Скачать или смотреть Buying a home in the Raleigh area…should I wait?

Many are thinking of buying a home in Raleigh and are wondering if they should wait until next year to buy a home instead of doing it now. Are you one of those people?

Kevin Martini with the Martini Mortgage Group at Benchmark Mortgage believes that information is at the core of smart design making. With that in mind, let us look at the facts.

Corelogic collects and maintains the largest and most comprehensive property database in the United States. According to the their most recent Home Price Index Report, they revealed that national home prices have increased by 6.7% year-over-year. During that same period of time, mortgage interest rates have remained historically low which has allowed may home buyers to enter the market.

Here is a #Martinifactor fact: if you are a home seller, you should be most concerned about ‘short-term price’ - in other words, where home values are headed over the next six months. Now if you are a home buyers, you must not be concerned about price but instead, about the ‘long-term cost’ of the home.

The Mortgage Bankers Association (MBA), Freddie Mac and Fannie Mae all project that mortgage interest rates will increase by this time next year. CoreLogic’s Home Price Insight indicates that home prices will appreciate by 5.2% over the next 12 months.

What does this mean to you as a buyer?

If home prices appreciate by 5.2% over the next 12 months as predicted by CoreLogic and if mortgage interest rates increase as predicted by the MBA, Freddie Mac and Fannie Mae it will cost more to buy a home in the future than it cost right now.

Today, the current 30-year fixed mortgage is tracking at around 4.55% and this same time in 2019 it is expected to be 5.10%. Now a $250,000 right now is expected to be worth $263,000. This means, waiting to buy a home in the Raleigh area could costs you $153.81 more every month or $1,845.72 more a year and over 30-years it would cost you $53,372 more!

If buying a home is in your plan for this year, doing it sooner rather than later could save you thousands of dollars over the term of the loan.

If you are currently in a starter or trade-up house that no longer fits your needs and you are looking to step into a luxury home, now is the time to list your house for sale and make your dreams come true.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings. Call Kevin Martini with the Martini Mortgage Group at Benchmark Mortgage so we can get together to evaluate your opportunities.

Kevin Martini | NMLS ID 143962 | Branch Manager | Martini Mortgage Group at Benchmark Mortgage | Ark-La-Tex Financial Services, LLC NMLS ID 2143 | 5650 Six Forks Road, Suite 101 Raleigh, NC 27609 | (919) 238-4934 | www.KevinMartini.com | [email protected] | Equal Housing Opportunity