By George I think it is time to buy a Jersey Shore home ? A great argument !

By
Real Estate Broker/Owner with Shore Points Realty BR# 8340248

Consumers often focus on price and interest rate. Not wrong, but not always right either.

"I'm going to wait for the market to hit bottom before I buy" is a common stance. Ok, so what if we have hit the bottom (let me know when we are there please), the economy improves also, and rates go back up from their current all-time lows? Here is a historic mortgage rate chart, fyi.  Paul Luykx, Mortgage Specialist" created some useful tables and a calculator to run your own scenarios. As you will see, If property values remain the same and rates increase by 1% you will be paying 8% more over a 10-year period, 17% more over a 30 year period" (at 95% LTV). Or conversely, you'd need to buy at as much as 15% lower price to "break even".

Consider the cost of ownership, not just the purchase price! It's a buyer's market now, you can hunt for bargains now and get financing at all-time low rates. Once things turn (and they will) the shoe will very quickly go to the other foot.

Ian Lazarus,CRS

The Lazarus Team

The Landis Co., Realtors

ian.lazarus@mygo2realtor.com

www.FindaShoreHome.com

 

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From the beautiful beaches of the Jersey Shore to Florida , I serve discerning home buyers and sellers. If you are moving anywhere in the United States contact me for a member of my Real Estate network that I would used myself if I was making a move. Ian Lazarus

Sea Isle City, NJ - Avalon, NJ - Stone Harbor, NJ - Outer Banks, NC 

 

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Rainer
16,133
Mark Gallagher
Coldwell Banker Heritage Real Estate - Bethlehem, PA

Ian - I "accidentally" purchased a vacation home in Cape May this past May. It was a condo at auction I had never seen before. Once I stepped inside and ventured into the area, I couldn't help but keep it! I love the beach and all the fun activities the Jersey Shore offers.

Oct 25, 2010 05:01 AM #1
Rainmaker
113,720
Ian Lazarus,CRB CRS
Shore Points Realty - Sea Isle City, NJ
Jersey Shore 2nd Home & Financial Specialist

Good luck with it Mark. Thank god for small favors ! Owning a peice of gods country ! Peace !

Oct 25, 2010 05:45 AM #2
Rainmaker
1,960,020
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I wouldn't mind picking up a good buy in Ocean City,NJ.. Keepin my eyes open !!!

Oct 26, 2010 08:56 AM #3
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Rainmaker
113,720

Ian Lazarus,CRB CRS

Jersey Shore 2nd Home & Financial Specialist
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