Rates have leveled off – even dropping back down a little bit – but this chart serves as a reminder that all aspects of the buying process should be taken into consideration when thinking about buying a home, not just where rates are.
When bidding wars were still all the rage earlier this year, a list price of $450K, for example, might have been the starting point; reality might mean when the bidding is done and the dust has settled, that home was sold at $500K.
Now it’s realistic to look at the list price as the highpoint, with the eventual sold price likely coming in below list. In the end, even with the higher interest rate, the lower purchase price will keep your monthly mortgage payment closer to where you would’ve been 6 months ago than many people realize.
Buying a house is never just “one” thing, it’s EVERYthing. So talk to us – especially if you’re looking to build, or buy new.