Why You Should Consider Buying Now Instead of Waiting

Grand Rapids Real Estate Podcast with Mark Brace

Is waiting to buy a home costing you money? I’m afraid so, and there are two big reasons why.

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Is waiting to buy a home costing you money? The answer is yes, and there are two main reasons why.

The first is price appreciation over time. Property values are rising every day now, and supply and demand is pushing prices upward. The longer you wait, the more you’ll be missing out on a better home price.

The second reason is interest rates are also rising. A 1% increase in interest rates decreases the average homebuyer's affordability by about 10%. That means if you want your mortgage payment to stay the same, you will have to buy a less expensive home. In other words, your buying power drops 10%. The Fed announced that they would be aggressive with interest rates this year, and they have more planned increases in the future.

For a more detailed look at how interest rates are expected to impact the market in the coming months, you can click here. For a look at home price expectations for 2017, click here.

Don’t get caught on the sidelines in our market.

With both prices and interest rates moving up, every day you wait is costing you more money. Don’t get caught on the sidelines.

If you have any questions or are interested in purchasing a property, give us a call or shoot us an email. We’d love to help you out.