10. The First Time Home Buyer Tax Credit of $8,000 can generate $100,000 Net Equity or Net Worth in 8 years with an average of 5% annual appreciation!
9. 8 out of 10 economists agree homes will appreciate over the next 5 years.
8. St. Charles has been selected by Forbes & Money Magazines as the “Top 100 places to live” and one of the Top 10 areas poised for early Real Estate recovery.
7. Home prices and Interest rates are low and home inventories are plentiful, this is a true Buyers Market.
6. It has been proven that it is Better to “Buy Real Estate and Wait” than to “Wait and Buy Real Estate”.
5. Historically, real estate downturns have lasted from 18 to 24 months. This current market peaked at its highest values in July 2006, suggesting we are at or near the current down trough.
4. 70% of Loans today are FHA Assumable Loans. If a buyer today locks a 30 year rate of 5%, this will make that home more marketable in the future when it is time to sell.
3. Interest rates are the lowest in our lifetime nearing 5%! In the last two Buyer’s Markets, rates were 18% to 20% in the early 1980’s and 11 to 12% in the early 1990’s. The average Mortgage Rate over 44 years was 9%.
2. A 1% increase in Mortgage Rate on a $150,000 home equates to a $100 per month increase in payment or $1,200 per year and $36,000 more over a 30 year loan. It is twice that on a $300,000 home or $72,000. Waiting has its perils.
1. Buy Low / Sell High…Basic Investing Economics at play.
All Indicators suggest the time to buy…is NOW!!!