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Homes Cost vs Price explained
A Home’s Cost vs. Price Explained |
A Home’s Cost vs. Price Explained Posted: 14 Oct 2014 04:00 AM PDT We have often talked about the difference between COST and PRICE. As a seller, you will be most concerned about ‘short term price’ – where home values are headed over the next six months. As either a first time or repeat buyer, you must not be concerned about price but instead about the ‘long term cost’ of the home. Let us explain.Recently, we reported that a nationwide panel of over one hundred economists, real estate experts and investment & market strategists projected that home values would appreciate by approximately 4% from now to the end of 2015. Additionally, Freddie Mac’s most recent Economic Commentary & Projections Tablepredicts that the 30 year fixed mortgage rate will be 5.0% 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:
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