when buying a house what to pick price or payment
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Payment
PriceVs.
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When shopping for homes
we tend to focus
on price
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From the Inexpensive
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To the very
expensive
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we know what we want
Either way
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& we’ll do our best to find a good deal
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But let’s put things
In perspective
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Let’s go back
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TO
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When computers were young
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Hair was getting big
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Cars were getting small
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And rates were at all time
highs
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Back then..
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A median priced house was
$66,400
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And the mortgage payment was
$828
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In 2011A median priced
house is
$169,100
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And the mortgage payment is
$695
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Did you catch that?
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1981
Price
$66,400
2011$169,100
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1981 Payment$828
2011$695
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1981
Math Geeks Pause Here
$66,400 –20% =$53,120 Loan @18.625% 30 Year Fixed =$827.70
2011$169,100 –20% =$135,280 Loan @4.625% 30 Year Fixed =$695.52
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Do you know what this means?
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It costs less today to buy the
same house
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OR: That you can buy more house with the same payment
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How Much More?
?You could purchase a
$193,184 home
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That’s pretty good
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So Prices Rose
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$828
$695
While payments
fell
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But it gets even
better
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Because, while prices
roseSo too did
average incomes
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That means that not only
were payments
going down
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They also became an
ever smaller slice of your
income
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How much smaller?
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Per Capita Income = a little over $11,000
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Per Capita Income =a little over $40,000
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So as you can see..
There’s more to it than just
price
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Simply put:
Homes are more affordable now
than at any time in the last 50 years!
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With much thanks to rates turning around
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Your power has grown
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and now with lower prices too
It’s easier to get what you want or
need
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But don’t wait too long
As opportunities like this, never last
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So call today:
So we can get you into a loan for your new dream home!
602-361-0707