Looking to buy a new home?
If you have been in the market of buying a house, you probably have noticed the reduced volume of houses that are available.
We are living in a seller’s market because of the flood of buyers that are trying to take advantage of historic low interest rates.
These have been from the fed lowering rates to jumpstart the economy from the damage that COVID has caused.
But What is Next for The Housing Market?
Many experts are predicting a record hot 2021 for the housing market as the interest rates are expected to be low through the whole year. That means that there will continue to be limited availability in homes causing soaring housing prices.
Although rates are at an all-time low, these prices do not make for an ideal market to invest in.
Here at the Finance Hustler we believe in using tools and spreadsheets as a practical way to show you what best fits your financial situation. We are using this tool specifically to show you the difference between getting the house at a cheaper price vs the difference of a lower interest rate. We want you to be aware of what you end up spending.
We took data to gather an estimate from pricing changes and average interest rate changes from the end of 2019 that you could compare to what you may end up spending now. Even though the rates are lower, You will be able to see the cost difference still doesn’t necessarily mean you are getting a better deal.