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Tracy Wanner Blog

Sunday, January 20, 2019   /   by Tracy Wanner

What is the Cost of Waiting Until Next Year to Buy?

Some Highlights:





The cost of waiting to buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.






Freddie Mac predicts interest rates to rise to 5.1% by the end of 2019.






CoreLogic predicts home prices to appreciate by 4.8% over the next 12 months.






If you are ready and willing to buy your dream home, find out if you are able to!

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Thursday, January 17, 2019   /   by Tracy Wanner

LAST CHANCE! HOMES ARE A BARGAIN COMPARED TO HISTORIC NORMS LAST CHANCE!

A loaf of bread used to be a nickel. A movie ticket was a dime.  Not anymore. Houses were also much less expensive than they are now. Inflation raised the price of all three of those items, along with the price of almost every other item we purchase.


The reason we can still afford to consume is that our wages have also risen over time. The better measure of whether an item is more expensive than it was before is what percentage of our income it takes to purchase that item today compared to earlier. Let’s look at purchasing a home.


The COST of a home is determined by three major components: price, mortgage interest rate, and wages. The big question? Are we paying a greater percentage of our income toward our monthly mortgage payment today than previous generations? Surprisingly, the answer is no.


Historically, Americans have paid just over 21% of their income toward their monthly mortgage payment.


Though home prices are higher than before, wa ...

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