You keep hearing the phrases in the media & public such as:
"Interest Rates are at Historic Lows!"
"It's a Buyer's Market" "BUY TODAY!!"
"There's Never Been a Better Time to Buy"
But what exactly does that mean...and why? When it comes to home ownership and purchasing a home most people immediately think about PRICE, when in reality they should be thinking about COST! Yes the purchase price is important relative to the others homes available in the market but ultimately what you should be looking at is "What does it cost me to get into this home?"
Example: $100,000 purchase price in today's market VS. back in 2003. Interest rates were 2.75 points higher than they are today. What does that mean for you??? Well, if you were to purchase that same exact home today versus 9 years ago @ $100k and finance the home then you're actually paying $166 less per month on your mortgage. Think about Cost vs. Price.
(Illustration Provided by Steve Harney)
Sean S. Williams
Licensed Broker, Realtor®, ABR®, e-Pro®
1st Time Buyer & Relocation Specialist
of Louisville, Kentucky
"Eat. Sleep. Real Estate."
*Serving the Louisville, Kentucky & Surrounding Areas.
Trust in a dedicated Real Estate professional to cater to your needs.
Accredited Buyer Representative® , e-Pro®, First-Time Home Buyer Specialist & Louisville Relocation Specialist.
I would love to assist you today!*