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(English) The Cost of Waiting for Prices to Fall

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94 comentarios
  1. Josette Skilling
    Josette Skilling Dice:

    My own son and his wife experienced this firsthand. At 4.25% they had purchasing power up to $510K but once the rate crept up to 4.75% they lost $15k in purchasing power to get to the same payment. The really hard part of this story was trying to get a seller and seller’s agent to understand that their listing was overpriced and that the offer in hand was not “grossly under” but right on the market. With a rate lock ticking away there was not enough time left to try and work it out with that seller, who ended up withdrawing their home.

    So it’s not just buyers but sellers as well who need to understand how important it is when those rates rise. Price ultimately can’t stay the same if those rates stay higher because the buyers won’t qualify anymore.

    Keep up the great work! More folks need to understand how vital financing is to the whole picture…

    Responder
  2. Gail Yuhas Cove
    Gail Yuhas Cove Dice:

    The rise in mortgage interest rates is convincing impetus for the cautious, deliberating buyer to take action now and through this spring. Those trend-watching, market-knowledgeable, patient consumers will take advantage of the yet low but climbing rates. Possibly choosing to purchase a tad bit less of a property than originally planned.
    The juxtaposition of increasing rates and the resultant effect upon financing affordability will push sale prices of entry-level homes somewhat lower – in order to make up for the “affordability differential” for entry-level and retirement-home buyers. As 2011 progresses, the “affordability differential” will likely encroach upon the sale prices of mid-range and upper-range homes reflecting the consumer shift from one home value range to the next greater.
    We have seen (what I term) the “affordability differential” before. You have described it perfectly in your article.

    Responder
  3. Frederick Ritscher
    Frederick Ritscher Dice:

    Understand what is being said, but, anyone who is so leveraged that a 1% rise in the interest rate “puts them out of the market” should perhaps check again on just what sort of domicile they think they require, and what it should cost. The present state of the market, and cheap money has led a considerable number of would be home owners down the primrose path to foreclosure and bankruptcy, and they did not get there without help from the very forces that are whooping up “buy now before you lose again nonsense.”

    Responder
  4. Christian Durland
    Christian Durland Dice:

    Steve….I actually interpert Frederick’s comments to mean that all of us in the Real Estate and/or Mortgage Industries are to blame for “mortgage meltdown” due to his obvious belief that we have nothing better to do than to constantly tell people they should real estate in any market.

    However, what Frederick is missing is that from circa 2001 – 2007, it wasn’t us in the industry that were the first ones telling potential home-buyer’s they should buy, it was the potential home-buyer’s friends, family, co-workers, and neighboors telling them they should buy, because they had just bought, and subsequently those potential home-buyer’s were knocking on our doors asking for loans and real estate services. It was the media blasting on a regular basis about how “hot” the real estate markets were, and that you needed to get in now. It was the reality t.v. shows profiling real estate investors flipping properties for big money, etc. Furthermore, it was consumers feeling confident about thier jobs and life in general, and the booming credit economy that was proping it all up. We as Realtors and Mortgage Originators were merely facilitators of demand…..I didn’t have to even run numbers, present math, explain Cost vs. Price, or barely prospect for potential home-buyer’s….they were abundent, ready and willing.

    The affordability index is at an all-time high, so it is a fact that the current time presents one of the best times to purchase real estate in all of our country’s history…period….regardless of weather or not consumers believe what we say as industry professionals, the numbers can’t and don’t lie.

    Rates will go up at some point, and along with it home-prices and other goods and services due to economic growth….weather that happens in 5 months or 5 years, it will happen….all I know is that we are well, well, well off the top, and I agree, and I am telling my clients with conviction, while all the other aforementioned friends, family members, neighboors, etc. are not, that if you have the ABILITY, that now is the best time to buy not only real estate, but as much of anything else you can too!

    Remember….Warren Buffet is famous for saying: “Be fearful when others are greedy and greedy when others are fearful.”

    Responder
  5. jill
    jill Dice:

    Come on Christian, the I may have been wrong, but so was everyone else” routine is crazy. Leading up to the crash and well into it, we were all selling homes and telling buyers that you can’t lose buying a home, and look what happened. We so share the blame.

    As for the affordability index, luckily buyers haven’t bought into that bull as well, because if you bought a home in the past 3 years, it has gone down in value. And who says that the market is going to get better anytime soon. Buyers are finally showing the restraint they should have shown for the past 7 + years. Just because home prices could have dropped by a high % doesn’t mean that the home is a good value. All you’re doing is paying the new retail, and that’s no bargain. And with all due respect, you are no Warren Buffet, so the world might want to wait until he says it’s ok to dip your toe into the water once again

    Responder
  6. Gregg Cohen
    Gregg Cohen Dice:

    I agree 100% with this article. As investors, we have to keep our sights focused on the end goal which is a return on our investment. Price is only one factor of the overall returns (and many times its the least important.) Many times investors let the emotion and thrill of “getting the best deal” corrupt their decision making process and, ultimately, their investments suffer.

    What most investors don’t realize is that if you’re always looking for the absolute bottom of the market, it’s impossible for you to ever take action. That’s because you will never know for sure if you are in the bottom of the market. It’s always an insight gained on past historical data. And what’s your rate of return going to be if you never take action because you were always looking for the bottom? A big, fat 0%!

    So, in order to give yourself the best chance of reaching your investment goals, you must make your investment decisions based on your expected ROI based on current market conditions. Don’t fall into the trap of always trying to get the best deal or else you’ll be sitting on the sidelines watching all the other investors who took action reach their financial goals!

    Responder
  7. brad
    brad Dice:

    since when does the “median” have anything to do with the value of a home, or that prices are increasing or decreasing. Median is simply the middle. It’s the number that separates the lower half from the upper half, of all the homes that sold. It’s not an indication of prices increasing or decreasing. It’s a bogus number for the scenario presented here, which is to say that if you didn’t purchase a home and the median price went up, then the home you waited to purchase increased as well. Not true.

    Someone would be incredibly stupid from using the median number to influence their buying decisions

    Responder
  8. Brad
    Brad Dice:

    Steve, it’s impossible to use a single number, ot to use generalities for any market, since each market has several niche markets with itself.

    Homes selling below $500k may be doing quite well, and it could be time to start raising the prices. Whereas, in the middle range markets in the same town it could be losing ground, and the luxury market could even be tanking…all at the same time. And that is exactly what is happening all over the country. So how can you possibly generalize the market, unless of course someone is doing it just to mislead sellers and buyers. Everyone has to analyze every market they live in.

    The NAR generalizes it all the time to achieve the market condition that they want to project. They’re just as bad as the Wall Street guys are when they’re telling one group that the product is a winner, but knowing quite well that it’s a flop. It’s all done on purpose

    Responder
  9. Brad
    Brad Dice:

    The Dow is a single number based on a formula encompassing the activity of, what 00 companies, that are a broad grouping of companies…not just one company. And the same holds true for the other stock exchanges.

    As for the NAR check ot the link below from a 1000wattblog.com post, where an article in Inman point to how this mostbtrusted trade association, manipulates and manufactures and lies about the stats. They make this crap up from small sampling of numbers to achieve a positive outcome. Steve, do you condone such actions, because to me it’s criminal. Their numbers are off 10-20%. Time to fire the paid liar Lawrence Yun, and the gov’t should investigate them just as they’re doing with wall street for market manipulation.

    the NAR knew that the economy was crashing, and the said nothing! You may want to stop quoting them in the future.

    http://1000wattconsulting.com/blog/2011/02/friday-flash-frontdoor-fuzzy-housing-math-and-live-burrito-cam.html

    Responder
    • Steve Harney
      Steve Harney Dice:

      @ Brad,
      A couple of points:
      1.) The Dow consists of just 30 stocks yet represents the entire stock market.
      2.) Have you read CoreLogic’s original study regarding the NAR inaccuracies?
      3.) Have you read NAR’s actual response?
      4.) Brian Boero (1000Watt) is a friend and a great mind in the real estate industry. However, he has a penchant for dismissing data from many sources in our business. As a matter of fact, I am debating him one-on-one on this issue next month in Las Vegas.

      You feel very strongly on certain issues. Read the actual reports and let us know what specific points in the reports you have issues with. I love your passion and am interested in what you think after reading the full reports.

      Responder
  10. You forgot about me
    You forgot about me Dice:

    How about those of us who are waiting to buy but intend to BYPASS THE INCREASE IN INTEREST RATES by putting a lot more money down on our mortgage loan? That is, the banks make less money off of us because we decided to rent until we had enough saved up enough to laugh at interest rate increases.

    Better to buy when rates are high. Home prices can only go up in such a situation. Save up and buy the house outright. Skip the interest loan. No profit for the bankers.

    I noticed you didn’t mention those people in your article. Hmmm.

    Responder
  11. David Mott
    David Mott Dice:

    ‘The cost of a house is made up of the price’

    I have been remodeling for many years. The cost of building materials never seems to drop in price similar to what some folks think the final finished product’s price should drop to.

    So, the cost in materials is pretty fixed. Labor rates can change of course. Has anyone hired a licensed contractor lately? $25-$60 an hour? They’re getting harder to find too.

    Enough about the product (a home) and producing it then. 😉

    What about the lot or acreage or view or neighborhood? That also has a price. This is the main variable in my opinion. If it’s a ‘hot’ market, the place the product (home) is sitting on commands a premium. You can have the exact same home in Arizona or Alabama.

    What I see in the media is ‘it’s bad everywhere’. People read these articles and then want a fairly priced home (like, you can’t buy the lot and build it for that price) at a serious discount. These folks most likely don’t own a hammer, if you can catch my drift.

    I see unrealistic expectations from buyers waiting for the bottom and so on. They are waiting for folks to lose years of principal payments on top of serious down payments (of old). These reluctant sellers may have lost their jobs, and for some, all they have left is their home equity nest egg between them and the street. But hey, kick em while they’re down! Maybe you can steal their equity and brag to your friends at your cocktail parties. I’ve already heard a few stories. ‘Mankind’… what a misnomer.

    Why doesn’t KCM discuss rebuild rates used by the insurance industry? This is a great number to use to get an idea of what a home is actually close to being worth.

    Regards,
    David Mott

    Responder
  12. mike
    mike Dice:

    The “money lost” by waiting statement is a little misleading. The cost over the “life of a loan” disregards the time value of money entirely, not to mention the mortgage interest deduction. In addition very few people own a home for 30 years anymore. Price does matter as it has a much greater impact on whether you make money or are underwater on resale than the interest rate does.

    Just ask the people who bought at the height of the real estate frenzy if they would rather have had a lower interest rate or a lower price when they bought.
    The “how much payment can you afford” smacks of the car lot sales pitch and is very shortsighted.

    Responder
  13. mike
    mike Dice:

    The cost of waiting is now being exposed as interest rates have dropped again and housing prices have continued to go down. One should always be alert to absolute statements. The truth is we never know for sure what the future brings. Generally when someone is making an absolute statement it is based on their own agenda rather than a balanced view of the possible tradeoffs for you the consumer.

    Responder
  14. Steve Harney
    Steve Harney Dice:

    @Mike,
    Great points. However, if we do the math, it would still have been less expensive to have bought in November than down. Granted not much less expensive – but less expensive. And that is with prices falling 4.45% since then (according to Caser Shiller Index). The rate has softened in the last several weeks but it was 4.17 in November. And that is not taking into consideration that other mortgage costs have increased dramatically (FHA for instance) or are about to (QRM & Conforming Loan Limits). The original post was about educating the public to the fact that there are other factors that impact a home’s cost besides price.
    As far as my agenda, it is quite simple: to help educate the public about their purchase of a home. I commit hours EVERY day on research and putting together a quality post for that reason. Do I lean heavily toward the belief that homeownership is better for most than renting? Yes, I do. I don’t hide that fact.

    Responder
  15. Josh G
    Josh G Dice:

    Steve, I stumbled on your blog and was not surprised by your position and those of your colleagues. Real estate agents serve one purpose, and that is to promote the sentiment and encourage home owner/sellers that no time is better than now to buy/sell their home. This makes sense since your industry generates exorbitant sums of money on real estate transaction fees. This is no better illustrated the by the NAR’s position as “housing cheer leader” leading up to the last minute before the real estate bubble popped. Agents are, as a group hurting now, and now you are trying to crank start the engine again.

    Your illustrations above have no place in reality. If you say that you should buy a home now because rates are low and the same house will cost you more when rates increase, then you are ignoring some basic principles of microeconomics. As the cost of money increases (ie. rates go up) there will be a proportionate downward pressure on home prices. Such that the affordability of the home will remain the same. The best time to purchase a home is when interest rates are high. The purchase price of the home will be historically low and the monthly cost for the same house with remain the same. However, the homeowner in this situation will have an easier time to paying off their home. Additionally they will benefit from future reduction in interest rates which will increase equity in their home should they choose to sell.

    Low interest rates fueled the housing bubble and tremendous housing inflation of the past decade. High interest rates will have an equal and opposite downward pressure on home prices resulting in housing deflation which is always good for the buyer.

    Many of you need to stop drinking the cool-aide since consumers have woken up to the scam.

    Responder
    • Steve Harney
      Steve Harney Dice:

      @Josh
      Appreciate your thoughts on the subject. Couple of points:
      1.) There are eight members of the KCM Crew. Only one has ever even held a real estate license. That one is me and I haven’t practiced real estate in over 10 years.
      2.) Real estate prices skyrocketed in 2004-2006 well before interest rates fell to current levels.
      3.) Interest rates alone have never determined prices. If that was the case, homes would be selling at historic highs right now. It is true that an interest rate increase could affect the number of buyers who qualify and that could impact demand. Demand is a component in the equation that helps determine price.
      4.) How do you think the expiration of the current Conforming Loan Limits and the QRM proposal will impact a buyer’s mortgage costs? We believe they will dramatically affect the cost of a home.

      Responder
  16. Josh G
    Josh G Dice:

    Responses to your points:
    1. Appreciate the clarification. I was referring more to some of your blog followers who are obviously real estate agents.
    2. Interest rates in 2004-2006 at the height of the bubble was already a near historic lows. Prices skyrocketed until the financial crisis. Fed reduced rates further in hopes to reinflate the economy. This is hard to do with general uneasiness felt though the country, double digit unemployment, lack of easy credit, etc. In other words, the economy as a whole was in shock, and the real estate bubble was the spark.
    3. I agree with you on this point. Interest rates alone do not determine prices. But supply and demand does. However, interest rates have a significant effect on demand tied in to affordability. Housing prices will adjust lower to become more affordable. A house, as with anything, is worth what someone is willing to pay for it. Your premise, “if low interest rates increase demand, current house prices should be at historic highs”, is too simplistic. Leading up the the housing crash, speculation had led to an over supply of homes in many markets(inc. supply), double digit unemployment(dec. demand), tight lending standards (dec. demand), foreclosures entering market (inc. supply), and others.
    4. You say it will dramatically affect the cost of a home. I say it will dramatically affect the price of a home.

    Responder
    • Steve Harney
      Steve Harney Dice:

      @Josh G
      1.) No problem. Many think we are real estate practicioners.
      2.) Good points.
      3.) My comment about interest rates and prices was intended to be simplistic-and obviously not correct. That was in answer to your point that “As the cost of money increases (ie. rates go up) there will be a proportionate downward pressure on home prices.” To me, that was overly simplistic.
      4.) Again, I don’t believe you are seeing our point. Over the next eighteen months, two things will happen:
      a.) supply will decrease as we work through the inventory of distressed properties-the number one pressure on prices
      b.) the cost of financing will increase as the government backs away from their assistance to the housing industry.

      These are the reasons that the KCM Blog, the Wall Street Journal and Fortune Magazine are all saying the same thing: Now is the time to buy.

      Responder
  17. Josh G
    Josh G Dice:

    Steve,
    You are way too optimistic. The sluggish growth of the economy, high unemployment, stagnant wages, tight credit and lending standards, etc will not result in a rebound in real estate prices any time soon. I argue collectively these are overwhelming negative forces too great to expect a net positive effect on home prices from low interest rates alone. Additionally not to mention the “shadow inventory” of homes foreclosed but not yet listed and those in the foreclosure process. BofA alone has an estimated 750,000 homes in this category nationwide. Add on the other major banks and you have an enormous amount of distressed inventory that will last quite a while. Foreclosures are arriving on the market at a trickle rate yet still account for a large percentage of current home sales in many regions. Home prices at some point in the future will rise, but not anytime soon. And it is not foolish in my view to rent and sit things out until the economy rebounds since home prices have not seen their bottom yet.

    I follow your logic. But your logic is flawed since you neglect to consider the state of our economy. Saying “its a great time to buy” with such conviction is fool-hearty. You don’t have to bear the consequences should your advice prove wrong to those who take you at your word.

    I’ve enjoyed this verbal joust. Good day.

    Responder
    • Steve Harney
      Steve Harney Dice:

      @Josh,
      I also have enjoyed our conversation. You make excellent points and obviously have done your research. No one has a crystral ball. But, I truly believe that now is really a great time to buy. Some agree with me; others agree with you. Time will tell.

      As far as others bearing the consequence of my advice, I am quite aware of this. My son just closed on his first home – based on my advice.

      Goodnight.

      Responder
  18. mike
    mike Dice:

    Ran in to another realtor today who immediately went to the “low interest rate” card. While I respect that Steve has a more educated and balanced view of the financial variables than most real estate “professionals” it is amazing that this very large financial transaction is looked at so simplistically (my commission) by the vast majority of folks in the industry. Price does matter and we need to be smarter consumers and rely on better advice than the typical realtor or mortgage broker offers.

    If we lived in our houses for 30 years it would be one thing, but the research clearly shows that most of us don’t. If real estate always went up without drops then I might agree that rate trumps price. Intellectual laziness is still laziness and will put the consumer in a bad position. If you are in an area where it is unlikely that prices will rise sharply in the near future (most of the US) then you may well fare very well by waiting. If a 1% interest rate increase makes a house unaffordable to you then I would tell you that you shouldn’t be stretching that far at today’s interest rate.

    Responder
  19. Mike
    Mike Dice:

    A bit of context for the “historical” evidence that an increase in rates won’t push prices down. The two most recent time periods that are referenced happened to coincide with government measures that artificially created demand. Much of the fuel for real estate appreciation in the last 30 years has been provided by governmental agencies assuming the risk, thus creating more buyers who had worse credit and put less money down.With the government now vowing (take that with a grain of salt) to back away from the mortgage business we are much more likely to see an increase in borrowing costs drive prices further down.

    Responder
  20. Mike
    Mike Dice:

    Steve, looks like the 30 yr fixed rate was 5.05 when this article was published. Using hindsight you compared that to the absolute low point in November. How about an update with a comparison from when the article was written to what we’ve seen in recent weeks. The door should swing both ways if offering balanced advice.

    I’ve seen this article referenced by multiple mortgage and real estate sites. You are enough of an industry veteran to know that it will be used in this fashion. An update that they won’t post on their website would distinguish you from the industry folks.

    Responder
    • Steve Harney
      Steve Harney Dice:

      @Mike – I was thinking of taking you up on doing a new blog but, after doing the numbers, little has actually changed when you look at the bottom line.

      Back in November, the median sales price was $170,000 and the Freddie Mac 30 year interest rate was at 4.17%. As we noted in the blog, the mortgage payment would have been $828.36.

      Today, the median price is $184,000 (yes, prices have ticked up) and the Freddie Mac rate is 4.23%. The mortgage payment would be
      $903.02, almost $75 MORE per month.

      A buyer would have waited 10 months only to pay MORE! That was the point of the blog: waiting may not guarantee you a lesser cost.

      Responder
  21. Mike
    Mike Dice:

    Steve,

    Fair enough although you are once again measuring from November 2010 rather than February when you published the article. Easy enough to cherry pick the data in hindsight. Anyone who read your article and was convinced it was time to buy did not have the luxury of a time machine so that they could go back to November.

    The national median existing single-family price was $170,600 in the fourth quarter, up 0.2 percent from $170,300 in the fourth quarter of 2009.

    The national median existing single-family home price was $171,900 in the second quarter, down 2.8 percent from $176,800 in the second quarter of 2010.

    Interest rates at the time you published the article were around 5% and now are around 4.5%. At best I think a reasonable analysis would lead to the conclusion that it has not cost much, if anything, to wait.

    Responder
    • Steve Harney
      Steve Harney Dice:

      @Mike,
      That’s my point! People are delaying good family decisions hoping they will save money. They are not saving. They are just putting off their dreams and goals. I am not cherry picking dates. Friday, I will do an InfoGraphic showing the costs for each month for the last 12 months. I have not yet done the research, but I promise to print it no matter what it shows.

      Responder
  22. Mike
    Mike Dice:

    Steve,

    Think we are at a stalemate. The title of the article was “The cost of waiting for prices to fall”. Perhaps it should be titled, “The possible cost of waiting for prices to Fall”. The industry (not you per se) has always been a cheerleader for “now is the time to buy”. Even found an article of the same title from 2007.

    It is reasonable to say that much of the demand that pushed housing prices up over the years came on the heels of government backing of mortgage risk. It remains to be seen what they do this time. Good for you for having this blog and engaging in this discussion. It has provided a balanced viewpoint of the possible tradeoffs in buying vs. waiting.

    Responder
  23. Mike from Indianapolis
    Mike from Indianapolis Dice:

    Absolutely right. The only way to know the market has hit bottom is after the fact, when there is a sustained trend towards higher prices. By this time, of course, the buyer has missed out on the opportunity to buy a rock bottom. Plus, like you said, there is a real danger of mortgage rates rising. On this point alone, there is a case to be made for simply buying on the basis of rate, rather than price. In the end, it is the COST that determine the merits of buying.

    Responder
  24. Suntasticday1
    Suntasticday1 Dice:

    If prices fall with higher interest rates, then it would be better to wait.  If you’re waiting and saving(if you’re going to buy a home, you need to be disciplined to save anyways), you’ll have a bigger down payment with a lower cost home.  Also, with lower cost home, it’ll be easier to pay off your mortgage earlier as well.  Plus, with rising interest rates, the cash that you have on the sideline should get you better interest in the savings account or CD.  
    However, interest rates will only rise with economy picking up so it may be several more years before that happens.

    Responder

Trackbacks y pingbacks

  1. […] article is being reposted from The KCM Crew and originally appeared on February 11, […]

  2. […] affordability. Affordability refers to cost, not price. As mentioned in Pat Riley’s Blog and Keeping Current Matter’s Blog, the cost of real estate is affected dramatically by the interest rate paid on the mortgage. If you […]

  3. […] They should be concerned where costs will be later in the year. Reprinted with permission from: http://kcmblog.com/2011/02/11/the-cost-of-waiting-for-prices-to-fall/ This entry was posted in Buyers, Finance. Bookmark the permalink. ← 4 Financial Reasons […]

  4. […] Here’s more info on how much its costing you to sit on the fence. The Cost of Waiting to Buy […]

  5. […] Even though prices may still soften, waiting to buy makes no sense as the cost of owning a home may still increase. […]

  6. […] Even though prices may still soften, waiting to buy makes no sense as the cost of owning a home may still increase. […]

  7. […] sense for several reasons.Even though prices may still soften, waiting to buy makes no sense as the cost of owning a home may still increase.Mortgages may soon become much more expensive than they are right now.Owning a home is less […]

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  12. […] Even though prices may still soften, waiting to buy wouldn’t make sense as the cost of owning a home may still increase. * Mortgages may soon become much more expensive than they are right now. * Owning a home is less […]

  13. […] Even though prices may still soften, waiting to buy makes no sense as the cost of owning a home may still increase. […]

  14. […] Even though prices may still soften, waiting to buy wouldn’t make sense as the cost of owning a home may still increase. […]

  15. […] Even though prices may still soften, waiting to buy wouldn’t make sense as the cost of owning a home may still increase. […]

  16. […] Even though prices may still soften, waiting to buy wouldn’t make sense as the cost of owning a home may still increase. […]

  17. […] Even though prices may still soften, waiting to buy wouldn’t make sense as the cost of owning a home may still increase. […]

  18. […] high affordability. Affordability refers to cost, not price. As mentioned in Pat Riley’s Blog and Keeping Current Matter’s Blog, the cost of real estate is affected dramatically by the interest rate paid on the mortgage. If you […]

  19. […] Even though prices may still soften, waiting to buy makes no sense as the cost of owning a home may still increase. […]

  20. […] Even though prices may still soften, waiting to buy makes no sense as the cost of owning a home may still increase. […]

  21. […] Even though prices may still soften, waiting to buy makes no sense as the cost of owning a home may still increase. […]

  22. […] sense for several reasons.Even though prices may still soften, waiting to buy makes no sense as the cost of owning a home may still increase.Mortgages may soon become much more expensive than they are right now.Owning a home is less […]

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  31. […] Even though prices may still soften, waiting to buy makes no sense as the cost of owning a home may still increase. […]

  32. […] They should be concerned where costs will be later in the year. Reprinted with permission from: http://kcmblog.com/2011/02/11/the-cost-of-waiting-for-prices-to-fall/ This entry was posted in Buyers, Finance and tagged Home prices, interest rates, waiting to buy. […]

  33. […] cost of waiting was most clearly illustrated in a blog post earlier this week by national real estate expert Steve Harney of Keeping Matters Current. […]

  34. The Cost of Waiting for Colorado Home Prices to Fall | Benchmark Mortgage of Colorado dice:

    […] read more, click here for the full article at the KCM Blog. Tags: colorado, homebuyer, interest rates, mortgage, […]

  35. […] This post was mentioned on Twitter by Steve Early, Linda Early, yourmtgpro, Jeff Chalmers, Jeffrey Chalmers and others. Jeffrey Chalmers said: The Cost of Waiting for Prices to Fall – Many purchasers have been sitting on the sidelines waiting for home prices … http://ht.ly/1bhLMh […]

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