Is This A Good Time To Buy A House
Is This A Good Time To Buy A House? It’s really the best time! And in a year or two, your future self will congratulate you on taking the steps to purchase in 2021.
Why Is It Cheaper To Buy A Home Now Than Last Year?
There’s been unprecedented appreciation in the last 16 months or so… It’s all in the interest rates. In late 2019 we were sitting around 3.8% for 30 year fixed mortgages. In late2020 we were sitting around 3.6% rates and now we’re sitting around 3% 30 year fixed rates. We all know that rates will eventually rise. When they do, affordability get’s more difficult ESPECIALLY when prices are still going up!
Let’s look at #’s for Nerds: (You’ll have to watch the video for the #’s) Let’s assume you’re buying a house for $1 Million Dollars and you’re putting 20% down
Home price $1,000,000.00
Down payment 20.000 %
Total amount financed $800,000.00. And it’s a 30 year fixed interest rate loan.
In June 2019 The Interest rate was around 3.800 % *according to Wells Fargo
Your payment will be $3,727.66. Total finance charge $541,956.59
In June 2020 Interest rates were around 3.600 % *according to Freddie Mac
Your payment will be $3,637.16.Total finance charge $509,379.45
And Currently in late 2021…Interest rates are currently 3.000 % *according to everybody
Your payment will be $3,372.83. Total finance charge $414,220.08
The difference in INTEREST PAID between 3.8% and 3% over 30 years is $127,736.51!
So what to do? Think about what your future self would say to you… Buy or not buy? Sell or not sell?
Write or text me ( I KNOW you won’t call) and I can get you in touch with one of my Mortgage Partners and we can get you started. THAT’S your first move. NOT “let’s go looking at houses!”
You have to be PRE-APPROVED before you can write an offer, so let’s get that going first.
It’s starts w/ you contacting me. Then it’s magic!
Let me know how I can help.
Cheers!
Virtually Yours…
Daryl Palmer
Real Real Estatetist
Re/Max Estate Properties RE# 1986622
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