I've heard people saying, "I'm just going to wait a year while the market gets worse, so I can get a deal." Here's some numbers to show why that is not necessarily a good idea (Thank you Time Magazine--2/25/08):
As the economy improves, waiting may not have any effect. Let's say today, a house costs $218,900. If housing prices drop another 10%, the house will cost $197,010 in a year.
Right now, the interest rate is 5.5%. With an improved economy, the rate could go up to 6% and higher. This rate is based on putting 20% down on a 30 year fixed.
If you bought the house this year, the payment would be $994.31. If you bought the house next year, it would be $994.94.
Why wait, and be stuck in a place you don't like? If you are interested in looking, contact me at www.audreybutlerhomes.com
