The true cost of buying a house or a condo in today’s sellers’ market

We are frequently asked about a good place to park money. The answer is that at today’s interest rates, there are none compared to what was available previously.

However, home buyers today have a major advantage working in their favor. With house prices going through the roof with a sellers’ market in many communities, how is that possible?

The answer is, low interest rates, the very rates which preclude a good place to park money. Here is an example.

The average house price today is $375,000.00.

With a 20% down payment ($75,000.00), a home buyer would need a mortgage of $300,000.00 ($375,000 minus $75,000.00).