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56,512 Reasons Why NOW is a Better Time to A Buy Home- Even Without Tax Credits

Now is a great time to buy a home or investment property with the historically low interest rates.  For most buyers it is even a better time to buy NOW than it was with the $8,000 tax credit which was offered to first time buyers.  Why?  With the interest rates as low as they are – 4.375% for conforming loans – you can save more money per year on interest over a period of 5 to 7 years than you would if you had the tax credit check.  Another advantage of the low interest rates is that they are available to anyone with the qualifying credit scores – not just first time buyers.    Now you wont get a check in the mail but over the life of your loan – it will be a huge savings.  Just how huge you ask?

Take a $300,000 loan with 30 year fixed loan.  Monthly mortgage payments with an interest rate of 5.25% (interest in April 2010)  would be $1,649.40/month (principal and interest).   The same mortgage amount of $300,000 with current interest rate of 4.375% produces a monthly payment of $1,492.42 (principal & interest).  A difference of $156.98 a month which translates to $1,883.76 a year.  Based on the National Association of Realtor’s statistics – most homeowners stay in a home for 5 to 7 years.  In just 5 years – a buyer would save $9,418.80.  $1,418 MORE than the $8,000 tax credit.  If you were to stay in your house for 30 years – it would be a savings of $56,512,80.  Now that’s 56,512 reasons to buy with the current low interest rates.

HISTORICAL INTEREST RATES FOR LAST 18 MONTHS

Hafa: What in the World is Hafa?

Energy Tax Credits

Thinking of a new furnace or air conditioner?  Or maybe you have been in need of a water heater or new windows?  Not only will you benefit from the immediate comfort of installing and upgrading your current systems – you will save money in the long run by using less energy and reducing your electric/gas bills.  AND you may find your improvement qualifies you for a tax credit. 

The Energy Star website  has details on the qualifying improvements and upgrades and explains how the tax works.  Check it out.  You still have 5 months to complete the work.  The deadline is 12.31.2010.

1449 Grovehurst Drive, Marietta, GA 30062

1449 Grovehurst Drive, Marietta, GA 30062 – $390,000.   Great East Cobb home in the Grovehurst Subdivision!  Great schools – East Side, Dodgen & Walton.   5 bedrooms and 3 baths.  NEW kitchen and updated paint & fixtures throughout.  This home boasts a very open floor plan and a great fenced yard.   1449 Grovehurst Drive Virtual Tour.

Is a Distressed Property Right for You?

Is a distressed property the right deal for you?

If you’re in the market for a home and are prepared for a unique transaction, a distressed property can be a great option. Here’s why:

Prices are low – Buying a foreclosed property is an excellent way to get a home for less. Research shows you can save 10-40 percent over the price of similar properties in a traditional sale.

Mortgage costs are low – With rates hovering near historic lows, financing costs to are favorable. Keep in mind, rates are always changing. It’s important to begin the pre-approval process so that you know how much you can realistically afford.

As of today June 2, 2010 - 30 year fixed interest rates are 4.625% (conforming loans), 4.5% for FHA and 5.625% for jumbo loans.  Interest Rates are courtesy of SunTrust, Laura Joines.

You have options – The number of homes in some stage of the foreclosure process still remains high. RealtyTrac, a site dedicated to tracking foreclosures across the country, estimates that there are approximately 2.1 million homes in some stage of foreclosure in the United States.

Sellers and lenders are motivated – According to data from RealtyTrac, in April, one in every 387 households in the country has received a foreclosure filing. The bottom line is that many sellers are still feeling the pain of a down economy and are anxious to out get from under a home that is putting stress on their current financial frustrations. While it is still an emotional transaction, these sellers are willing to come down on price or even consider concessions such as helping out on closing costs. Banks holding on to large portfolios of Real Estate Owned (REO) properties want to unload quickly – and price these home to sell.

Your best ally when purchasing a distressed property is an expert. Always have a professional REALTOR® by your side to help you make informative decisions. If you’re interested in learning more about purchasing a distressed property, email me!

1516 Howell Mill Rd, #15, Atlanta, GA 30318

Great new listing at Waterworks at Howell Mill.  This best buy town house is listed for $165,000 and offers 2 bedrooms and 2.5 baths in HOT HOT HOT West Midtown.  Built in 2000 this home has been well maintained and is in move-in condition.  Why not see for
yourself?!

Virtual tour for 1516 Howell Mill Road, #15, Atlanta, GA 30318

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