Highlights (the highlights are a comparison between July 2017 and July 2018)

  • The median detached home price rose 4.1 percent to $208,000
  • The average detached price rose 3.7 percent to $246,862
  • Days on market before sale is 48 days. 57 days YTD.
  • Overall inventory of detached homes for sale decreased 14.2 percent to 3,368
  • The number of closed sales for detached homes increased 3.5 percent to 1,121
  • The number of detached homes going under contract rose 15.5 percent to 1,271

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We all keep hearing the same thing, the market is going to slow or have a correction in the near future. While that may be true a complete market crash is not likely and prices will most likely hold steady or decrease slightly even as interest rates continue to climb.

We know rate will go up (it has to) but if you are waiting for the prices to drop you may be taking the wrong course. Take a look at our example below...

200K @ 4.5% = Payment of $1013*.  Loan cost over 30 years $364,813

178K @ 5.5% = Payment of $1010*.  Loan cost over 30 years $388,367 (21% drop in price to maintain similar payment)

Rate has everything to do with cost over time. This example assumes a price drop of 10% which is not likely...so in the end it waiting could cost…

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If interest rates go up it could have a significant impact on your purchasing power and payment. Let's look at an example below.

$200,000 Loan amount - 30 year fixed mortgage:

Interest Rate Monthly Payment Increase in Payment From One Rate to The Next Increase From Current Rates
3.5% $895    per month 0 0
*4.5% $1,013 per month $118 (Roughly current rates 2018) 0
5.5% $1.135 per month $122 $122
6.5% $1,264 per month $129 $251
7.5% $1,398 per month $134 $385
8.5% $1,537 per month $139 $524

...OR...

Look at it this way.

Here is how much home loan you get for the same payment: 

Loan Amount Interest Rate Monthly…

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