"Where Fillmore County News Comes First"
Wednesday, May 25th, 2016
Volume ∞ Issue ∞
- 4:18:09, May 24th 2016 - Give me a break - This paper has officially turned into what every comedy movie think ... [Read More]
- 1:43:25, May 24th 2016 - Cervidae - In my husband's defense, he is the most unselfish person I know and anyon ... [Read More]
- 4:29:20, May 23rd 2016 - - His house and all his surrounding land is for sale, yet he's not going to move and ... [Read More]
- 11:16:49, May 23rd 2016 - Paul - Well read does not mean only reading books that you find that are in-line wit ... [Read More]
- 9:55:22, May 21st 2016 - Aaron Swartzentruber - You have said it very well. I, too, believe most of America is ... [Read More]
- 10:47:20, May 18th 2016 - Paul - You ask a legitimate question and one we as a country need to address with ot ... [Read More]
- 12:57:18, May 18th 2016 - Combat Veteran (Derek) - @ Paul: I agree with 100% with what you said there, asking ... [Read More]
- 10:52:23, May 17th 2016 - Paul - Obviously the commandment to love one another is not so straight forward. You ... [Read More]
- 2:59:13, May 17th 2016 - Andy OConnor - @SV Resident...I think you nailed the crux of the situation in a coupl ... [Read More]
- 2:16:26, May 17th 2016 - Corrupt - Amazes me what Wykoff continues to do. Guess who just got hired by the Cit ... [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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