Why Wait on Home Prices FP

Why You Shouldn't Wait For Prices To Go Down

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“I’ll just wait until prices go down because it will be cheaper for me to buy.” ⁣
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𝐖𝐫𝐨𝐧𝐠.⁣
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It’s important to understand that it has historically never been cheaper to borrow money, aka finance a home loan. Yes, prices are higher than they were 20 years ago, HOWEVER, rates were in double-digits. ⁣
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Spoiler alert: it’s cheaper to buy now than it is to wait, and experts don’t anticipate values to drop, they just won’t appreciate in double-digits as they have in recent years. ⁣
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Don’t get caught in the rental trap β€” monthly rents are keeping on track with demand as purchase supply is not on pace with buyer demand, causing prospective buyers to renew lease terms and get stuck into lengthy lease agreements. ⁣
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π‹πžπ­’𝐬 𝐝𝐨 𝐭𝐑𝐞 𝐦𝐚𝐭𝐑:⁣
β€’ $450k loan amount @ 4.5% = ⁣
$2,280/month⁣
β€’ 450k loan amount @ 5.75% = ⁣
$2,626/month⁣
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Let’s say you were waiting until prices dropped … and just assume prices continued to rise, and interest rates continued to follow (as both have been):⁣
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β€’ $450k loan amount @ 4.5% =⁣
$2,280/month⁣
β€’ $470k loan amount @ 5% = $2,523/month⁣
β€’ 500k loan amount @ 5.75% = ⁣
$2,918/month 🀯⁣
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π™³πš˜ πšπš‘πšŽ πš—πšžπš–πš‹πšŽπš›πšœ πš πš˜πš›πš” πšπš˜πš› 𝚒𝚘𝚞 πš—πš˜πš  πš˜πš› πš’πš— πšπš‘πšŽ πšπšžπšπšžπš›πšŽ? We can only act on what’s best for us right now. Frustrated with the current market? Let’s chat and figure out a way to get you into a new home!⁣
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