Homes sellers in Fountain Hills are waiting for prices to go up (which we have seen in the recent months ) and personally, I am not sure what buyers are waiting for?
I have a few potential buyers that have been previewing homes online and in person for years and yet they still have not bought.I think looking at homes has become a hobby or an obsession. Housing prices have continued to move upwards and the deals of 2010 and 2011, are long gone.
Interest rates have an impact on what home buyers will pay for homes. Interest rates haven’t been this low in decades. If you are looking to finance, you could be losing money if you wait.
If rates go up to 5% from the current rate of 3.46 for a 30 year loan, you could see your payment increase a bit more than 20%. Lets say you get a loan amount for 200,000, with an interest rate of 3.46% ( as of Oct 19 2012) your payment would be 893.63. If rates were to go up to 5% and the scenario was the same your payment would be 1073.64 ( approx, without including, property taxes, HOA fees,insurance etc)
As a seller, if interest rates go up, buyers will be inclined to stay put because the rates won’t be so attractive. In a slow recovery like this, we aren’t likely to all of a sudden jump to 6% mortgage interest rates but eventually what goes down must come up.
I’ve learned over the years that you can plan all you want, but your destiny can be interrupted by the most unexpected circumstances. Do what is best for you at this time, but keep an open mind.. the time may be now.
Do you have questions about Fountain Hills AZ real estate? I would love to talk with you! For a quick response, you can contact me at 480 888 6708 or email me regarding Fountain Hills neighborhoods, price trends, short sales, etc. I’ll get back to you ASAP!
