With Rates & Prices on the Rise, Do You Know the True Cost of Waiting?

With Rates & Prices on the Rise, Do You Know the True Cost of Waiting?

Posted by on Tuesday, April 22nd, 2014 at 11:23am.

Young Couple Moving House It’s not the first time you hear me talk about the opportunity that exists now for Millennial who are willing and able to purchase a home NOW... Here are a few other ways to look at the cost of waiting.

Let’s say you’re young and 30 and your dream house costs $250,000 today, at 4.41% your monthly Mortgage Payment with Interest would be $1,253.38.

But you’re too busy, you really like your apartment, moving is such a hassle...You decide to wait till the end of next year to buy and next thing you know, you’re 31, that same house is $270,000, at 5.7%. Your new payment per month is $1,567.08. Craig Adelman now at 303.809.8979.

The difference in payment is $313.70 PER MONTH!

That’s like taking a $10 bill and tossing it out the window EVERY DAY!

Or you could look at it this way:

  • That’s your morning coffee everyday on the way to work (Average $2) with $12 left for lunch!
  • There goes Friday Sushi Night! ($80 x 4)
  • Stressed Out? How about 3 deep tissue massages with tip!
  • Need a new car? You could get a brand new $22,000 car for $313.00 per month.

Let’s look at that number annually! Over the course of your new mortgage at 5.7%, your annual additional cost would be $3,764.40!

How about that vacation in the Caribbean you were thinking about? How about a 2-week trip through Europe? Or maybe your new house could really use a deck for entertaining.  I could come up with 100’s of ways to spend $3,764, and we’re sure you could too!

Over the course of your 30 year loan, now at age 61, hopefully you are ready to retire soon, you would have spent an additional $112,932, all because when you were 30 you thought moving in 2014 was such a hassle or loved your apartment too much to leave yet.

Or maybe there wasn’t an agent out there who educated you on the true cost of waiting a year. Maybe they thought you wouldn’t be ready, but if they showed you that you could save $112,932, you’d at least listen to what they had to say.

Stop waiting and Call Craig Adelman now at 303.809.8979!!

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