Many sellers are realizing that waiting to sell while mortgage rates are on the up and up is not wise. As these rates increase, the price of the next home you can afford will only decrease if you plan to stay within a certain monthly budget.
How much? With every quarter percent increase in mortgage rates on the North Shore, the value of home you can afford will decrease by 2.5%. Take a look:
On a $400,000 home:
3.75% interest rate = $1,852 monthly mortgage payment
On a $390,000 home:
4.00% interest rate = $1,862
On a $380,000 home:
4.25% interest rate = $1,869
On a $370,000 home:
4.50% interest rate = $1,874
On a $360,000 home:
4.75% interest rate = $1,878
With housing prices moving higher and mortgage rates projected to rise one full percentage point by this time next year, there is no doubt the timing is right to spring for your dream home. Make the most of your budget now by purchasing the home in Glencoe, Deerfield, Winnetka, Northbrook or Highland Park you've always wanted!
Ready to get started and take advantage of the currently low rates? Contact me today for more information about available properties on the North Shore— I'm happy to help!
Janie Bress
Your North Shore Real Estate Expert
North Shore Real Estate
View North Shore Listings
Visit My Website
Your North Shore Real Estate Expert
North Shore Real Estate
View North Shore Listings
Visit My Website
Local Expert... with National Connections!
Locally or across the country, think of me as your national connection. I can help you with all your real estate needs anywhere in the United States.
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