Don’t let interest rates ruin your housing future in Tooele UT, I posted this graphic the other day about what really happens when interest rates go up. It makes good reading for both home buyers & sellers in Tooele County.
The obvious impact is that house payments go up and your house payment is much more after the increase than it would be if you bought your house when mortgage rates were less.
That’s the obvious reason and why we ( real estate agents) are continually bugging you to make a decision.
But…… It’s not the only reason.
In fact, the reason I find to have the most impact is the one that limits the kind of house you can qualify for. You can use the graphic below and see the effect a rising rate has on the size, location & quality of home you can buy. It can make a huge difference.
For those of us that like simple, l’ll use the figures from below that limit the house payment to $1,000 per month.
Review the numbers and then scroll down more and I will link you to a few homes for sale in that price range., See what a difference waiting can make.
Some Highlights: Interest rates have come a long way in the last 30 years. The interest rate you secure directly impacts your monthly payment and the amount of house that you can afford if you plan to stay within a certain budget. Interest rates are at their lowest in years… RIGHT NOW! If buying your …Read More
Ok…. So, now you can compare some actual listings to view what kind of home you can qualify to buy as interest rates increase & you have a budget of $1,000 per month.
- Tooele UT homes listed that you could afford when interest @ 12.87 %. ($100,000)
- Homes when interest rates were @ 8.12 like they were in 2000. ($140,000)
- Todays listings @ 3.43 ($225,000)
Big difference wouldn’t you say?
Probably if rates were to go back at the 2000 mortgage rates you would not be looking to buy your first home yet or to upgrade to something larger.
Well then. Give it some thought.
Mortgage Interest rates can’t possibly go much lower, but as we have seen looking back only a few years, they can go up.
Don’t let interest rates ruin your housing future in Tooele UT. Start looking to upgrade now.
Need help? Call me Berna Sloan 435-840-5029. today!