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Don’t Cost Yourself Money or Your Dream Home
North Fulton and Forsyth County are seeing incredible growth with an influx of buyers running to our market. Home appreciation is up a historic 14.3 % in many areas while interest rates still remain low after they slowly started to rise over the past few months. Year-to-date home inventory in the Alpharetta area is down 21% while active homes for sale in Forsyth County are down a staggering 68%! What does this mean for tire-kicker buyers in an incredibly strong seller’s market?
You are Losing Equity
Home equity is the difference between the current market value of your house and the amount you currently owe on a mortgage. For many home buyers, home equity is the quickest way to build household wealth. With home appreciation’s enormous gains over the last year, a first-time home buyer purchasing a $300,000 home would have built up to $43,000 in wealth.
Your Payment
If interest rates go up, the portion of your payment that goes to interest will increase and it will take longer to pay down the principal. Interest rates are still attractive and low, but when you combine home appreciation and a slight uptick in rates, your payment can go up hundreds of dollars. When your payment increases, the amount of home you can afford might suffer and your dream home could be slightly out of reach.
Let HHT Help
The Hennigar Home Team understands that each buyer is unique and needs different guidance during the home buying process. Don’t let the fear of the unknown stop you from making a move and building your wealth. Knowing your buying power is the first step toward your new home. We have many lenders for you to speak with so you can find the right fit! Give us a call today and let us help you make your move! Cell 770-616-1110 or Office 770-889-6090