Tampa Florida $2k cost of waiting Median home price $265k James Graff 7...

Tampa Florida $2k cost of waiting (for rates) to buy a Median home price $265k   
Wait for lower rates?
 
HOME LOANS James Graff 732-500-MUTE NMLS#1974758 Advisors Mortgage Group, L.L.C. NMLS# 33041 In 34 states of The United States of America 

 COST OF WAITING

 If you’re shopping for a home today, you know it’s kind of hard work. You might not find something right away and it’s easy to get fatigued. Sometimes buyers get discouraged and say, “Let me take off a few months, maybe I’ll come back 6 months later.” Here’s the thing: while you can take some time off, the market isn’t taking time off! And it’s hot right now in your area of Tampa, Hillsborough County.

 The forecasted appreciation is 0.8% in just the next 6 months; let’s quantify that.   A home worth $265,000 today would be worth $2,000 more in 6 months. Additionally, if you were planning on putting the same percent down, you would have to borrow more because the home is more expensive. And how about interest rates? Even though rates are at very attractive levels, does it make sense to wait for rates to go down further? 

 No, the monthly savings with a lower rate are nice but are dwarfed by the missed appreciation and amortization, and it would take many, many years to recoup what you would have lost. Should rates drop significantly, we can always refinance you in the future. Stick with it, keep shopping, and you will find something! I’m James Graff and that’s this week’s Mortgage Minute. 

 Cash out refinance, debt consolidation, renovation loan, reverse mortgage, pre-qualify, pre-approval letter, FHA VA USDA HELOC HECM Fannie Mae Freddie Mac... Terms and Conditions apply 

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