Reduced Prices + Low Interest Rates = Opportunity!
by Drew Fasy | January 3, 2009 in Mortgage Information, Real Estate Market | No Comments
If you’ve been thinking (or dreaming) of owning a home at the Shore, the next 6 months may represent the best time in years to make a purchase!
Prices have come down 20-30% from the highs of 2004, and mortgage interest rates have dropped over 2 percentage points in the past 2 – 3 months.
The combination of these two factors makes purchasing a home at the Shore more affordable than it’s been in years!
Example:
| 2009 | 2004 | |
|---|---|---|
| Purchase Price | $500,000 | $700,000 |
| Down Payment (10%) | $50,000 | $70,000 |
| Mortgage Amount | $450,000 | $630,000 |
| Interest Rate | 5% | 7% |
| Monthly P&I | $2,415.74 | $4,191.46 |
Monthly Saving: $1,775.72 · Yearly Savings: $21,308.64!
Contact your NJ Realty Agent today @ (800) 648 – 9316 to find out how you can best take advantage of this market!