The Cost of Waiting for a lower Price

Utah was ranked 5th nationally for foreclosures last month. With so many foreclosures and short-sales on the market everyone is waiting to get a home at a low price. Sitting on the sidelines and waiting for prices to drop has its own costs. Purchasing a home is more complicated than simply finding the lowest price. Your monthly payment will be determined not only by the amount of money you borrow, but by the interest rate you borrow it at. The interest rate can easily counteract the benefit of waiting for a lower price. Interest rates are currently low, but how long does it take for that to change?

Negotiating for a deal on one of these properties can take a lot of time. When the perfectly priced home arrives on