This is a YouTube video titled "The Cost of Waiting! ⏰ 💴" containing a monologue or presentation from October 7, 2023, discussing the impact of rising mortgage interest rates on home buying power and housing market prices. The speaker explains how delays in purchasing a home can lead to significantly higher costs due to increasing rates and home values. There is only one speaker, and the content is focused on real estate market timing and financial implications.
In today's real estate market, timing is more precious than probably ever before. If we just take an example of an average home buyer back in January, where the average 30 year fixed rate was around 6% and they waited until July, where now average fixed rates were around 7%, that right there was a $30,000 hit to their buying power. Or it makes the $30,000 less expensive house in July the same monthly payment as a $30,000 more expensive house back in January. And then since July, the last two or three months. The average 30 year fixed rate is now in the high sevens. There's some lenders approaching 8%. That's another 25 or $30,000 hit to the average person'. So all we can take from this is the longer people wait, the more expensive it unfortunately gets. And even when rates do drop, it's just going to fuel the fire for home prices to continue at a more rapid pace. We're already on pace for an 8% increase in home values for 2023 during a tough market. So timing is everything. If you find the right house, you have to be ready to pull the trigger because the longer you wait, unfortunately, the more it's going to cost.
