In 2017 home values increased all over the value.  What impact does that have on the home buyer? When prices go up in value that means for a home buyer that the cost of you home increases and your buying power decreases.  For every $10,000 increase in price that means you have to put more of a down payment down and your monthly mortgage payment increases by about $50 per $10,000 in mortgage amount.  Take into account that mortgage rates have increased from about 1 percent since last year at this time.   A 1% increase in interest rate is about $45 increase per $100,000.  Both increases in interest rates and increases in home appreciation affect your buying power.

If you are looking to buy a home, now might be the time before prices of home increase in value and interest rates increase.

For more information please click on the link on this page of call Bruce Singer at Vision Home Mortgage 702-217-5525.