Below is some information that was sent to us today from one of our favorite mortgage lenders…We think it will be helpful!  If it is, and you would like to get in touch with him, just let us know!  AND DON’T WAIT!!!

The difference in missed opportunity is huge and I think we need to let our sphere of influence and database know what is happening.

We have seen an increase of 11% year to year of appreciation in homes locally.
We have seen an increase of 1.25% in interest rates from the first of the year. (actually since May)

So here is the deal:

A buyer could have had a loan of $200,000 last year with a PI payment of $870 is now $1013.
Today that same buyer would need a loan of $222,000 and the PI payment is $1125 to buy the same home.

 If the buyer wants the same payment of $870 in today’s market they will have a loan of $172,000.

That is $50,000 worth of purchasing power!
That is a difference of $255 in payment for the same home!

This is what waiting to buy is costing. What will it cost your clients in the next six months or year?

 It is very probable that rates as well as appreciation will continue to increase.