"Where Fillmore County News Comes First"
Monday, July 28th, 2014
Volume ∞ Issue ∞
- 7:50:52, Jul 28th 2014 - KingslandGrad95 - @wow-so you're willing to spend more on gas money to buy in Iowa wh ... [Read More]
- 11:01:18, Jul 27th 2014 - Eagle - Dear Mr. Bear, I thought to address a few of the issues you bring up. ... [Read More]
- 10:05:23, Jul 27th 2014 - - Exciting. .and welcome to SE Minnesota. Good Luck with your new venture. ... [Read More]
- 1:39:15, Jul 27th 2014 - yes - Spanish books would be GREAT! They don't have any books now at FC and if your c ... [Read More]
- 1:30:09, Jul 27th 2014 - wow - Living on the Iowa border I will do all my shopping in Iowa if they do that! ... [Read More]
- 1:27:17, Jul 27th 2014 - in harmony - Hum...no tickets issued? Thats something I've never heard before. My X g ... [Read More]
- 3:01:39, Jul 22nd 2014 - Don K. - My medical premium will go up significantly next year under Obama care. Thi ... [Read More]
- 8:44:09, Jul 20th 2014 - @ new resident - Wykoff has a summer softball league for youths ages 5-18 and they ha ... [Read More]
- 11:28:08, Jul 18th 2014 - Go kaase! - Tom I hope you get elected as sheriff! Although you have worked in roche ... [Read More]
- 3:14:00, Jul 18th 2014 - SV citizen - I have concern that there would be a conflict of interest with Kaase bei ... [Read More]
Fri, Jun 24th, 2011
Posted in Ask the Expert
Posted in Ask the Expert
Many opportunities will come from this market for the buyers that step in and take advantage. You have to live somewhere and in this market owning can actually be the same or cheaper than renting.
Here are six good reasons to make your move now:
1) You can get a great deal - Will prices fall further? Sure they could. It's difficult to predict the bottom. IF you think prices will drop another 5%, simply make your offer 5% less today. Sellers want to know what buyers are thinking. Lower home prices give buyers the opportunity to get more for their money.
2) Historically Low Interest rates - lowest on record since 1971. If inflation picks up, you won't see these mortgage rates again in your lifetime! If they drop, simply refinance to the lower rate. Low rates give buyers more purchase power.
For example: $100,000 at 4.83% / 30 yrs. is approx. $526 PI payment monthly. $100,000 at 6.5% / 30 yrs. is approx. $632 PI monthly.
In order to keep the same house payment of $526 monthly when interest is 6.5% the buyer would have to drop his purchase price to $83,500 more than likely getting less home for the money.
3) Income Tax Deduction -Mortgage Interest & your property real estate tax is deductible.
4) Inflation Protection - A fixed rate loan locks your payment amount for the life of the loan, offering protection from inflating interest rates and out of control payments.
6) Equity /Savings - Real estate is the most important investment most of us will make in our lifetime. IF you are not selling in this market than you will not loose anything, stay put, make your payments and ride out the storm; wait for the market to recover. Nothing is lost unless you bail. If you are purchasing now, your gain will be the low pricing, the low interest rates and time is on your side.
Nothing ventured, Nothing Gained, The only thing lost is opportunity.
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