Thursday, January 20, 2011
I received a video from a local mortgage broker, Greg Long, explaining why buyers should buy now and not wait for prices to drop. It illustrates the cost of waiting to buy so I wanted to share this great explanation with all of you. Click this link to see Greg’s 2 minute video, showing that even if prices drop 5%, but mortgage rates increase to 6%, buyers will pay more if they wait. He takes the example of a $300,000 purchase price with 3.5% down payment and walks you through how you can save over $13,000 over 5 years, simply buy acting now while mortgage rates are still incredibly low at 4.75%. Low mortgage rates allow you to afford more house – for less! (In mortgage terms, this means we are at an all time high on the home affordability index.)
Greg is one of the many local lenders that is great to work with, and we have had the pleasure of doing so several times. Feel free to contact Greg with your mortgage needs.
As always, call The Boyd Team at Prudential Steamboat Realty to discuss your real estate needs. With so many options, it’s helpful to have a tour guide and consultant on your side. And did you know that buyers typically don’t pay Realtor fees, so you get our services for free? Now that really is a good deal!