Consider Cost Not Just Price When You Are Buying A Home In Coachella Valley

Dated: 06/10/2019

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As a seller, you will 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.

The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will rates to rise to 4.5% by the Q4 2020. According to Core Logic’s most recent Home 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 the 5.2% predicted by Core Logic over the next twelve months, here is a simple demonstration of the impact an increase in interest rate would have on the mortgage payment of a home buying for approximately $250,000 today:

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If buying a home in Coachella Valley 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.

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Alison Cone

Alison is a native of Washington State who relocated to California permanently in 1994. She had a successful career in education prior to committing to a career in Real Estate. Alison believes that c....

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