Surprise Farms Home Purchase 08′
June 27th, 2008 Categories: Uncategorized
Happy Holidays Surprise, AZ!!!
For those of you on the fence on buying a home in today’s market let me start out by saying that the best time to buy a home is when it is”your best time”. However, there are some that are trying to wait it out for that exact pinpoint bottom of the market… The market is losing inventory and there are multiple offers on many homes today, I am not saying that we are done dropping in price but we are CORRECTING. And that is a very good thing.
Investors are back (the real investors), prices are affordable, and rates are still reasonable, so why not buy? If you have a job history and you are renting at Surprise’s average rental rate, with below average credit, then you can buy.
Take a look at these numbers:
Right now in Surprise Farms you can buy a home for around $135,000…At today’s FHA rate of 6.5% a P/I payment (less taxes, MI, insurance, etc) would be $853.00 a month.
Now, if you are waiting for the market to drop more, look at these numbers:
You waited and the market dropped another 10% (13,500) so now you finance $121,500. But wait, during that bubblesitting, the interest rates went up to 7.5%. Now your payment monthly is $849.00 a month. The same?? Not really because you have to add in that you are paying at least $900 a month in rent to a landlord and not paying down the principle on your own home. I cannot say what rates will be in the future, other than they will go up. But, I can say they have come up 3/4 of a percent since early February of 08′.
So, I will close by saying that if you are paying rent in Surprise right now and you are able to buy (you would be very surprised that you probably can purchase) then you should…Why pay someone else’s mortgage for them.
Happy 4th of July people
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