Tuesday, March 7, 2023 / by Matthew Daniel Tamburello
HomeSellers & HomeBuyers: The 2022 & 2023 Real Estate Market!
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
647-697-6743
matthew.thetamburelloteam@gmail.com
The 2022 & 2023 Real Estate Market has certainly been an interesting one to say the least!
With opportunities all around us, I thought to prudently address a question regularly and rightfully asked: Is it a good time to buy with increased interest rates?
Good question so let's dig in for clarity...
What is the difference between a Home valued at $550,000 in a low interest rate market (2%) selling for $750,000 (because low interest rate markets breed competition and paying over asking) and a Home valued at $750,000 in a high interest rate market (5%) selling for $550,000 (because high interest rate markets suppress competition and paying over asking)?
Here’s what that looks like:
Purchase Price
$750,000
Down Payment
$25,000 (5% up to $500,000)
$25,000 (10% on the remaining balance of $250,000)
= $50,000
Mortgage
$700,000 (purchase price mi! ...
Matthew Daniel Tamburello
Team Leader & Broker
647-697-6743
matthew.thetamburelloteam@gmail.com
The 2022 & 2023 Real Estate Market has certainly been an interesting one to say the least!
With opportunities all around us, I thought to prudently address a question regularly and rightfully asked: Is it a good time to buy with increased interest rates?
Good question so let's dig in for clarity...
What is the difference between a Home valued at $550,000 in a low interest rate market (2%) selling for $750,000 (because low interest rate markets breed competition and paying over asking) and a Home valued at $750,000 in a high interest rate market (5%) selling for $550,000 (because high interest rate markets suppress competition and paying over asking)?
Here’s what that looks like:
Purchase Price
$750,000
Down Payment
$25,000 (5% up to $500,000)
$25,000 (10% on the remaining balance of $250,000)
= $50,000
Mortgage
$700,000 (purchase price mi! ...
