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.
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?
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