The real estate market is going strong and it is a good time to Buy, but why it is a good time to buy and what in it for me?!
I am sure all heard that the mortgage rates are the lowest since decades (1980s), which made buying a home more affordable, how is that? If we to compare the impact of the lower interest rate on the monthly payment for a house worth $300,000 with last year you will save $ 200 / month. However, if you want to make the same payment you can afford to buy a house worth 340K
Example:
Last year you bought a house for: $300,000
Paid a down payment of 5%: $15,000 and took a mortgage at 4.25%, then you monthly installment would be in the range of $1,880.
While if you bought the same house for the same value, and paid the same down payment, and based on a current mortgage rate of 3%, then you installment would be in the range of $1,680.
So that is a saving of around $200 on your installment
But if you want to keep your installments as is, then you currently would be able to afford a property for up to $340,000 instead of the $300,000.
So, it is surly a great time to buy, and if you are looking for a new property in Georgia, then do not hesitate to call, text or email me on my information below
Bee (Badera) Maslamani
404 980 2457
badera@kw.com
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