If you are renting and have been for the past 2 to 5 years, how much of your landlords' mortgage(s) have you paid? Rental rates have been increasing over the past 2 years at faster rate than home sales prices. It may be time to take advantage of the housing market.
Wish this was You?
Yesterday a client of mine went to settlement on a foreclosed, 10 year old, 2-car garage townhouse with 3 bedrooms, 3 1/2 baths at less than $320,000 in Leesburg. The seller paid his closing costs and since he used FHA financing, he only had to pay the 3 ½% down payment. His interest rate is at year year fixed rate 3 ¾% loan so he is thrilled.
Predicting the Future
Home prices have not been declining when you look at year over year statistics for the past year or so. Interest rates are great. If you are predicting the stock market to decline, perhaps interest rates will go down. If you think the stock market and the economy are improving, do you really think the interest rates will go lower?
If you are waiting for housing prices to decline and the interest rates start to increase, your monthly payments will increase. On the other hand, if housing prices go up, and interest rates stay about the same, your monthly payment would be higher if you wait to buy.
Whether you decide to buy a home this spring or not is one thing. But take a look and consider the benefits to you. It doesn’t have to be a foreclosure to be an excellent purchase. You may be interested in buying a home in a lower or higher price range, working together, I will help you find your home.
posted March 24, 2012
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