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A Home’s Cost vs. Price Explained

Tuesday, October 21, 2014   /   by Teresa Dipeso

A Home’s Cost vs. Price Explained

We have often talked about the difference between COST and PRICE of a Jersey Shore home. 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 Table predicts 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:

 

DiPeso Group Stone Harbor Real Estate

If you have been on the fence about buying a new beach home, now is the time!

 

Rising interest rates will cause your purchasing power to decrease and you may not be able to afford your Jersey Shore dream home.

 

The DiPeso Group can help. We are Jersey Shore real estate experts and we help buyers just like you obtain financing, find the perfect property and manage vacation home rentals.

 

Call today, we look forward to working with you!  

 

 

 

 

 

 

 

 

 

Courtesy KCM

 

Teresa M DiPeso & The DiPeso Group Jersey Shore Real Estate Experts
Teresa M. DiPeso
Long & Foster
Avalon/Stone Harbor/Cape May/Sea Isle/Wildwoods, NJ 08202
609-780-1434

The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity program of the Cape May County Multiple Listing Service. Real estate listings held by brokerage are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity program of the South Jersey Shore Regional MLS. Real estate listings held by brokerage are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.
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