Rent vs Buy
Taking the plunge and buying your first home can be a very difficult decision. Eliason Realty agents understand your concerns but also realize that the current market is ideal for first time home buyers. Interest rates are at historic lows and prices are discounted anywhere from 15-30% off their previous highs.
A home that was priced at $125,000 in 2007 and available with a mortgage payment of $600 (based on 6% interest rate and 30 year amortization) may be available to purchase for $100,000 now and with a lower mortgage interest rate of 4% your payment would be approximately $382/month! This scenario would mean a $5,000 lower down payment as well! (assumptions here are 20% down payment, 30 year amortization)
If your monthly income could absorb a larger payment, you could pay $600/month and pay off your mortgage in HALF the time!
Contact one of our real estate professionals to learn more about buying your first home!