{"id":7361,"date":"2020-09-22T10:00:00","date_gmt":"2020-09-22T10:00:00","guid":{"rendered":"https:\/\/thezakariagroup.com\/the-cost-of-a-home-is-far-more-important-than-the-price\/"},"modified":"2020-09-22T10:00:00","modified_gmt":"2020-09-22T10:00:00","slug":"the-cost-of-a-home-is-far-more-important-than-the-price","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/the-cost-of-a-home-is-far-more-important-than-the-price\/","title":{"rendered":"The Cost of a Home Is Far More Important than the Price"},"content":{"rendered":"
\n

\"The<\/p>\n

Housing inventory is at an all-time low. There are 39% fewer<\/a> homes for sale today than at this time last year, and buyer demand continues to set records. Zillow <\/em>recently reported<\/a>:<\/span><\/p>\n

\n

“Newly pending sales are up 25.5% compared to the same week last year, the highest year-over-year increase in the weekly Zillow database.”<\/em><\/p>\n<\/blockquote>\n

Whenever there is a shortage in supply of an item that’s in high demand, the price of that item increases. That’s exactly what’s happening in the real estate market right now. CoreLogic’s<\/em> latest Home Price Index<\/a> reports that values have increased by 5.5% over the last year.<\/p>\n

This is great news if you’re planning to sell your house; on the other hand, as either a first-time or repeat buyer, this may instead seem like troubling news. However, purchasers should realize that the price<\/strong> of a house is not as important as the cost.<\/strong> Let’s break it down.<\/p>\n

There are several factors that influence the cost of a home. The two major ones are the price of the home<\/strong> and the interest rate<\/strong> at which a buyer can borrow the funds necessary to purchase the home.<\/p>\n

Last week, Freddie Mac<\/em> announced that the average interest rate for a 30-year fixed-rate mortgage was 2.87%. At this time last year, the rate was 3.73%. Let’s use an example to see how that difference impacts the true cost of a home.<\/p>\n

Assume you purchased a home last year and took out a $250,000 mortgage. As mentioned above, home values have increased by 5.5% over the last year. To buy that same home this year, you would need to take out a mortgage of $263,750.<\/p>\n

How will your monthly mortgage payment change based on today’s lower mortgage rate?<\/strong><\/h4>\n

This table calculates the difference in your monthly payment:\"The<\/a>That’s a savings of $61 monthly, which adds up to $732 annually and $21,960 over the life of the loan.<\/p>\n

Bottom Line<\/strong><\/h3>\n

Even though home values have appreciated, it’s a great time to buy a home because mortgage rates are at historic lows.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Housing inventory is at an all-time low. There are 39% fewer homes for sale today than at this time last year, and buyer demand continues to set records. Zillow recently reported: “Newly pending sales are up 25.5% compared to the same week last year, the highest year-over-year increase in the weekly Zillow database.” Whenever there […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[98,99,104,101,108],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nThe Cost of a Home Is Far More Important than the Price - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/the-cost-of-a-home-is-far-more-important-than-the-price\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Cost of a Home Is Far More Important than the Price - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"Housing inventory is at an all-time low. 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