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      Blog :: 12-2017

      Home Prices Up 6.54% Across the Country! [INFOGRAPHIC]

      Home Prices Up 6.54% Across the Country! [INFOGRAPHIC] | MyKCM

      Some Highlights:

      • The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report.
      • In the report, home prices are compared both regionally and by state.
      • Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more!

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

       

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

      We recently shared that over the course of the last 12 months, home prices have appreciated by 7.0%. Over the same amount of time, interest rates have remained historically low which has allowed many buyers to enter the market.

      As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but instead about the ‘long-term cost’ of the home.

      The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Index Report, home prices will appreciate by 4.7% over the next 12 months.

      What Does This Mean as a Buyer?

      If home prices appreciate by 4.7% over the next twelve months as predicted by CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today:

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

      Bottom Line

      If buying a home is in your plan for 2018, doing it sooner rather than later could save you thousands of dollars over the terms of your loan.

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      3 Tips for Making Your Dream Home a Reality [INFOGRAPHIC]

       

      3 Tips for Making Your Dream Home a Reality [INFOGRAPHIC] | MyKCM

      Some Highlights:

      • Realtor.com shared their “5 Habits to Start Now If You Hope to Buy a Home.”
      • Setting up an automatic savings plan that saves a small amount of every check is one of the best ways to save without thinking a lot about it.
      • Living within a budget will not only help you save money for down payments but will help you pay down other debts that might be holding you back.
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