Don't miss the boat!!!
Do you know that you can own a home less than your dad or mom did in 1990s(or just maybe than you owned one then)?????
NO PRICES DIDN"T COLLAPSE(now don't go howling about Cal, Nev. and Fl....they are picking up in sales and values are improving as we speak).
IT'S THE RATES, DUMMY!!!!
4% Mortgage on $300,000 = $1432.25(P&I)
7% Mortgage on $300,000 = $1995.91(P&I)
(Historically, 7% is considered a good rate...thus our comparison; rates were 7.5% to 10%+ in 90's)
That is over $550 per month savings
$6600 per year
$198,000 over 30 years
And you wonder if it is a good time to buy???
Have another investment(plus place to hang your hat) that will net you $200,000 minimum????