Not About the Price -Market Update 12.14.21
In real estate, numbers are very important and the sale price is the one number that occupies most people's thoughts during the process of a transaction. The most important number you should keep in mind however when you are buying a home is not the price of the home. The one number you should really be concerned about is your monthly payment number. In the past, higher mortgage rates were matched with lower monthly incomes so your house payment was a high percentage of your budget. Today our low rates are paired with higher monthly incomes so when looking at home prices rising you really need to consider what your monthly payment will be and in this week's Orange County Housing report Steven Thomas looks at various rates and savings over time and it is definitely one to review to keep things in perspective.