We keep seeing the media full of pundits, economists and financial professionals discussing higher home prices. But they speak in global terms and generalities making it hard to figure out what the true cost is to you- the individual living here in NJ. Sometimes it is so overwhelming it begins to just feel like noise.
Personally, I like to keep my messages simple, straight to the point and direct. I am not one of those Realtors who try to scare people into what happens if…
That’s why I absolutely adore the chart on the left that compares the purchase of the same home in 2012 and 2013. It shows the same house that cost $400,000 in 2012 now costs at least 5% more, making it approximately $420,000 in 2013. At the same time, interest rates increased by a full percent.
Together it means your monthly payment goes up by 12% – for the very same house – in just a year. WOW! That’s news I can use!