Great Market for Home Buyers Milledgeville GA

The following contains housing information you should know about how to determine if today's market is great for home buyers. Read this review if you or a loved one is interested in real estate in Milledgeville.

Local Companies

Heritage Real Estate Brokers Inc
(478) 414-7475
100 E Greene St
Milledgeville, GA
Remax Real Estate Center
(706) 639-9137
1411 N Main St
La Fayette, GA
Atlanta Real Estate Academy
(770) 565-9090
2255 Sewell Mill Rd
Marietta, GA
Burkhalter Rufus L
(912) 355-3119
301 Oxford Dr
Savannah, GA
Day Anna M Realtor
(229) 253-8050
3926 Stratford Cir
Valdosta, GA
Real Estate Com
(404) 497-7671
5607 Glenridge Dr NE
Atlanta, GA
Crim Robert C Rl Est
(404) 256-2960
210 Sandy Springs Pl NE
Atlanta, GA
Strickland H Allen Rl Est Jr
(706) 736-6975
2805 Hillcrest Ave
Augusta, GA
Henslee Bill Rl Est
(770) 953-1004
4901 Olde Towne Pkwy
Marietta, GA
Beman Hal D III
(706) 738-2353
719 Somerset Way
Augusta, GA

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Think you missed out on the best time to buy a home? Think again!

Today’s lower house prices and cheaper mortgage rates make now one of the most favorable times to buy a home in several years.

Sure buying a home is a big investment. Even though housing prices have cooled in much of the country over the past 12 months, they certainly haven’t crashed. Most sellers are still seeing a healthy return on their investment.

So why is it a great market for home buyers?

First of all, let’s start with mortgage rates. They’re at near historic lows. If you’d taken out a $200,000 mortgage to purchase a home back in January 2000, when the national average 30-year fixed-rate mortgage was 8.32 percent, your monthly payment would have been $1,512 a month. That same loan at the current (January 2007) rate of around 6.32 percent, would cost you only $1,272.84 a month.

This means you can buy the same price home today for less money. But what about the fact that houses today cost more? Well, because it costs less to borrow money, you can afford to buy a more expensive home. At 6.32 percent, a $250,000 mortgage costs $1,550.69 a month -- almost exactly the same as a $200,000 mortgage seven years ago.

You can also benefit from the fact that the gap today between adjustable rate mortgages and fixed-rate loans has narrowed. In the past, it typically cost a couple of percentage points more to lock in the security of a long-term fixed-rate mortgage. Not any more. In recent weeks, average one-year ARMs have been around 5.51 percent and five-year ARMs at 6.04 percent -- not much less than 6.32 percent 30-year fixed-rate loans.

Add to this that sellers may be more motivated to negotiate a deal during the slower winter months. And what do you get? A definite buyer’s market – and a great time to be buying a home.

 

Published on March 06, 2007

Read full article at realestate.com

Featured Local Company

Galingayle Lake Oconee Community

706-342-1559
202 W. Washington St.
Madison, GA
www.galingayle.com


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