Are you one of those real estate buyers waiting to buy until the market "bottoms out" to be sure you get the best deal? If so, maybe you should rethink your strategy. The February 25, 2008 issue of Time Magazine has a great story on page 54 that makes a great case for buying now. To be more specific, if you compare a mortgage payment on a typical house at today's price and interest rate with the same house at a later date with a devalued price and the interest rate then, you might see that it is best to buy now. Let me give you an example: the average home in the Springfield, Missouri Multiple Listing System (MLS) sold for $147,800 in 2007. If you bought that house on a 30 year loan with 20% down and at a 6% interest rate, your monthly principal and interest payment would be $708....
Comments
1