If you’re considering a home purchase, but you want to wait, you’ll most likely be paying higher interest rates. Rates are going to go up. We’re just not sure when.
A 1% increase in rates will lower your buying power by about 10%, according to Bank of America. So if you’re buying a $250,00 home, you’ll be able to afford approximately $25,000 less when rates increase.
On another note, if you’re a current homeowner and want to buy a new home, check out these two facts…
1. If you have lived in your current home 5 out of the last 8 years, you don’t actually have to sell your current home to get the credit.
2. The new purchase doesn’t have to be more expensive than your current home.
This is a good thing for buyers that want to move, but not necessarily to a more expensive home.
Jump off that fence now!