[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f1o1c1vl3tv15o":3,"$ffeh0925h8cuz":51,"$fbwk2pqjjqsc7":55},{"item":4,"previous":39,"next":45},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":37,"updatedAt":38},1715,"the-cost-of-a-home-is-far-more-important-than-the-price","The Cost of a Home Is Far More Important than the Price","Housing inventory is at an all-time low. There are \u003Ca href=\"https:\u002F\u002Fnews.move.com\u002F2020-09-17-Realtor-com-R-Weekly-Housing-Report-Home-Price-Growth-Hits-Two-Year-High-as-Wildfires-and-Hurricanes-Put-the-Brakes-on-New-Listings\">39% fewer\u003C\u002Fa> homes for sale today than at this time last year, and buyer demand continues to set records. \u003Cem>Zillow \u003C\u002Fem>recently \u003Ca href=\"http:\u002F\u002Fzillow.mediaroom.com\u002F2020-09-11-New-home-sellers-join-the-market-as-high-demand-persists\">reported\u003C\u002Fa>:","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F09\u002F19101436\u002F20200922-KCM-Share.jpg","Housing inventory is at an all-time low. There are \u003Ca href=\"https:\u002F\u002Fnews.move.com\u002F2020-09-17-Realtor-com-R-Weekly-Housing-Report-Home-Price-Growth-Hits-Two-Year-High-as-Wildfires-and-Hurricanes-Put-the-Brakes-on-New-Listings\">39% fewer\u003C\u002Fa> homes for sale today than at this time last year, and buyer demand continues to set records. \u003Cem>Zillow \u003C\u002Fem>recently \u003Ca href=\"http:\u002F\u002Fzillow.mediaroom.com\u002F2020-09-11-New-home-sellers-join-the-market-as-high-demand-persists\">reported\u003C\u002Fa>:\u003C!--more-->\r\n\u003Cblockquote>\u003Cem>“Newly pending sales are up 25.5% compared to the same week last year, the highest year-over-year increase in the weekly Zillow database.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nWhenever there is a shortage in supply of an item that’s in high demand, the price of that item increases. That’s exactly what’s happening in the real estate market right now. \u003Cem>CoreLogic’s\u003C\u002Fem> latest \u003Ca href=\"https:\u002F\u002Fwww.corelogic.com\u002Fnews\u002Fstrong-and-resilient-corelogic-reports-july-us-home-price-appreciation-reached-its-highest-level-since-2018.aspx\">Home Price Index\u003C\u002Fa> reports that values have increased by 5.5% over the last year.\r\n\r\nThis is great news if you’re planning to sell your house; on the other hand, as either a first-time or repeat buyer, this may instead seem like troubling news. However, purchasers should realize that the \u003Cstrong>price\u003C\u002Fstrong> of a house is not as important as the \u003Cstrong>cost.\u003C\u002Fstrong> Let’s break it down.\r\n\r\nThere are several factors that influence the cost of a home. The two major ones are the \u003Cstrong>price of the home\u003C\u002Fstrong> and the \u003Cstrong>interest rate\u003C\u002Fstrong> at which a buyer can borrow the funds necessary to purchase the home.\r\n\r\nLast week, \u003Cem>Freddie Mac\u003C\u002Fem> announced that the average interest rate for a 30-year fixed-rate mortgage was 2.87%. At this time last year, the rate was 3.73%. Let’s use an example to see how that difference impacts the true cost of a home.\r\n\r\nAssume you purchased a home last year and took out a $250,000 mortgage. As mentioned above, home values have increased by 5.5% over the last year. To buy that same home this year, you would need to take out a mortgage of $263,750.\r\n\u003Ch4>\u003Cstrong>How will your monthly mortgage payment change based on today’s lower mortgage rate?\u003C\u002Fstrong>\u003C\u002Fh4>\r\nThis table calculates the difference in your monthly payment:\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F09\u002F20200922-MEM-Eng-1.jpg\">\u003Cimg class=\"aligncenter wp-image-43057\" src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F09\u002F20200922-MEM-Eng-1.jpg\" alt=\"The Cost of a Home Is Far More Important than the Price | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>That’s a savings of $61 monthly, which adds up to $732 annually and $21,960 over the life of the loan.\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nEven though home values have appreciated, it’s a great time to buy a home because mortgage rates are at historic lows.","\r\nEven though home values have appreciated, it’s a great time to buy a home because mortgage rates are at historic lows.","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F09\u002F20200922-MEM-Eng-1.jpg",false,[17,21,25,29,33],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},9,"Home Prices","home-prices",{"id":26,"name":27,"slug":28},11,"First-Time Buyers","first-time-buyers",{"id":30,"name":31,"slug":32},35,"Mortgage Rates","mortgage-rates",{"id":34,"name":35,"slug":36},38,"Move-Up","move-up","2020-09-22T10:00:00Z","2020-10-30T18:54:58Z",{"id":40,"slug":41,"title":42,"featuredImage":43,"publishedAt":44,"contentType":10,"isVideo":15},1714,"is-the-economic-recovery-beating-all-projections","Is the Economic Recovery Beating All Projections?","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F09\u002F18164143\u002F20200921-KCM-Share.jpg","2020-09-21T10:00:38Z",{"id":46,"slug":47,"title":48,"featuredImage":49,"publishedAt":50,"contentType":10,"isVideo":15},1716,"home-builder-confidence-hits-all-time-record","Home Builder Confidence Hits All-Time Record","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F09\u002F22104043\u002F20200923-KCM-Share.jpg","2020-09-23T10:00:33Z",{"cover":52,"open":53,"shareSpread":54},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[56,60,61,65,69,73,74,75,79,80,81,85,89,93,97,101,105,109,113,117,121,125,129,133,137,141,145,149,153,157],{"id":57,"name":58,"slug":59},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":62,"name":63,"slug":64},6,"For Sellers","sellers",{"id":66,"name":67,"slug":68},7,"Foreclosures","foreclosures",{"id":70,"name":71,"slug":72},8,"Infographics","infographics",{"id":22,"name":23,"slug":24},{"id":26,"name":27,"slug":28},{"id":76,"name":77,"slug":78},34,"Senior Market","senior-market",{"id":30,"name":31,"slug":32},{"id":34,"name":35,"slug":36},{"id":82,"name":83,"slug":84},41,"For Sale by Owner","for-sale-by-owner",{"id":86,"name":87,"slug":88},42,"Featured","featured",{"id":90,"name":91,"slug":92},45,"New Construction","new-construction",{"id":94,"name":95,"slug":96},52,"Luxury \u002F Vacation","luxury--vacation",{"id":98,"name":99,"slug":100},53,"Rent vs. Buy","rent-vs-buy",{"id":102,"name":103,"slug":104},80,"Time-sensitive","time-sensitive",{"id":106,"name":107,"slug":108},81,"Outdated","outdated",{"id":110,"name":111,"slug":112},147,"Internal","internal",{"id":114,"name":115,"slug":116},148,"Do Not Autopost","do-not-autopost",{"id":118,"name":119,"slug":120},320,"Inventory","inventory",{"id":122,"name":123,"slug":124},321,"Agent Value","agent-value",{"id":126,"name":127,"slug":128},322,"Affordability","affordability",{"id":130,"name":131,"slug":132},323,"Buying Tips","buying-tips",{"id":134,"name":135,"slug":136},324,"Downsize","downsize",{"id":138,"name":139,"slug":140},325,"Economy","economy",{"id":142,"name":143,"slug":144},326,"Equity","equity",{"id":146,"name":147,"slug":148},327,"Forecasts","forecasts",{"id":150,"name":151,"slug":152},328,"Selling Tips","selling-tips",{"id":154,"name":155,"slug":156},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":158,"name":159,"slug":160},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]