Should I Buy or Wait?
Should I buy now or wait a year as prices are dropping, but interest rates are rising?
I hear this question daily, and my usual answer drones on about interest rate projections, supply, and demand for homes blah blah!! So I thought I would run the numbers and see what makes the most sense based on the numbers, not my opinion!
Option 1 – If you bought a home for $100,000 and put 5% down and had an interest rate of 3.59% on a 5-year term amortized over 25 years you would have monthly payments of $498.46. At the end of the first year, you would owe $96,397. That is a decrease in your mortgage of 2.53% over the first yea...