Unless you are living under a rock, you all know that interest rates are at an all time low, and it truely is a buyers market right now, so why haven't you jumped off that fence and committed to finding a home to buy? From the information I've gathered from talking to clients and hopefully future clients, they are still waiting for that perfect right time!!!! Some are holding out for the house they have had their eye on, and waiting for the price to go down! For those of you in this category, it truely is time to jump off of that fence and dive in, because every updated information that we are getting says that the bottom has hit and I read yesterday that 10 states have already posted that their last months home sales prices actually increased over asking price. With 10 states already showing that trend, it won't take long and we will see more states added to this upward trend. Then when the interest rates starts rising also, you will be kicking yourself that you didn't get in. Just to show you some numbers I'm going to sell a $100,000 house at different rates so you can see.
$100,000 house on 30 yr loan @ 4% interest= $477.42 month (interest & principal only)
@ 5% interest= $536.82 month +$59 mo = $712 yr (more)
@ 6% interest= $599.55 month +122 mo = $1464 yr (more)
So you see the difference in getting the lower interest rate!!!!! These interest rates are not going to last forever, they have already speculated that these will be rising.
Now I know that there are many of you that have credit score issues so you can't buy a house right now, but did you know that if you contact a Realtor, we can get you lined up with a mortgage lender that will work with you to get your score raised? It can be done if you are serious about buying.
Give me a call, I have alot of contacts that are willing to work with my clients.
For the next group of future buyers that are renting at the present, have you ever had some one sit down with you and the show you the feasibility of you buying a house instead of renting? Yes this can be done also. I also have a rent vs buy calculator program that spells it out for you. Just plug in the numbers they ask for and see where you end up, I believe that you will be surprised.
More more information for buyers and sellers or to see whats new in real estate visit my website
I have a Real Estate News Radio on my home page that will keep you up to speed on the market interest rates etc.... plus some fun helpful things for around the house. The radio news changes each week, so be sure to keep checking back.
Until next post.....
Julie
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