Just one year of waiting to buy a house could cost you tens of thousands of dollars (see charts).
For example, a homebuyer considering a $250,000 home would lose $7,500 if home prices increase by 3% during that one year timeframe. They would lose an additional $21,391 over the life of a $200,000 mortgage if interest rates also increase by 0.5% during that same one-year time period.
The money you’d lose by waiting a year can be even higher if you are considering a higher priced home. Contact me if you’d like to run the numbers for your situation and explore your options!