Buy now before PRICES go DOWN, huh?

By
Real Estate Agent with Realty Experts, LLC

What does this mean?
Well it means that if your waiting for prices to go down 10% or so before you buy, you should consider that when that happens the interest rates may be more than today's interst rates.

For example: If you buy a $300,000 home and wait til it goes for $270,000 (10% savings) and the interest rate jumps to 6.99% which is quite possible, you'll be paying approx. $516,600 over 30 years     based on 20% down.

If you buy that home NOW at $300,000 at 5% interst rate, you'll be paying approx. $463,680 over 30 years based on 20% down.

In conclusion, you pay less for the $300,000 home now, than you will for the $270,000 home later.$463,680 for the home now and get to live in in now and save money, even prices go down.

Thus the theory, BUY NOW BEFORE PRICES GO DOWN !

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Rainer
56,996
Peter Nikic
Broad & Bailey Realty LLC - Valhalla, NY

Dan, well put. I usually try to get this point across as well when confronted with this type of situation. Anyone who is ready and willing to buy today, is foolish if they don't.

Oct 28, 2009 03:46 AM #1
Rainmaker
223,489
Brian Brumpton
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate

Dan,

The numbers don't lie.  It's hard for people to grasp that there is more to it than price alone.

Nov 04, 2009 09:00 AM #2
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Rainer
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Dan Grammatica

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