Werecentlyshared that national home prices have increased by 6.7% year-over-year. Over that same time period, interest rates have remained historically low which has allowed many buyers to enter the market.
As a seller, you will likely be most concerned about‘short-term price’– where home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but instead about the‘long-term cost’of the home.
TheMortgage Bankers Association(MBA),Freddie Mac,andFannie Maeall project that mortgage interest rates will increase by this time next year. According toCoreLogic’smost recentHome Price Index Report,home prices will appreciate by 5.2% over the next 12 months.
What Does This Mean as a Buyer?
If home prices appreciate by 5.2% over the next twelve months as predicted byCoreLogic,here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today:
If buying a home is in your plan for this year, doing it sooner rather than later could save you thousands of dollars over the terms of your loan.
Author:Ruby Arias Phone: 623-398-5575 Dated: May 9th 2018 Views: 709 About Ruby: Whether buying or selling a home, you want someone on your side that knows the local market and puts...
First of all, I am a family man… I love spending time with my beautiful wife, Jennifer, our two daughters and most recently a son. We have three dogs and I also enjoy cooking and travel. Working on just about anything in the garage, we build various hot rods, muscle cars, motorcycles, rat rods, pickup trucks and even some woodworking. Tuesday nights I still play on a competitive adult football team so I lead a busy, but fun life!
I am raising a family of my own so often share in the same hard decisions you need to make and can therefore relate.
My goal is to become friends after working together and not just be your Realtor. I want to be your Real Estate Resource for life that you can refer to family, friends, co-workers and anyone else you know needing assistance.
I originally obtained my Real Estate license in 2003 and then upgraded to a Broker’s license in 2007. I currently serve as the Treasurer for WeMAR (Western Maricopa County Association of Realtors) and also sit on the Board of Directors for AAR (Arizona Association of Realtors). In the past, I have served as Chairperson for WeMAR’s Young Professionals Network and Chairperson for the ARMLS (Arizona Regional Multiple Listing Service) MLS Committee. I have been the Designated Broker for RE/MAX Preferred Choice since March of 2013 and served as Managing Broker prior to that for a few years.
Proudly I can say I’m a member of the RE/MAX Hall of Fame. In 2013, I won the prestigious “30 Under 30″ National Award from REALTOR Magazine and was also named to the Real Trends America’s Best Real Estate Agents list. Trulia also ranks me in the top 1% nationwide for Realtors based upon sales and client testimonials.
I have a wide variety of experience with buyers and sellers of residential, new construction, land, retail, multi-family, commercial/industrial and investment properties. Having led up to an eight-person team during my Real Estate career, I know how to manage multiple personalities and coordinate tasks. Regardless of team size, client representation has always been priority #1. Providing consistent & prompt communication, accurate market data and promoting our client’s best interest(s) is constantly at the top of the list.