What Will Waiting Cost You?
When thinking about buying a new home, we naturally think in the short-term. What are the taxes right now? What will my mortgage payment be? How much do I need for a down payment…right now? But homeownership as a wealth strategy is only fully appreciated when we think about the long-term financial impacts of owing vs. renting.
A new study by realtor.com reveals that the average buyer can save more than $200,000 over the life of a 30-year loan by buying now not next year, now. If that’s not surprising enough, the same study found that waiting just one year costs a buyer $19,000. The combination of rising home prices and anticipated rising interest rates are creating this stark reality.
An article in realtor.com breaks it down here.