If you are one of the thousands of people considering purchasing a home in the Tampa Bay area, you may be wondering if now is a good time. Would next year be better? Are you a Millennial who’s tired of renting, but you don’t know if it’s the right time to buy? Here are some things to consider and the reasons why you shouldn’t wait.
Interest Rates
In the fourth queater of 2020, interest rates are projected to rise from 4.3% to 4.5%. The average home price is projected to increase by $12,000 to a whopping $262,000. Monthly mortgage payments are expected to grow from $1,231.60 to $1,321.04. All of these increases equate to less disposable income if you wait.
If you are 30 years old and wait a year to purchase your home, you will spend an additional $32,189 on your home by the time you are 61 years old.
The Message is Clear; Don’t Wait
If you are thinking about buying a home and have the means, don’t wait, buy it now and reap the savings throughout your lifetime. Waiting to buy could cost you, or your children, the money needed in a time of crisis, or celebration.
If you are a Millennial, or a member of any generation, in the greater Tampa Bay Area and are thinking of purchasing a home, call me at 813-915-6649 or send me an email. I have the experience and knowhow to guide you through the loan process. Don’t wait until for the costs of buying a new home go up, call today!
