Someday is Today

I’m not exactly sure why the new year is what prompts so many of us to draw up a list of “resolutions” that might include losing 15 lbs., being nicer to the dog, and beating out Brad Pitt and George Clooney on the “Sexiest Man Alive” list, but this time of year seems to be when we look at our lives and think, “We need to make some changes.” On the plus side, such an exercise sort of forces us to take those things we want to do “someday” and give them a timeline. Well, ladies and gentlemen, someday is TODAY. Take a look at this:

If you’ve been waiting for things to “settle down” before you purchase a house, the graphic above should settle things for you. Interest rates aren’t going to skyrocket tomorrow, and they don’t need to in order to keep you from being able to afford the house you want – they just need to creep up by a half or full point, and you could be out of the game. When they increase by half a point, your ability to pay a mortgage drops by $25,000 – another half point, and you’re down almost $50,000. The Fed has signaled that they’re going to raise rates probably three times in the coming year.

When you have your eye on that perfect house – and so do three other people – are you going to have that extra $25,000 wiggle room to knock out the competition? Don’t let someday sideline you.