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It's never been a better time to buy a home!

By
Real Estate Agent with Keller Williams Tampa Properties

It's never been a better time to buy a home!  Who says so? Well, among others Freddie Mac, short for The Federal Home Loan Mortgage Corporation which is a GSE (government sponsord enterprise) created by the United States Congress.

Why it's never been a better time to buy a home is illustrated in this chart issued by Freddie Mac showing how the cost of a $100,000 loan has decreased over the past 10 years.

 

$100,000 Mortgage

Many people are comparing today's housing market to the market in 2003 because prices are roughly the same! But there is one big difference!  The COST of a home is now 28% cheaper today than in 2003 and here is why!

This chart shows the monthly principle and interest payment per $100k borrowed today compared to 2003, the payment today is only $443, versus $609 in 2003, which is 28% less! So the "Cost" to buy a home today is 28% less than 2003!

When are you going to get off the fence and buy your first or next home?

 

 

Posted by

Real Estate Vet - Curing Tampa Bay's Mortgage Meltdown One Home At A Time.  Will your Home Be next?

Lynn B. Friedman CRS Atlanta, GA 404-617-6375
Atlanta Homes ODAT Realty - Love our Great City - Love our Clients! Buckhead - Midtown - Westside - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

Dear Steven -

What a great and readable post!
Thanks for making it so clear with the 10 year comparison.

Have a happy day -
Lynn 

Mar 02, 2013 12:34 PM
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Steven - I have to agree with you...there is no better time to buy than now. Low interest rate, low prices and great potential for appreciation.

Mar 02, 2013 12:38 PM
Sabrina Solesbee
Solesbee Group - Laguna Beach, CA
Sabrina Solesbee

It is a great time to buy and sell! We just need some inventory to work with!!

Mar 02, 2013 12:39 PM
Jordon Wheeler
The Jordon Wheeler Group - Fairburn, GA
J W Group Real Estate Sales and Service

Hey Steven,

I like the ten year comparision.  It's even more interesting in light of food prices and gas prices nowadays.  Best of good success to you this year!

Mar 02, 2013 12:55 PM
Steven Pahl
Keller Williams Tampa Properties - Tampa, FL
Real Estate Consultant Tampa, FL 813-319-6423

Thanks for the comments. I agree with Sabrina, inventory levels are going to increase price (artificially I believe) unless we get more houses on the market.

Mar 03, 2013 12:28 PM