Is the Window Closing?

When people think about the cost of a home, they usually think about price. But your monthly cost depends on two things: the price and the interest rate.

If either rises while you wait, the same home can cost more every month for as long as you own it.

Here’s how to think about timing.

Two numbers, one payment

A modest rise in price plus a modest rise in rates can add up to a noticeably higher monthly payment on the very same home. Over a 30-year loan, even a small monthly difference becomes a large total.

But don’t let fear decide

Nobody can predict prices or rates with certainty, and they can fall as well as rise. The better question is: is this the right time for you? If you’re ready, waiting for a perfect market can cost more than it saves. If you’re not, buying in a rush isn’t the answer either.

See your own numbers

I can help you compare buying now with buying later for your price range. Start with the buyer questionnaire, and read Indecision Costs.

This is general information, not financial, tax or legal advice. Talk with your lender, CPA or attorney about your situation.

A simple plan for your the cost of waiting move

I’ve been helping people buy and sell homes across the west metro for about two decades, and I build and remodel luxury homes too. I’ll help you see both what a property is and what it could be.

Getting the house ready, or making it yours

If you’re selling and want repairs handled before buyers see them, Super Crew Contractors can give you an estimate. If you’re ready for something custom, Ivy Lane Homes does luxury home building and remodeling. And a quick coverage check with Intrinsic Insurance before closing can save you a surprise. For the local picture, read my Chaska homes guide or browse neighborhoods in Chanhassen and Victoria.

Your next step in the cost of waiting

Every move is different. When you’re ready to talk about yours, I’m a call or text away.

Please note: I don’t handle rentals or property management. I work with buyers and sellers, and that’s where I can help you most in the cost of waiting.

Twin Cities market notes

Stay close to the market, without the noise.

Every so often I send a short, practical note: what Twin Cities homes did, prep tips that are worth the money, and neighborhoods worth a look.

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— David