In today’s economy, many factors influence the decision to buy a home – job status, financial ability, and family considerations among them. But one of the main reasons to consider becoming a homeowner in the current market is the affordability factor, which will benefit today’s buyers for many years to come. Some experts say that “NOW” is the best time to buy a home in our history due to low interest rates coupled with the over supply of housing inventory.
To put this into perspective, a buyer who purchased a median-priced home five years ago with an FHA mortgage and a 3 percent downpayment would have a monthly mortgage payment of $1,650.00. With today’s interest rates and median home prices, that same buyer would be paying $1,150 per month;; that’s a $500 savings every month, and a savings of $6,000 per year. ChuckTown Homes buyers agents Shawn Pillion and Nick Swinford are experts in our local market and master negotiators who will help you get the BEST deal.
Data Source: NAR