Julie and her team."