Is It Smart To Buy A Home In Tucson Today?
Whether you’re buying your first home or selling your current house, if your needs are changing and you think you need to move, the decision can be complicated. You may have to take personal or professional considerations into account, and only you can judge what impact those factors should have on your desire to move.
However, there’s one category that provides a simple answer. When deciding to buy now or wait until next year, the financial aspect of the purchase is easy to evaluate. You just need to ask yourself two questions:
- Do I think home values will be higher a year from now?
- Do I think mortgage rates will be higher a year from now?
if the answer is ‘yes’ to either question, you should consider buying now. If the answer to both questions is ‘yes,’ you should definitely buy now.
What Does This Mean To You?
This chart shows how waiting a year would impact your financial situation.
The 2 most obvious differences are the rise in interest rates and the equity gained by buying this year. You save $70 per month in mortgage payment and have $18,450 in equity by buying now.
The other financial impact of waiting is you have to save an additional $1845 for the down payment.
There are many things to consider when buying a home. However, from a purely financial aspect, if you find a home that meets your needs, buying now makes much more sense than buying next year.