Would You Buy a House if the Price Dropped 20%?
Here is the deal; if it’s a good time to buy then it must be a good time to sell. Exactly! Get this if you were looking at homes last year at this time the rates were 5.75% and say you were looking at a $250,000 house. If you were to buy a $250,000 home with today’s interest rates at 3.84% it would be like buying that same house for $200,000. The difference in the payment is $294 per month. Would you buy a house if it were reduced 20% from last year’s prices? This is exactly what just happened when the feds lowered the interest rates.
Now it is on the Rise . . .Yes Home sales are up! I am asked every day about the housing market for Mandeville, Louisiana and it’s great to tell people that home sales are up 14% over last year. I met with a couple today about selling their Meadowbrook home in Mandeville. They were surprised when I showed them they were going to make money on their home. This is what we all want to do, make a profit.
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