(See story link) Are you thinking of buying later in 2012? The Cost of Waiting could be thousands of dollars! With the interest rates at an all time low, here is the scenario that is going to pan out in Brandon's Market, and most markets around the country:
Buyers will rush to take advantage of record low rates. This will save them thousands in interest on their mortgage. This will likely affect the supply and demand of housing in our area, creating an upward swing in prices. If you buy after the rates go up, you will be paying not only a higher interest rate, but you will likely pay more for the same property using the Law of Supply and Demand.
Thinking of selling/upgrading this year? Here's how it could affect you by waiting also :
The supply of qualified buyers may dip after the rates go up. Out of 100% of qualified buyers, if rates go up 15%, you would assume 15% of those buyers will no longer qualify for your home. Therefore, you may not get as much for your house, and if your able to renew/register a new mortgage, the same Costs of Waiting above will counter affect you on the buying side.
Are these financial risks worth the wait? Take advantage of these rates before you find out their gone!