People everywhere keep looking at soaring housing prices and wondering when they’ll stop increasing. They also wonder something else, though: “what if I had bought the house even just a few years ago?” Typically, they thought the price or associated costs were too high to justify — but the cost of waiting to buy a home can clearly be worse.
Here at Assist-2-Sell Amarillo, we’re committed to helping our clients who are looking for a house find an option that matches both their style and their budget. We’ll help you find houses for sale — including new homes for sale — and assist with everything so that buying a home in Amarillo is an easy, enjoyable process.
If you’re considering buying a home in Amarillo and are hesitant because of prices, then we suggest you do a “cost of waiting” analysis to see if it would be more lucrative for you to wait or to go ahead and buy a house now. In today’s post, we cover three aspects you should consider during this analysis. If you do so and realize it’s time to go ahead and find homes for sale, then contact Assist-2-Sell today! We’re happy to help and we have full access to a wide range of real estate listings.
Increased Interest Rates
Check out this quote from Graham Pruitt, vice president of mortgage lending for Guaranteed Rate:
“… sometimes buyers wait, hoping the $500,000 price tag will drop. But during that time, interest rates can rise several basis points or, worse, both the home’s price and interest rate increase — sometimes adding several hundred dollars to the monthly mortgage payment.”
An interest rate rising several basis points may not seem like a big deal initially, but this can be a large amount of money when buying a home. This increases financial stress now and in the long-term, so it can sometimes be beneficial to buy a new house before interest rates increase more.
Increased Home Cost
Pruitt also referred to an increased price tag on a house, which is inevitable with time. Unless there is a large recession or change in the housing market, house costs are going to continue to increase. Due to overpopulation, increased home prices are expected. This also means buying a home is a good investment!
Eliminated Rent Costs
We’ve all been there: pouring more and more money into rent and thinking it’s the same as your mortgage on the home will be. If you are planning on living somewhere long-term, then buying a home and eliminating rent is generally your best option. If your time frame for living somewhere is relatively short, however, then renting may still be your best option.
Get Help With Buying A Home In Amarillo
If you find yourself browsing real estate listings in your free time or asking Siri to “find houses for sale,” then buying a home may be right for you! Make sure to do the “cost of waiting” analysis we’ve discussed here, and then contact Assist-2-Sell today for help with buying a home in Amarillo!