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Buy Now or Wait?
The Hazards of Trying to Time The Utah Real Estate Market
Trying To Time The
Utah Real Estate Market
Our Current Utah Market is Likely Somewhere in This Zone
The Best Time To Buy Is NOW!
The Best Time To Buy Is NOW!
Lucky Buyers Zone
The Best Time to Buy Is Right Now!
The Best Time to Buy Is Right Now!
UNLucky Buyers Zone
Time
Home Prices
These Are The Points When You Realize The Market Has Shifted, by Then It Is Too Late!
Here Is Another Important Reason To Buy Now. Interest Rates Will Not Stay At Their Current Incredible Low Amounts.
The above scenario becomes even worse if the
Home Prices Start Going Back Up, and Interest Rates follow:
If that $200,000 (@ 6%) Home stays the same price, but interest rates go up 1/2% then the new payment would be $1,264 a difference of $65 a month. That same House with a 1% Interest Rate Hike would now cost you $1,330 a month, that's an additional $131 month equal to $1,572 a year totaling $47,160 over the life of a 30 year loan.
If that $200,000 home now goes up to $220,000 (A 10% Increase in price) the new payment would be $1,320 a month @ 6%, or $121 more a month. If the Home went up to $220,000 AND the Interest Rates Went Up to 7%, the new payment would be $1,463 a month. That's $264 more a month than it was at $200K (@ 6%), totaling $3,168 More a year and costing you a grand total of $95,040 over the life of a 30 year loan.
Home Prices Start Going Back Up, and Interest Rates follow:
If that $200,000 (@ 6%) Home stays the same price, but interest rates go up 1/2% then the new payment would be $1,264 a difference of $65 a month. That same House with a 1% Interest Rate Hike would now cost you $1,330 a month, that's an additional $131 month equal to $1,572 a year totaling $47,160 over the life of a 30 year loan.
If that $200,000 home now goes up to $220,000 (A 10% Increase in price) the new payment would be $1,320 a month @ 6%, or $121 more a month. If the Home went up to $220,000 AND the Interest Rates Went Up to 7%, the new payment would be $1,463 a month. That's $264 more a month than it was at $200K (@ 6%), totaling $3,168 More a year and costing you a grand total of $95,040 over the life of a 30 year loan.
The above prices and interest rates are for example purposes only. Amounts are estimates and should not relied on for accurate payment amounts. Consult Your Mortgage Professional for more detailed information. If you do not currently have a Mortgage Professional helping you, we would be happy to give you the names of several to choose from.
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