What Higher Mortgage Rates Can Do To Your Purchasing Power

Call the Sarasota Suncoast Team at 941.894.4063 or visit our website at http://www.SarasotaSuncoastHomes.com 

We all know that mortgage rates are at historic lows. Home prices are starting to increase but are still affordable. If you look at the chart below, you will see that the TIME to Buy a home is NOW!

Let's look at an example: If a buyer is taking out a loan for $250,000 over 30 years at 3.7% the monthly payment is $1,151. If rates go up to 4.7% this same payment would be $1,297, almost $150 more per month. This increase could have two results: 1) a buyer needs to look for a less expensive home to still be in the $1,151/mo bracket, or 2) has to spend more money on the home and less left over at the end of the month. 

Interest rates are at historic lows and if you are considering to buy a home, call your buying specialist at the Sarasota Suncoast Team at Keller Williams Realty today at 941.894.4063 to schedule a confidential consultation. Our team is here to help and we will find your dream home! 

You can search the MLS for homes for sale here:

You can also go directly to our website at http://www.SarasotaSuncoastHomes.com and search the MLS for free. Our innovative website allows you to set up personalized listing alerts and you can save your favorite homes for sale. You are also able to get the latest Lakewood Ranch market trends and neighborhood information. Why settle for a mediocre website when you can have the best? Call your Sarasota Suncoast Team today at 941.894.4063 and let us help you find that dream home you are looking for and deserve!