Everyone wonders if the housing market has hit bottom. Just a few years ago everyone wondered if it had peaked.
Price seems to be the major factor buyers focus on when considering a purchase. And price is key.
But one area often given as much is the interest rate.
If you are considering a home purchase, talk with a lender. Find out what you qualify for and what the cost projection will be (estimated principal, interest, taxes and insurance) at today's interest rate. Then have them calculate the cost with escalating interest rates.
There can be a significant difference with a resulting difference in how much house you can purchase. Don't focus completely on price!
Gary L. Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region.