I recently read an article on CNNMoney.com that Buffalo was the 5th most affordable housing market nationally. News flash, we already know that.
With mortgage rates at their lowest in decades, and home prices holding steady for the past few years, now is a great time to buy a home in Western New York. The average home price in WNY is $112,00 with an average income of $63,700. This gives Buffalo an affordability score of 93.3%. The mortgage crisis did not have much effect on this area, as such housing prices have remained steady. During the first six months of 2010, the Western New York there were only about 1 out of 570 homes that received a foreclosure notice. These are some the lowest rates in the nation.
Its time for apartment dwellers to take a look at what the housing market can offer them. The average rent for a 2 bedroom apartment ranges from approximately $750-$900 per month. You can purchase an average 1200 square foot home in Western New York, 2-3 bedrooms with garage and basement for around $115,000, which can ultimately be about the same you are paying someone else for rent.
As an example if you wanted to purchase this "example" home using an FHA backed mortgage with an average interest rate of 4.2% your mortgage would be approximately $626.00 per month. Now don't forget you have to add in taxes, homeowners insurance and PMI insurance. With all of these amounts together, you could easily have a mortgage payment of around $900.00 per month. Of course this is just an example and there are many variables that will affect the final amount, but just think of how wonderful it would be to get out of that small apartment and into your own home. There are many great homes available. Take a look on WNYmetroroberts.com to see all of the affordable homes available.
In addition to the pride you will feel in owning your own home, the ability to finally make a space your own and having the room for everything you have accumulated, there are tax benefits to owning your own home as well. You may want to consult your tax expert regarding those benefits.
So if you are ready to take the leap, please give me a call or e-mail me at metro_obenauer@yahoo.com. I also have a free and very informative book that outlines all of the things you will need to know to purchase your home. This book follows step by step the home buying process. It is better to be an informed buyer than a home buyer that has gotten in over their head.
Two great homes available in WNY.
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