Waiting Will Be Expensive
As housing prices keep rising, we are starting to see interest rates rise as well. Currently, interest rates hover around 3.125% and are expected to reach 3.75% by December. Similarly, housing prices are expected to rise 8% come December. As you'll see below, each month you wait to buy, your monthly payment will increase by $502 on average.
The cause of all this competition is a historically low inventory of homes, coupled with a record high demand caused by the low interest rates.
As always, we are here for you every step of the way. Let us know if you need anything. See you next month!