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Reasons to Buy a Home in 2021. 2021 will be a great year to buy a home. Let’s connect to make sure you’re ready for success in today’s housing market. NMLS ID 1834853 #floridamortgage #floridamortgagerates #floridamortgagecompany #homeownership #buyingahome #realestate #2021goals
Is the Down Payment Myth Blocking Your Path to Homeownership? It’s a common misconception that you have to have a 20% down payment to buy a home. Let’s connect to make sure you have all the right facts and information you need if you’re buying a home this year. NMLS ID 1834853 #floridamortgage #floridamortgagerates #floridamortgagecompany
Experts Are Optimistic About the Summer Housing Market. The housing market is changing. Let’s connect so you don’t miss out on today’s opportunities. NMLS ID 1834853 #floridamortgage #floridamortgagerates #floridamortgagecompany
Why Homeownership Is Still The American Dream! Owning your home provides many benefits, including stability, safety, and personal pride. Let’s connect if you’re dreaming of homeownership this year. NMLS ID 1834853 #floridamortgage #floridamortgagerates #floridamortgagecompany
Time Is Money When It Comes to Your Home! If you bought your home a number of years ago, chances are you have a lot of opportunities between your home equity and today’s low mortgage rates. Let’s connect to make sure you don’t miss out. NMLS ID 1834853 #floridamortgage #floridamortgagerates #floridamortgagecompany
Why We’re Not Headed for a Housing Crash | Today’s housing market is nothing like it was in 2008. Let’s connect if you have concerns about today’s market so we can talk about why it’s so different. NMLS ID 1834853 #floridamortgage #floridamortgagerates #floridamortgagecompany
Summer Is a Great Time To Upgrade! If you’re ready to upgrade your home, summer is a great time to do so. Let’s connect to get your house listed so you can find your dream home. Fidelity Home Group Florida Mortgage Corporation. NMLS ID 1834853 #floridamortgage #floridamortgagerates #floridamortgagecompany
Cash In on Today’s Housing Demand by Selling Your Second Home. This is a great time to cash in on an unprecedented demand for houses. Let’s connect if you’re ready to liquidate your portfolio while buyers are actively in the market. Fidelity Home Group Florida Mortgage Corporation. NMLS ID 1834853 #floridamortgage #floridamortgagerates #floridamortgagecompany
Americans Have Their Hearts Set on Homeownership. It’s a great time to make the dream of homeownership a reality. Let’s connect if your heart is set on homeownership this year. Fidelity Home Group Florida Mortgage Corporation. NMLS ID 1834853 #floridamortgage #floridamortgagerates #floridamortgagecompany
If you’re a renter with a desire to become a homeowner, or a homeowner who’s decided your current house no longer fits your needs, you may be hoping that waiting a year might mean better market conditions to purchase a home.
To determine if you should buy now or wait, you need to ask yourself two simple questions:
Let’s shed some light on the answers to both of these questions.
Three major housing industry entities project continued home price appreciation for 2022. Here are their forecasts:
Using the average of the three projections (6.27%), a home that sells for $350,000 today would be valued at $371,945 by the end of next year. That means, if you delay, it could cost you more. As a prospective buyer, you could pay an additional $21,945 if you wait.
Today, the 30-year fixed mortgage rate is hovering near historic lows. However, most experts believe rates will rise as the economy continues to recover. Here are the forecasts for the fourth quarter of 2022 by the three major entities mentioned above:
That averages out to 3.7% if you include all three forecasts, and it’s nearly a full percentage point higher than today’s rates. Any increase in mortgage rates will increase your cost.
You’ll pay more in mortgage payments each month if both variables increase. Let’s assume you purchase a $350,000 home this year with a 30-year fixed-rate loan at 2.86% after making a 10% down payment. According to the mortgage calculator from Smart Asset, your monthly mortgage payment (including principal and interest payments, and estimated home insurance, taxes in your area, and other fees) would be approximately $1,899.
That same home could cost $371,945 by the end of 2022, and the mortgage rate could be 3.7% (based on the industry forecasts mentioned above). Your monthly mortgage payment, after putting down 10%, would increase to $2,166.
The difference in your monthly mortgage payment would be $267. That’s $3,204 more per year and $96,120 over the life of the loan.
If you consider that purchasing now will also let you take advantage of the equity you’ll build up over the next calendar year, which is approximately $22,000 for a house with a similar value, then the total net worth increase you could gain from buying this year is over $118,000.
When asking if you should buy a home, you probably think of the non-financial benefits of owning a home as a driving motivator. When asking when to buy, the financial benefits make it clear that doing so now is much more advantageous than waiting until next year.
Content previously posted on Keeping Current Matters#fidelityhomegroup, #floridamortgage, #floridamortgagerates, #mortgageflorida