“It’s a great time to buy” isn’t just a boring slogan you keep hearing from real estate agents. It’s also true. Not only are interest rates currently below 5% for the first time in a generation but first time homebuyers or those who have not owned a home for 3 years can qualify for a tax credit up to $8000 for purchases made through December 1st, 2009.
You don’t qualify for the tax credit? The low interest rates alone should entice you to at least think about making a move. Why? Because the combination of the exceptional deals available and low interest rates means you could be getting a home you just recently could only dream about.
Think you’ll wait for ‘the bottom’? Don’t…it’s the combination of price AND payments that makes this a golden opportunity. Let me show you what I mean:
Your Dream Home is on the market today for $400,000. You put down 20% and finance the rest over 30 years at 4.5%. Your monthly principal and interest payment is $1635.
You’d rather wait to see if prices drop further? OK. Six months from now your Dream Home is on the market for $380,000. You put down 20% and finance the rest over 30 years but at 5.5% because the rates, which have been held down artificially by the government, are naturally trending back up. Your monthly principal and interest payment is now $1737!
Would you like to learn more about why waiting isn’t necessarily the best option for you as a buyer OR as a seller? Contact me. I am always available to answer any questions you might have regarding any aspect of residential real estate in North Carolina.
It's Simple...When You Have A Great Agent!
SarahGray Lamm is a licensed, full time, residential real estate professional in the Raleigh Durham area of North Carolina with over 60,000 hours of experience. She specializes in serving the real estate needs of home sellers, home buyers and investors in Chapel Hill, Carrboro, Durham and Northern Chatham County and is proudly associated with Allen Tate Realtors, the Carolinas #1 independent realty company.
Use of content from the AgentOutlier blog without the express permission of the owner is a violation of federal copyright laws.
Disclaimer: Comments and contributions via ActiveRain.com (or other electronic or print media) do not establish an agency relationship with any third party. Blog posts are intended to be informational only. Please be advised that real estate practices vary by region, from state to state and from market to market. The information contained herein does not constitute legal advice. All parties in need of legal, accounting, tax, or real estate guidance are directed to consult with the licensed professional of their choice. Please seek specific guidance from a retained professional in the specific field(s) required to service your interests.
