There Is A Difference Between Cost And Price When Buying A Home

There Is A Difference Between Cost And Price When Buying A Home

The cost of buying a home does not rest solely on the purchase price. Yes, you definitely want to purchase the home for the least amount of money the seller is willing to take, and with home prices on the rise the longer you wait to purchase the more expensive the price of the home will become.  But there's more to it then just the purchase price, there's the cost of attorneys, inspections, title insurance and lender fees just to name a few.

We are entering into a new era however with the Feds mostly likely increasing interest rates this month for the first time in 10 years, and those interest rates will have an impact on the overall cost on the purchase of your home.  

Take a look at the graphic below.  Both the Mortgage Bankers Association and Feddie/Fannie are predicting that interest rates will rise about 3/4 of a point over the coming 12 months.  Add that to Core Logic's forecast of a 5.25% increase in home prices, and you can see how not just the price of a home will go up, but also the overall cost of the home over the typical 30 year mortgage.

Cost Of Buying A Home

My advice to you is that if you think you will be in the market soon for a new home, is to begin putting the process in motion sooner rather than later.  Speak to a mortgage professional to begin the process of getting pre-qualified and working on getting that credit score up should you need to, and interview professional full-time agents such as myself to find the right agent to work with.  

If you have any questions please feel free to contact me and I'd be happy to help you through the process!

Gene Donohue - Lead Agent

C:  864-506-2151

O:  864-373-9578

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Phone: 864-506-2151
Dated: December 14th 2015
Views: 312
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