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Why Waiting To Buy A New Beach Home May Not Make Sense

Tuesday, March 31, 2015   /   by Teresa Dipeso

Why Waiting To Buy A New Beach Home May Not Make Sense

When buying a new shore home, there are two factors that will impact the amount of house you can afford in your price range: home prices & mortgage rates. Let’s look at what the experts are predicting over the next twelve months for these two areas:


 


PRICES


Over 100 economists, real estate experts and investment & market strategists were recently polled as a part of the Home Price Expectation Survey. They were asked to project where home prices are headed. The average value appreciation projected over the next twelve-month period is approximately 4.4%.


 


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MORTGAGE INTEREST RATES


In the latest Economic & Housing Market Outlook from Freddie Mac, they predict that the 30-year fixed mortgage rate will be 4.7% by this time next year. As of last week, the Freddie Mac rate was 3.69%.


 


What does this mean to you?


If you are a first-time buyer currently looking at a home priced at $250,000, this is what it could cost you on a monthly basis if you wait until next year to buy: If you are a move-up buyer currently looking at a home priced at $500,000, this is what it could cost you on a monthly basis if you wait a year to buy:


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Bottom Line


 


With both home prices & interest rates projected to increase, waiting to buy could put a serious dent in your family’s wealth. Now is a great time to buy your new beach house!


 


Call the DiPeso Group for the knowledge and expertise you need when buying or selling your Jersey Shore home! 

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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