Stop looking for housing deals when the real deal is mortgage interest rates!
Did you know the mortgage interest rates are the lowest they have been in 30 years? This means it cost less to borrow a home now than it did in 1981. Stop and think about it for a minute. In 1981, the interest rate on your home mortgage was just under 16%! Where as in 2011 it was just slightly over 4.25%. And now in 2012, it is slightly below 4%!
It is time to do the math and take advantage of what is the true deal in housing today: mortgage loan interest rates. If you are a buyer qualified to purchase, yet still searching for the best house deal you can find online, you are missing the real deal called interest rates.
Look at the numbers. In 1981, your monthly payment for a $300,000 home with a 30 year mortgage with a fixed 15.75 interest rate would have been $3,973.85 per month. Today, your monthly payment for a $300,000 home with a 30 year mortgage with a fixed 3.75 interest rate would be $1,389.35 instead! Mortgage interest rates are the real deal in real estate today. Why not stop and think about where your true buyer leverage is in real estate today.
If you are searching for real estate in Santa Fe, New Mexico, never before has home ownership been so affordable with our median sales price at $320,443 for 2011. If you wonder what needs to change in housing in 2012, know the answer might just be a better understanding of the hidden deal in low mortgage interest rates. Why? Just look at how your buying power has increased with these historic low rates. It is now cheaper to buy in Santa Fe than it is to rent.
If you are ready to get started on using your qualified buyer leverage, contact Emily Medvec at 505-660-4541 or Ulla Allyn at 505-470-2381 for more information on the best values in our local market today.