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Your Indecisiveness is Costing You Thousands!
With us today is one of my newest agents, Joel Williams, to discuss the impact of rising interest rates. Currently, interest rates are hovering around 4.5%. Just last year, interest rates were sitting between 3.25% and 3.5%.
A roughly 1% difference may not seem like it makes much of a difference, but if you have a budget of $1,150/month, your payment with a 4.5% interest rate will come in right at $1,150 for a house that costs $177,000. However if you were able to obtain a 3.5% interest rate last year, you could afford a $200,000 home. This is a $23,000 difference in purchasing power!
If interest rates rise continue to rise, let’s say to 5.5%, you will only be able to afford a $147,000 home. This clearly illustrates that now is the time to act – you certainly can’t wait until rates rise again! Not only will waiting cost you more money, but you will be forced to settle for a home you that don’t even want. Just by looking at the examples I showed you, those homes you would qualify for are going to be very different.
If you have any further questions, please feel free to reach out to me by phone or email. Thanks and have a great day!
