If you still aren't convinced that it is a GREAT time to buy consider this:
With the low interest rates prices have just gone substantially down. Consider this a "year end close out sale" on real estate.
Interest rates are at rock bottom right now, you can purchase a $250,000 house for the same monthly payment you would have on a $200,000 house just a few months ago.
At 6.5% interest, (a historically low rate for mortgage loans) the Principal and Interest payment on a 30 year fixed loan with 20% down would be $1011 a month on for a $200,000 house.
At 4.5% interest, the PI payment on a $250,000 home would be $1013 a month with 20% down.
Now in this example the property taxes and insurance would likely be down, and the down payment on the $250,000 house would be an additional $10,000, but the point is that home prices are incredibly affordable for those who qualify for loans. Also consider that Homes in Cache Valley in the $250,0000 plus range have dropped in value considerably over the past year. For the payment of $200,000, house you can buy what would have been a $300,000 house (and what will be again in a year or two) a year ago.
To start shopping for Cache Valley Homes visit Cornerstone Real Estate's Website.
Also visit our website for a free mortgage quote and prequalification from one of our preffered lenders.
Great blog! This should help home sells in the Cache Valley real estate market to really take off...hopefully!