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When you see the data, you’ll see
exactly which road to take.
“Let’s wait “Let’s buy
for a stronger a home
Buying NOW can be a wise decision.
Here are three compelling reasons why:
1) Your new, move-up home Myth If your Current If your Move-up
Home is worth
Home is worth
can cost significantly more Wait to sell your current home $200,000 now and
until the economy is stronger
$350,000 now and
appreciates 2% appreciates 2%
in 5 years. so it’ll be worth more. in 5 years, it will in 5 years, it will
Truth be worth $220,731 be worth $386,427
While you wait,
your new, move-up home Bottom Line: Waiting 5 years
will also increase in value. could cost you $15,696
2) Interest rates Myth A $300,000
mortgage with a
will rise as the economy The rise of a few interest points
won’t have a significant effect.
4.5% interest rate = mortgage with a
6.5% interest rate =
strengthens. Truth payment $1,896 monthly
Less than a 2% rise in interest payment
rates means you could pay
Bottom Line: You’ll save $4,512 a year;
$4,512 more per year
$22,560 over 5 years; $45,120 over 10
on a 30-year mortgage.
years; $135,360 over 30 years
3) You can buy more Myth A monthly That same monthly
A rise in interest rates does not payment of $1,896 payment of $1,896
home today with affect the kind of move-up at 6.25% means at 4.5% means you
home you can afford to buy. you can borrow can borrow
the same payments. Truth $300,000 $374,188
Buy a move-up home for
$375,000 at 4.5% for the same
Bottom Line: At a lower interest
monthly payments as a
rate you can afford that move-up home.
$300,000 home at 6.25%.