If you are buying a Charlottesville home, you might be surprised to find out that price and cost aren't the same thing.
Everyone knows that Charlottesville home prices have been falling. This means that homes cost less. Right? Wrong.
Just three months ago homes did cost less, but that was before interest rates started rising. Interest rates have risen considerably over that past three months. As a result the price is the same, but the home actually costs more. Instead of waiting for prices to fall further, buyers should be concerned about where costs are going. The KCM blog offers an excellent analysis of this topic. Delaying as interest rates rise may mean that you will not qualify for the home you want.
The rising cost of buying a home may be the best reason to not wait and buy your Charlottesville home now.
