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Is NOW a Good Time to Buy a House? YES!! Absolutely

Now is a great time to buy a house because prices are so low, but more importantly, interest rates are extremely low.  I think you would have to go back to the 1940’s to find interest rates this low.  But interest rates are beginning to creep up.  They are bouncing between 3.75 and 4.25 right now and trending higher.

Interest rate is amazingly important in the final price of your home.  For instance, in 2000 interest rates were running closer to 10%.  Anything under ten was a good rate.  At the height of the housing market, anything in the sixes was a good rate.  Over the last year we have been in the three’s.

For example, the total cost of a house that sells for  $100,000 will vary by $150,000.00 in the actual amount a person pays for the house.

9.75% will have a monthly payment of $859.12 for a total payment over 30 years of $309,295.89.

 6.50% will have a monthly payment of $632.07 for a total payment over 30 years of $227,544.99.

3.25% will have a monthly payment of $435.00 for a total payment over 30 years of $156,674.27.

If it is a time in your life that home ownership makes sense for you, now is a great time to buy a home!!

 

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