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AR's community takes the time to leave honest and transparent reviews of their experiences
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Each month AR runs numerous contests as a way for our members to engage in activities
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Ask a Real Estate Question
Here's another avenue for you to build relationships with others. Share your expertise with someone searching for answers.
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Your Homepage will alert you of new questions in your state
A wonderful way to open a door to a possible new client
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These state pages or hyper-local pages provide content directly related to a specific geographical location.
State, County, City and Neighborhood pages make it easy for consumers to find what they're looking for.
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Consumers peruse these pages for information
Farm your niche market and cover all the happenings in your neighborhood
I got a call the other day from a buyer who I had been working with. They said: “We are going to wait to buy for about 5 years”
When I asked them why they said:“We just met with our lender and since we are only putting down 3.5%, we have to pay mortgage insurance. That will cost us an extra $35,000 over the next 5 years. We are just going to wait for 5 years until we can save enough to put down 20%”
I told them that I understood them not wanting to waste money. I told them to look for an email from me later in the day which would explain why waiting 5 more years would actually end up costing them money.
Here is what I wrote:
·Your lender says that you will have to pay $35,000 extra over 5 Years for FHA Mortgage Insurance.
·The home that you want to purchase is $600,000.
·Prices on the San Francisco mid-Peninsula are still low, but they are on the rise.
·We can assume a very conservative annual price growth of 2%. Prior to the most recent downturn, mid-Peninsula prices grew by 5%-6% per year, so a 2% growth is very reasonable.
·A $600,000 home with a 2% annual growth over 5 years is $662,449 or a growth in the value of the property of $62,449.
·Interest rates are at an all time low right now. Your mortgage broker quoted you 4.25%.
o8.74% is the average mortgage interest rate since 1963.
oAs the US economy begins to recover, we can reasonably assume that interest rates will rise by at least 1% within the next 5 years.
oA 1% rise in interest rates translates into a 10% increase in the buyer’s monthly payment. This essentially makes the house 10% more expensive.
·Using the prior assumption of the home price rising from $600,000 to $662,448 in 5 years and applying the “10% more expensive” argument because of the interest rate increase, the monthly payment would now be higher.
·Because of the growth in the price of the home and the increase in interest rates, the buyer would essentially be making a payment based upon a $128,693 more expensive home or upon a price of $728,693.
·If we deduct the $35,000 mortgage insurance from the $128,693, you have essentially lost $93,693 by waiting for 5 years to buy.
By waiting 5 more years to purchase a home, the client has essentially cost themselves at least $93,693.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.