Why Buyers Should Consider A Homes Cost Vs Price

Dated: 09/02/2017

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The Cost of a Home vs. Price

Many Real Estate Market Experts often talk about the difference between a home’s COST and PRICE.   Sellers view this question differently than buyers as sellers are most concerned about ‘short term price’ and where home values are headed over the next few months.  Buyers on the other hand should not be concerned about price but instead about the ‘long term cost’ of the home.

Let us examine why.

A nationwide panel of over one hundred economists, real estate experts, investment & market strategists have recently projected that home values would appreciate by approximately 6% until the end of 2018.

The, Fannie Mae most recent August 2017 housing forecast report predicts that the 30 year fixed mortgage rate will be less than 4.2% by the end of next year.

What Does This Mean to a Buyer?

Here is a simple demonstration of what impact these projected changes would have on the mortgage payment of a home selling for approximately $250,000 today:

How higher mortgage rates affect home pricing

Bottom Line

There is no better time to buy a home when the interest rates are still at historic lows!  This is so true here in Vero Beach where there are still good real estate deals compared to some other parts in Florida.  Find out more about Vero Beach real estate deals, neighborhoods and communities here. 

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