As some prospective buyers continue to wait on the sidelines for the market to hit the absolute bottom, they might want to consider the notion that price should not be their only concern. Cost, a reflection of the amount of the monthly payment, should be buyers? primary concern. However, the monthly outlay is not only a function of how much buyers pay for a home, it is directly influenced by interest rates. With this in mind, buyers waiting for the lowest price may find that their monthly payments ultimately turn out to be higher owing to rising interest rates. As interest rates are projected to rise in the near term, buyers may want to keep this important factor in mind.
Now may be the ideal time to make a real estate purchase. If you are thinking about doing so, contact CENTURY 21 SEXTON & DONOHUE. We have a successful history of assisting buyers to find properties that meet their requirements and budget. To learn how you will benefit from our real estate knowledge, reach us today at (781) 665-6660. As members of the Multiple Listing Service?, we can show you most any property that is for sale in your desired communities. The office is conveniently located at 29 Essex St., just across the street from Shaw?s. We are "A Team Effort?. We will exceed your expectations!
HINT: The purchase of a home is not just an investment, it is a lifestyle choice.
By some measures, it has been two decades since homes were as affordable as they are now. If affordability is measured as the ratio of median home price to median family income, the ratio on a nationwide basis is 2.6 compared with the long-term average of 2.8 and a peak ratio of 4.1 in 2005. While these figures represent the average, not the extremes, and exceptions certainly exist, they point to a trend. To look at home affordability another way, since 2006, the average principal-and-interest payment has fallen from $1063 to $644. Again, interest rates fluctuate, but the trend is clear. Prospective buyers should take these statistics into careful consideration when it comes to deciding to take action.
Lower interest rates and home prices have made buyer far more accessible that it has been in a long time. Now may be the time to purchase property. To learn more, reach CENTURY 21 SEXTON & DONOHUE today at (781) 665-6660. We will arrange a meeting when we will discuss your real estate needs and expectations. The office is conveniently located at 29 Essex St., just across the street from Shaw?s. We are "A Team Effort?. Meeting your real estate goals is our #1 priority!
HINT: As many have turned to renting as an alternative to buying a home, rental vacancy rates are generally falling and rents are increasing.
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