Archive for the ‘Home Buying’ Category

Now that the Home Buyer Tax Credit Extension Period Has Ended, Is it Still a Good Time to Buy?

I believe so.

Recently, I read an article on REALTOR.org, below:

“Missing the tax credit deadline might have seemed like a big mistake to some home buyers, but waiting could have been the smartest thing to do.

Interest rates have fallen so dramatically since April 30th that the typical purchaser of a $350,000 home, financed with a $280,000 mortgage, would have saved a bundle by waiting until May.

At April’s average rate of 5.34 percent, a home buyer would have locked in a 30-year fixed rate loan with a monthly payment of $1,561.82.

The same borrower could have snagged a 30-year fixed rate loan at a rate of 4.625 percent in May and paid $1,439.59 per month.

That’s a $1,467 annual savings. Over 30 years, it’s a $44,003 savings, dwarfing the tax credit.

Source: Informa Research Services (05/26/2010)”

Here is a great video on ABC news’ web site explaining overall savings at today’s rates.

Not to mention the higher inventory levels, offering a great selection, it remains a great time to buy!

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