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    How Smart Is It to Buy a Home Today?

    salisbury md realtor salisbury md real estate wicomico county real estate real estate wicomico county md long and foster real estate salisbury md sussex county real estate sussex county homes for sale sussex county houses for sale sussex county land for sale sussex county zillow sussex county mls weichert nj sussex county houses in sussex county for sale sussex county real estate mls sussex county mls listings sussex county real estate listings wicomico county real estate homes for sale in wicomico county md eastern shore real estate eastern shore homes for sale eastern shore waterfront homes for sale houses for sale eastern shore eastern shore realty eastern shore land for sale eastern shore waterfront property for sale eastern shore homes eastern shore farms for sale eastern shore realtors eastern shore real estate for sale eastern shore houses houses for sale in wicomico county md wicomico county homes for sale land for sale in wicomico county md houses for sale in wicomico county houses for sale wicomico county brandon brittingham brandon brittingham realtor brandon brittingham real estate brandon brittingham long and foster Whether you’re buying your first home or selling your current house, if your needs are changing and you think you need to move, the decision can be complicated. You may have to take personal or professional considerations into account, and only you can judge what impact those factors should have on your desire to move. However, there’s one category that provides a simple answer. When deciding to buy now or wait until next year, the financial aspect of the purchase is easy to evaluate. You just need to ask yourself two questions:
    1. Do I think home values will be higher a year from now?
    2. Do I think mortgage rates will be higher a year from now?
    From a purely financial standpoint, if the answer is ‘yes’ to either question, you should strongly consider buying now. If the answer to both questions is ‘yes,’ you should definitely buy now. Nobody can guarantee what home values or mortgage rates will be by the end of this year. The experts, however, seem certain the answer to both questions above is a resounding ‘yes.’ Mortgage rates are expected to rise and home values are expected to appreciate rather nicely.

    What does this mean to you?

    Let’s look at how waiting would impact your financial situation. Here are the assumptions made for this example:
    • The experts are right – mortgage rates will be 3.18% at the end of the year
    • The experts are right – home values will appreciate by 5.9%
    • You want to buy a home valued at $350,000 today
    • You decide on a 10% down payment
    salisbury md realtor salisbury md real estate wicomico county real estate real estate wicomico county md long and foster real estate salisbury md sussex county real estate sussex county homes for sale sussex county houses for sale sussex county land for sale sussex county zillow sussex county mls weichert nj sussex county houses in sussex county for sale sussex county real estate mls sussex county mls listings sussex county real estate listings wicomico county real estate homes for sale in wicomico county md eastern shore real estate eastern shore homes for sale eastern shore waterfront homes for sale houses for sale eastern shore eastern shore realty eastern shore land for sale eastern shore waterfront property for sale eastern shore homes eastern shore farms for sale eastern shore realtors eastern shore real estate for sale eastern shore houses houses for sale in wicomico county md wicomico county homes for sale land for sale in wicomico county md houses for sale in wicomico county houses for sale wicomico county brandon brittingham brandon brittingham realtor brandon brittingham real estate brandon brittingham long and fosterHere’s the financial impact of waiting:
    • You pay an extra $20,650 for the house
    • You need an additional $2,065 for a down payment
    • You pay an extra $116/month in your mortgage payment ($1,392 additional per year)
    • You don’t gain the $20,650 increase in wealth through equity build-up

    Bottom Line

    There are many things to consider when buying a home. However, from a purely financial aspect, if you find a home that meets your needs, buying now makes much more sense than buying next year.
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