Between reading our Lancaster County market updates and any kind of real estate talk you hear on the street, the news, or social media, you’ve likely heard about rising home prices, low home inventory, and buyers finding themselves in competing situations when they write offers on homes.
This information can make the current market seem incredibly confusing. It can make the idea of buying a home seem difficult or worse, impossible.
One objection we’ve heard often is “I’ll wait to buy until prices come down so I can save money.”
Here’s the truth: waiting for prices to come down does not ensure you’ll be saving! Let’s take a look at some numbers:
In the above scenario, the same home has dropped $11,000 in cost. While the price dropped the interest rate increased, making not only the monthly payment nearly $200 higher, but the overall payout for the mortgage over $70,000 more than when the house cost more overall.
There are many variables to consider when buying, and the historically low interest rates we are still seeing continue to make this a good time to buy.
If you’ve got questions about the local market, or where to even start when considering a home purchase, please never hesitate to reach out to us!