Is Now The Time To Buy? (Rhonda Haran)February 25, 2010
Could there ever be a greater time to buy?
Great prices. Historically low interest rates. Tax credits.
If you are waiting for prices to come down even further, you just may be missing the opportunity of a lifetime!
Is there a chance rates could go up this year? You bet. Consider this:
Buy a home today at $400,000 with 20% down and a rate of 4.75% and your principal and interest payment will be $1669.00
But what if prices go down another 10%? Maybe they will, but there are many signs that we have reached bottom in most of our markets.
But even so, let’s say you buy the same home at $360,000 with 20% down and but the rates have gone up just a bit and are now 5.75% .
Now your principal and interest payment would be $1680.00!
Get under contract by April 30th and you might also qualify for a significant tax credit!
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Posted in First Time Home Buyer, Market Stats, State of the Real Estate market, Tips for Buyers, Tips for Sellers | Tagged atlanta real estate, Brian Cueny, buying a home, home prices in atlanta, increasing home prices, lower mortgage rates, mortgage rates, reasons to buy now, tax credits |