There has never been a better time to purchase a home if you are prepared. Never better?Prepared? Yes! The interest rates are so low on a 30 year fixed mortgage means you can afford much more home for your dollar! For example the principle and interest for a $200,000 loan is $1,059.00 for a 30 year fixed rate mortgage at 4 7/8. If the interest rate was 6.5% then your payment would be $1,264! You can but a home at 4 7/8% interest for $200,000 and have the same payment as a $167,000 loan at 6.5% interest! That is a huge difference when it comes to your home or to your monthly bills!
This interest rate is in addition to the first time home buyer tax credit of $8,000. Not only are you getting a larger home for less money, you are getting a $8,000 cash refund on your federal tax return!
So is it really time to buy a home? Where is the bottom? Are we there yet? In truth no one knows. The speculation is just a guess. So how do you know if you are getting a god value?
That is a difficult question to address. What I can do is minimize any risk. We assess the neighborhood. In Charlotte the sub-prime boom had the greatest impact in 2006. This was the results of other economic factors previously discussed. If a neighborhood was being constructed during this period and it was the least expensive development in the area, then be very, very careful. There are likely to be more foreclosures in the future and values will be further suppressed. This is just one of the Charlotte home factors that I help you consider.
Give me a call at 704.770.6559 for more Charlotte Real Estate information and let's find that home will bring you value and pleasure for years to come.