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Michigan was one of the hardest-hit markets in the recent financial downturn. This caused lots of people to cease their activity in the market; choosing to wait it out until things improved. However, I want to let you know that this strategy is incorrect, and that waiting may not be your best option.
Homeowners are now paying an average of $207.92 more in monthly payments from November 2012 to November 2013 because average prices and interest rates increased. This increase is especially significant if you're thinking about moving up into a larger, nicer home.
As your current home increases in value, so too does that of the move-up home, but that percentage increase is more dollar-wise. If you wait until 2016 to move into a larger, nicer home, you can expect to pay an extra $763.44 per month as rates and prices increase. By waiting, you're actually losing ground on the bigger, nicer property that you're seeking. This is due to the fact that for every 1% increase in mortgage rates, you lose roughly 10% of buying power on your property.
Michigan was one of the hardest-hit markets in the recent financial downturn. This caused lots of people to cease their activity in the market; choosing to wait it out until things improved. However, I want to let you know that this strategy is incorrect, and that waiting may not be your best option.
Homeowners are now paying an average of $207.92 more in monthly payments from November 2012 to November 2013 because average prices and interest rates increased. This increase is especially significant if you're thinking about moving up into a larger, nicer home.
As your current home increases in value, so too does that of the move-up home, but that percentage increase is more dollar-wise. If you wait until 2016 to move into a larger, nicer home, you can expect to pay an extra $763.44 per month as rates and prices increase. By waiting, you're actually losing ground on the bigger, nicer property that you're seeking. This is due to the fact that for every 1% increase in mortgage rates, you lose roughly 10% of buying power on your property.
We want to stress that
when interest rates move up, buyers are qualified by what they can pay on a
monthly basis. As rates go up, the pool of buyers for a property shrinks
because they have to purchase less to make that same payment. Most buyers would
be reluctant to go through with that decision.
So, if you're trying to move into a bigger, more comfortable home, the gap is actually increasing, as opposed to shrinking. Mainly, the market is not always as it seems, and it's our job to advise you on what you can do to take advantage of this ever-evolving system.
Contact me to take a look at your situation, and we can formulate a plan to get your property sold.
Call me: (269) 569-5521
Email me: Scott@ScottAshbaugh.com
Thank you for joining me today. I look forward to advising you on your real estate transactions now and in the future. I hope to hear from you soon!
So, if you're trying to move into a bigger, more comfortable home, the gap is actually increasing, as opposed to shrinking. Mainly, the market is not always as it seems, and it's our job to advise you on what you can do to take advantage of this ever-evolving system.
Contact me to take a look at your situation, and we can formulate a plan to get your property sold.
Call me: (269) 569-5521
Email me: Scott@ScottAshbaugh.com
Thank you for joining me today. I look forward to advising you on your real estate transactions now and in the future. I hope to hear from you soon!
These look quite nice. Home builders Brisbane service providers can do something similar.
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