Now that the housing market has stabilized, more and more homeowners are considering moving up to their dream home. With interest rates still near 4% and home values on the rise, now may be a great time to make a move.
Sellers should realize that waiting while mortgage rates are increasing probably doesn’t make sense. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain budget for your monthly housing costs.
Here is a chart detailing this point:
With each quarter percent increase in interest rate, the value of the home you can afford decreases by 2.5%, (in this example, $10,000). Expertspredictthat mortgage rates will be closer to 5% by this time next year.
Act now to get the most house for yourhard earnedmoney.
Author:Ryan McLemore Phone: 972-804-3474 Dated: August 14th 2015 Views: 312 About Ryan: Ryan's career started in 2002 with Citigroup’s marketing division where he offered full service fi...
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"Ryan went above and beyond what any other realtor would have done to find us our perfect home. I had so much on my plate with my wedding and needing to move, and Ryan did an amazing job lifting a huge weight off of my shoulders. He listened to what our wants and needs were and spent many late nights to make us happy. I will be recommending Ryan to any and everyone."