What are you waiting for? Is all the negative media getting to you? Remember the media is like fast food, eat (watch) enough of it and you won’t feel great afterwards. Maybe it’s time to tune it out…
Yes, mortgage rates have increased, but there have been significant price drops as well. If you have job stability, good income, and plan on living in the home for 5+ years buying a home might be feasible. Now is your opportunity to get out before other buyers catch on that there are lots of homes to choose from, little competition and the ability to purchase with conditions (financing, home inspection, etc).
Below is a summary of a comparison between February 2022 & October 2022:
Since February 2022:
- Rates have increased by 3%
- Monthly mortgage payments have increased by approx. $103.23
- However, the average purchase price has decreased by 26%, which means approx. $22,000 less required for a down payment and approx. $4,400 less in Land Transfer Taxes
Back in February 2022, buyers would have loved the ability to purchase in this type of market, so what are you waiting for? Before calling your realtor, call me for a mortgage review.
Rates are subject to change without notice. This document is for demonstration purposes ONLY. All mortgages are subject to certain credit criteria, the property meeting lender residential property standards. Other terms and conditions may apply. Call for details.