Monday, December 1, 2014

Waiting Costs Money

If you've been looking for Venice FL real estate, or just starting out, you may or may not know that we have more buyers than homes for sale.  Homes are selling quickly, and that is creating frustration for some and a "wait and see" attitude for others.

For those waiting for just the right house to come along, the old saying "time is money" is never more true than in real estate, at least in Venice.

Let's take a look at what waiting to buy could potentially cost:

Now:
Home sales price $150,000 for a 2 bedroom 2 bath in Venice
Interest rate 4.125%
Mortgage monthly payment with 20% down: $581.58

Spring 2015:
Estimated future home sales price $165,000 for a similar 2/2 in Venice
Interest rate 4.35%
Mortgage monthly payment with 20% down: $657.11

Housing inventory is expected to stay low, rates could go higher, and prices are projected to increase between 7%-10% .  Waiting to buy could cost you $76 per month, or approximately $912 per year.  What could you do with an extra $912 in your pocket, especially if you are retired?

If you are thinking of buying a home in the area, please contact me to get started.

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