What is the Cost of Waiting Until Next Year to Buy?
I have been selling real estate in Arizona since 2003, and have seen markets go up, and markets go down. I frequently get asked if it is a good time to buy real estate. There are a lot of reasons if you are in the position to buy that you should purchase a home in any market if it is a long term goal to stay in a home for more than 5-7 years. But to get more specific about the current market in Greater Phoenix, here are some quick facts to consider right now:
The cost of waiting to buy can be defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time. Simply put, when rates are going up it is going to cost more. Please look at the graphic above for a clear explanation….
Freddie Mac predicts interest rates to rise to 5.1% by the end of 2019. I think we can see that interest rates have been trending up by trends from the past few years. In June of 2016 you could have got a 30 year fixed rate loan for around 3.5%, while interest rates in the end of 2018 were close to 5%! As of this writing, rates have declined slightly another reason to not put it off!
The real estate information gathering company CoreLogic predicts home prices to appreciate by 4.8% over the next 12 months. Again simply put housing values are appreciating in out market!
So if you have been renting or lucky enough to sill live at home, it is a good time to look at home ownership. If you are willing and able to, the next step is to call me to find out what you can afford!
Look below for some great Scottsdale available properties: