Today, a customer looking to buy a house under $150,000, having 3.5% down payment, at 5.% interest rate, equates to a monthly mortgage payment of $775.00!!! This monthly payment also includes principle and interest. Income required for this loan $30,000. Can you believe it?
Do you know anyone in Lodi, that is renting a home for $775.00? Now is the time to buy!
- interest rates sure makes it more appealing for home buyers & owners considering refinancing and should motivate them. In the article Time to Get Off the Fence and Into a Home, the same message comes in an article from NYTimes.com offered by Your Money. Another source with this message was from Smart Money, Time to refinance -- or buy a home? Good information to pass on to our buyers.
Best wishes for 2009!
Trey Affolter
Let me understand you. I can buy a house less than $150,000 for only $775/month?
What happens if the house drops in value? Do I still owe the $150,000? YES!
What if the house is cozy fixer built in 1930 at 800 sq ft? That is $188/sq ft! It only costs $60/sq ft for NEW HOUSE!
From your photo, it looks like you have a good complexion and probably use quality make-up an hair products. If you go to an affordable dollar store to buy your make up, do you think these are the "best" products because they are "affordable"? I know you don't shop at the 98 store for lipstick!
I'll make you a deal. Lets have you be held responsible for what you say!
So, I buy a house, and I CAN afford it, since I NOW pay $1500/mo for rent. We place you ON THE CONTRACT as the co-owner with an agreement that I can quit claim after 5 years, MY CHOICE.
So, you get the commission from the sale. If I notice that I can buy a similar size and age home in the same area for less money, within 5 YEARS, I get to walk, and you OWN THE HOUSE MORTGAGE---I HAVE NO MORTAGAGE DEBT! What's wrong with this deal? You get your 6% commisson, if what YOU SAY IS TRUE! If you are NOT correct, you still get to keep the commission, AND you also get to KEEP the house---including all of my principal equity I have in it PLUS the TOTAL MORTGAGE THAT IS LEFT ON THE HOUSE.
NONE OF YOU REALTORS WILL DO THIS---BECAUSE YOU KNOW THAT HOUSE PRICES ARE FALLING and will continue to fall because ---average annual income is DECLINING, UNEMPLOYMENT IS INCREASING, THE cost of building is DECREASING, mortgage interest rates can ONLY increase causing house prices to DECREASE. The cost of gasoline for commute expenses is increasing as well as the cost of utilitiies, health care. Milk prices DOUBLED LAST WEEK. Have you been to a dentist lately? Their prices have gone up as dental health insurance coverage HAS DECREASED. THIS year over 7 million MORE people will lose their houses to foreclosure because many ARE WALKING AWAY...because they OWE more than the house could ever be worth! Banks walk, companies walk and Real estate companies walk, when they owe more they are worth. Why not mortgage owners---or debt slaves? This year OPTION ARMS that heve been paying ZERO principal for the past 5 YEARS will be due for refinancing. How will they refinance if the house is worth LESS? They will also walk---rent or go to the homeless shelter---all thanks to Realtor promises that HOUSE PRICES ALWAYS GO UP---like your implied promise above.
I have three DIFFERENT neighbors who are in their 60's-70's and want to retire, BUT THEY CAN NOT.
WHY? Because they lost most of their 401K pension money in the stock market which crashed because of the HOUSING BUBBLE---but there is more. Their adult children and their kids are all living in the same house---BECAUSE OF JOB LOSS, JOB FURLOUGHS or FORECLOSURE---because the house was worth LESS---than they paid for it, by more than the principal. Those millions of houses are owned by the banks and are NOT listed keeping inventory low---and relative prices above what they should be.
Do you really want to be part of destroying ONE more family? Realtors have done MORE to cause family problems than any other factor including drugs, alcohol and gangs!
When YOU LOSE ALL YOUR MONEY IN A MONEY PIT---"affordable home"---it causes lots of problems. Do YOU want to be responsible---take some of the risk AND YOU handle the debt when prices drop MORE.
Comments (2)Subscribe to CommentsComment