Can I still buy a home and get a good deal?

Wow what a ride!

While we have seen a decline in the amount of “awesome deals” coming to the Atlanta market, there are significant savings that can occur when buying real estate in 2015.

Consider this: A 30 year, $200,0000 loan financed at 3.75%, equates to roughly $133,000 of interest you will pay over the life of the loan.  Staggering I know, but stay with me….If the same loan is financed  at 5% the accumulated interest is nearly 187,000. DO THE MATH.  That is $55,000 of saving.   There are STILL opportunities to save BIG money in the real estate market.   And folks… 5%  interest rates are a realistic number.  It is irrational to think rates will stay low forever and many economists are predicting a mortgage rate at or above 5% by the end of 2015.

There is also a large group of homeowners that had short sales and foreclosures during the down turn. After their required waiting period (3-7 years), they will be returning as homebuyers to our market.  When this group hits the market, we will likely see another shortage of available homes and another increase of home values.

 

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Real estate has always been a good long term investment with the right location, purchase price & loan terms and there are a lot of signs indicating that it still is a great time to buy.  Are there still good deals hitting the market?  Yes…you just have to find them! Price, terms and return are all factors in getting a good deal.

 

 

 

 

 

 

 

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