Wednesday October 19, 2011
We’ve shared with you all the great reasons why now is the best time to buy a new home. From historically low interest rates to great prices to homes ready in just 30 days, we’ve definitely made our voice heard!
Still not convinced? Check out these recent quotations from major news outlets:
Wall Street Journal: It’s Time to Buy that House
“It’s an excellent time to buy a house, either to live in for the long term or for investment income . . . When prices are low, loans are cheap and plump investment yields are scarce, buyers should jump. . . As a result, house payments are more affordable than they have been in decades.”
Wall Street Journal/DowJones “MarketWatch” Blog, Now Might Be the Best Time Ever to Buy a Home
“Now could be the best time in history to buy a home.”
“There are a lot of reasons to consider buying a home right now. The big savings on interest is just one of them — the difference between a 4% rate and a 5.5% rate on a $200,000 home loan is just shy of $200 in monthly payments and can save a homeowner more than $60,000 in interest payments across the life of the loan.”
“Another motivating factor could be the fact that rents remain sky-high in the U.S. right now, and in many markets it’s actually cheaper to buy a home than rent a two-bedroom apartment.”
Forbes: Financial Finesse
“A homeowner with a $1,500 monthly payment would still be writing the same check fifteen years later while prices everywhere increase around them. If rents . . . simply kept up with inflation at a 3.2% annual increase, a $1,500 rent payment would cost that renter nearly $900,000 over the next 30 years. The same $1,500 payment made to their mortgage would be only $540,000 (because the payments don’t increase with inflation) and of course would end with a final payment.
The renter, by contrast has no equity in their home, so in addition to almost $900,000 in rent in the above example, the renter would also be giving up $400,000 in retirement assets (and that’s at a growth rate of just 1%– far lower than even the lowest growth rate over a 30 year time period). At a time when retirement is becoming much more challenging, an extra $400,000 (or likely more) can make a major difference, not to mention the impact of NOT having to pay a mortgage. How much less would you have to save for retirement if you didn’t pay the mortgage?”
The experts agree: give us a call at 800-325-3030 to capitalize on the best time in history to purchase a home!
Thanks to Keeping Current Matters for sharing these great articles!