According
to CNN “it may be the best time to buy
a house in more than four years.” “Home
values have declined across the country,
giving homebuyers the best buys they've
had since 2004”.
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Still not convinced? Take a look at the below scenario, the numbers say it all.
Even if prices fall in the next year, the reality is that rates almost certainly will rise during the next year. Look at the net effect:
Today
A
Year From Now
$530,000
Typical
Home Price
5.00%
Current
Rates After
Recent Declines
$2,542.09
Monthly
Payment
$477,000
Home
Price
(Assuming a 10% Decline)
6.25%
Rates
Start to Raise
(1.25% Increase)
$2,603.18
Monthly
Payment
If you waited a year to buy, you would have saved
nothing and spent a year living someplace you'd rather not be!
Over the life of your 30 year loan, you would save $21,992 by buying today!
Example assumes 20% down payment with a 30-year fixed rate mortgage. Information listed above is for information purposes only. Rates & prices are assumptions only and are subject to change without notice. Please see your New Home Consultant for further details.
