Are you one of the many Millennials seeing your friends and family diving into the real estate market and are wondering if now is the time for you to do the same? In the Madison area the average home price is $231,000.
Find out the difference a year could make!
- Interest Rates:
Now: 4.01% (I saw as low as 3.25% yesterday!)
Next Year: 4.80% Freddie Mac Projection
- Home Price
Next Year: $243,243 (CoreLogic projection +5.3% appreciation)
- Mortgage Payment
Next Year: $1,274.35
Price Difference over the life of loan: $458,764.35 – $404,623.51 = $54,140.84
That’s enough to send a child to college!
- The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.
- Freddie Mac predicts interest rates to rise to 4.8% by next year.
- CoreLogic predicts home prices to appreciate by 5.3% over the next 12 months.
- If you are ready and willing to buy your dream home, find out if you are able to!