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Homes have depreciated in some cases 50% and interest rates are at all time lows and you think this is not the best time to buy sunnyview..............please!
Yeh, don't let the media scare you about that hurricane heading your way either.
And don't let I scare you, if you understood my English.If you are the renter, you are better to buy now.The home price will bump on the way from now to the last quarter of 2013, which meant the home price will increase $8,146 to $175,200 in the 4th quarter of 2013 from $167,700 in the 4th quarter of 2010, per Fannie Mae's Housing Forecast (they are not always correct however)With the $167.7K today home price, 4.5% interest rate, 30 years mortgage, your mortgage balance will be $159,205 at the end of 2013 (assume no down payment), with $175,200 home price, you will have the equity total of $15,995.
What more? You can save the rent payment, if you buy now, you pay 30 years mortgage, and if you buy at next 3 years, you are still pay for 30 years mortgage plus 3 years rent.And for those, who expected that the interest rate rise, which makes the home price drop further, you will be disappointment, since the interest rate is also bump on the way to 5% at the end of 2013.
If you are going to buy today, buy a preforeclosure. You get a great deal on the house and you save the home owner from complete foreclosure. It's a win win in a society that tends to only see one winner and thousands of losers. Here's a google book about preforeclosure [Removed by Zillow moderator. Please see our Good Neighbor Policy.]I bought a preforeclosure in March of 2010. Since March my homes zestimate has increased by $44K over my purchase price. Now maybe a good time to buy if you make intelligent informed decisions. However, if you follow the guidance of a shady realtor, you may deserve to make the worse financial decision of your life. Buyer Beware!
What more? You can save the rent payment, if you buy now, you pay 30 years mortgage, and if you buy at next 3 years, you are still pay for 30 years mortgage plus 3 years rent.And for those, who expected that the interest rate rise, which makes the home price drop further, you will be disappointment, since the interest rate is also bump on the way to 5% at the end of 2013." -
Now that it is the end of 2013, it appears that HomeSand.net's prediction was remarkably "accurate"! We are not at the 5% interest yet, but with the new proposed overhead costs for the government loans, we will be shortly.
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