Real Estate Blog - House payments under $500? It’s happening more and more often these days.

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House payments under $500? It’s happening more and more often these days.

It used to be that if a caller to the real estate company indicated that they wished to purchase a three bedroom, two bath home and keep the monthly payment below five hundred dollars we used to ask this question:

“What kind of tires do you want on that mobile home you just described to me?”

And that was back in the mid 1980s! Now, in the year 2009 as incredible as it seems, the combination of low real estate prices combined with excellent mortgage interest rates have many homebuyers purchasing property with mortgage payments at or below $500 per month.

Even more remarkable is that these purchasers are buying homes at or below ONE YEAR’s equivalent of their annual income. We have even sold a few houses to individuals who paid more for the most recent vehicle they purchased.

The bottom line is this: real property has never been more affordable. Anyone that is currently renting that is in a position to purchase should take advantage of this window of opportunity.

Because it will not remain open forever!

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Posted by Richard Weisser - Coweta Fayette Real Estate - Newnan homes for sale on 11/05/2009 07:03 AM

Comments (18)

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Originally posted at: Coweta Fayette Real Estate and Newnan Homes for sale blog by Richard Weisser of ERA United Realty: House payments under $500? It’s happening more and more often these days.

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18 Comments on House payments under $500? It’s happening more and more often these days.

NOV

Richard, there is no better time to buy, and with loans at under $6/1,000 affordable housing is available in nearly all markets. Note to consumers don't attempt to buy a short sale if closing quickly is part of your plan, there are plenty motivated sellers out there that can sell without long and painful processes.

Steve...

Don't even get me started on short-sales! They are the bane of the real estate province! Thanks.

We just need to keep educating the public!

Richard:

We are living in an amazing time. It is good to get the message out to people that buying rather than renting is now such a sound consideration. Also, as Steve points out, you don't have to rely on the agony of a short sale to get a good deal in this market.

Richard, isn't that amazing, wow is all I have to say. When you think about it, it is mind blowing!

Richard: My very first home purchase was a $60K condo. Not my annual salary at the time, it was a little more than half that, but my payment was only $550/mo. With my condo dues, I paid $750/mo and had all my utilites covered (except phone and cable). I remember how nervous I was when I signed the paperwork. Now, the dream is having a 3 digit mortgage payment.

Hi Richard... You are absolutely right about the window of opportunity... and unlike the first time homebuyer tax credit, this opportunity will not be extended by the government.

LOL...up here, we hope the monthly condo payment is less than $500!

Once again, a simply smashing photo. Thanks for sharing those brilliant colors!

I have a client that wants his land payment under $600. I wish I had a few more like him.

That has got to be one of the most hilarious quotes ever!!! What kind of tires do you want on that mobile home you just described to me!" Love it! This is a good news moment...it is refreshing to see housing not be an expected $1,000. a month! Nice photo!!!

Seriously? Wow. Down south where you are, Richard, I'd say that's probably more likely. Up here where I am, in order to pull that off, you'd have to be the golden buyer that all of us dream of having (and some actually do) - perfect credit, income to match, and don't need too much to satisfy their house hunting needs. And that was including taxes and insurance, right? I'd love to see those days...

Richard, geez! You could almost live on Social Security for those prices!

Cindy...

Yes we do! Thanks so much!

Claudette...

No, there are plenty of buying opportunities. THX

Andrea...

It really is! Thanks.

We aren't seeing stuff quite that low here. However, I am amazed at how reasonable the prices have gotten. I really wish I had money to invest in real estate right now.

Richard,

That is great to be able to help people find a home they can afford.

NOV

We don't quite have those deals up here, but rates and prices still make it a good time to jump into the market.

Great post Richard, and oh so very true. The opportunity for buyers won't last forever. I'll re-blog this one.

NOV

Those low payments are hanging in there for now my friend. It's amazing what your money can buy these days.

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