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Andrew starts off by discussing an article that recently came out Did it Make Sense to Wait? It was a recap of the real estate market of 2014. It says that a lot of consumers were celebrating they didn't buy in 2013 but finally bought in 2014 because they thought they have saved money because the interest rate dropped.
Arnie confirms that since January 2014, the rates have dropped to the low 4s or just under 4 but the home values have gone up 4.3 % which according to Andrew equates to almost $12,000. You might have saved $700 but paid an additional $12,000 for the house! If you do the math with the payments, you really lost $11 a month. In fact the rates are up again and are back to where it was in the beginning. Arnie said that it was just a point in time and that the rate fluctuates. Based on the example of last year, the rates dropped but home prices went up. This year it is said that rates will go up a bit and home prices will continue to go up so it's even more important for home buyers to get off the fence. People who are out there renting or thinking about buying should realize that deals are not going to get better, that it's not good to wait because it's just going to be more expensive.
Arnie raises another point for those who are renting and how much it's going to cost them if they wait. The rental rates rose again and their rent money is going to their landlord and they don't get any tax benefits on owning their home.
Many people want to buy a home but the problem is not so much on the credit rating or their desire but the fact that they think they need to put down 20%. They have the wrong information because there are options like a VA loan with no money down, an FHA with 3.5%, or with a conventional loan with 3% down. Other options like USDA with no money down and bond programs out there depending on your income level with no money down, too. It's just a matter of getting with somebody like Waterstone Mortgage who can go over things with you and figure out how much money you need to buy a home.
For more Tampa Bay Real Estate news and advice, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.
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