It's Not Just Price, It's Price AND Payments

Real Estate Agent with Allen Tate Realtors Chapel Hill, NC 919-819-8199

“It’s a great time to buy” isn’t just a boring slogan you keep hearing from real estate agents. It’s also true. Not only are interest rates currently below 5% for the first time in a generation but first time homebuyers or those who have not owned a home for 3 years can qualify for a tax credit up to $8000 for purchases made through December 1st, 2009.

You don’t qualify for the tax credit? The low interest rates alone should entice you to at least think about making a move. Why? Because the combination of the exceptional deals available and low interest rates means you could be getting a home you just recently could only dream about.

Think you’ll wait for ‘the bottom’? Don’t…it’s the combination of price AND payments that makes this a golden opportunity. Let me show you what I mean:

Your Dream Home is on the market today for $400,000. You put down 20% and finance the rest over 30 years at 4.5%. Your monthly principal and interest payment is $1635.

You’d rather wait to see if prices drop further? OK. Six months from now your Dream Home is on the market for $380,000. You put down 20% and finance the rest over 30 years but at 5.5% because the rates, which have been held down artificially by the government, are naturally trending back up. Your monthly principal and interest payment is now $1737!

Graph of how mortgage rates are held down by governemt intervention

Would you like to learn more about why waiting isn’t necessarily the best option for you as a buyer OR as a seller? Contact me. I am always available to answer any questions you might have regarding any aspect of residential real estate in North Carolina.

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SarahGray Lamm is a licensed, full time, residential real estate professional in the Triangle area of North Carolina with over 100,000 hours of experience. She specializes in serving the real estate needs of home sellers, home buyers and investors in Chapel Hill, Carrboro, Durham and Northern Chatham County and is proudly associated with Allen Tate Realtors, the Carolinas #1 independent realty company.

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Disclaimer: Comments and contributions via (or other electronic or print media) do not establish an agency relationship with any third party. Blog posts are intended to be informational only. Please be advised that real estate practices vary by region, from state to state and from market to market. The information contained herein does not constitute legal advice. All parties in need of legal, accounting, tax, or real estate guidance are directed to consult with the licensed professional of their choice. Please seek specific guidance from a retained professional in the specific field(s) required to service your interests.



Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Linda Greco Rich, ABR, SRES 03/27/2009 10:08 AM
Lending / Financial
North Carolina Orange County Carrboro
North Carolina Real Estate
Active Rain Newbies
interest rates
chapel hill
buyers market
north carolina
tax credit

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Linda Greco Rich, ABR, SRES
Exit Preferred Realty - Bel Air, MD
Harford County Specialist

Under $2000, isn't that incredible on homes of that price range! You just showed WHY now is the time to buy!

Mar 27, 2009 10:08 AM #1
Jen Tran
Las Vegas Mortgage - Las Vegas, NV

I do agreed when you said now is the time to buy.I personally feel that home prices will remain flat or decrease for a very long time. And the only reason, we had such a run up on prices was because of all these crazy Wall st. people coming up with the 0% downs , no doc, stated income,  and 125% LTV loans. This is the real reason prices went up, and until lenders start offering mortgages like these again we won't see a huge run up in the home prices.


Apr 01, 2009 02:03 AM #2
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SarahGray Lamm

Realtor - 100K Hours of NC Real Estate Experience
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