If you haven't started saving for a down payment, like your current apartment, have a busy schedule or simply want to avoid the hassle of moving, you may have decided to put off buying a home in West Virginia's Eastern Panhandle this summer. However, have you considered the costs associated with waiting until next year to buy a home?
Waiting just one year to become a homeowner or move to a new home in Jefferson or Berkeley County can cost you hundreds of dollars extra per month than if you made the same purchase right now. For instance, mortgage rates are projected to rise to 5 percent within the next 12 months and home prices are expected to appreciate by 5 percent within the same time frame.
What does that mean for you? A difference of $200 extra in your mortgage payment! If you purchased a home for $250,000 with today's current mortage rates of 4 percent, your monthly payment (principal and interest) would cost around $1,100. Next year, given an increase in home prices and mortgage rates at 5 percent, your dream home would cost over $262,000 with a monthly payment of $1,400!
Assuming that you waited until next year to buy a new home in Charles Town, Ranson, Shepherdstown, Harpers Ferry, Martinsburg or Hedgesville, your new mortgage at 5 percent would have an overall annual additional cost of $2,600!
Look at it this way, Eastern Panhandle homebuyers. The extra money spent per month on a mortgage payment one year from now can be compared to the following:
- Buying a new car with a monthly payment of $200-$300 per month
- Eating dinner at a new restaurant every Friday or Saturday night ($50, 4 times per month)
- Buying a morning coffee every day ($2) and eating lunch out once per week ($10)
- One big, annual family vacation ($2000!)
As your expert real estate team in the Eastern Panhandle, Kable Team Realty can help you make the best financial decision this summer and walk you through the process of buying a home! Looking back 30 years from now when you will likely pay off a new mortgage, we think you'll agree that now is the time to buy!
Give us a call today for more information about available homes in the area!
The Kable Team
Kable Team Realty
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