The media focuses on the national picture. But let’s stop and consider the local picture. The median price (not the average) for existing single family homes has dropped from $196,600 in 2008 to $173,100 in 2010. At the same time the interest rate has dropped from 6.15% to the present low 4's.
If we look at appreciation in Tennessee we see that the 5 year rate is positive at 2.79% and the ten year rate a great 28.06%. So from where I sit it is an unbelievably great time to buy a home in Tennessee. If you already own one, maybe it is time to sell it and move up. Or if not that, maybe to refinance and get a 15 year rate in the low 3's. No you didn’t hear wrong. Give me a call at 777-HOME (4663) or email me at George.Margrave@migonline.com .
Showing posts with label low rates. Show all posts
Showing posts with label low rates. Show all posts
Wednesday, August 17, 2011
Wednesday, January 5, 2011
Is Now the Time to Sell?
Is now the time to sell? I am going to mention mostly financial angles to consider when making this decision. And certainly, these are not the only considerations.
Many of you may have put off a move that you wanted to make. One reason may be that you have no equity in your home or may even be upside down. In that case you might not have a choice. However, if you have some money set aside, you may be able to pull it off.
That means you will have to put some money into the transaction to get to the closing table. We’re seeing this in many cases and are even refinancing some homes where borrowers are having to put some money into the deal to get a great interest rate. A short sale can be considered, but in most cases that means you will not be able to buy again for several years.
Again you have to consider the cash required to buy the new house. You will probably be able to move to the next house at a great price and at a great interest rate. If you are a Veteran or buy in a rural area you may be able to buy with no cash. If you don’t fit one of those categories you may want to go FHA which is 3.5% down. The cost on any of these can be paid by the seller or by the lender. (Ask me how)
If you would like to take a look at some numbers for yourself, give me a call at 615-777-4663 and we can take a look at it for you.
Many of you may have put off a move that you wanted to make. One reason may be that you have no equity in your home or may even be upside down. In that case you might not have a choice. However, if you have some money set aside, you may be able to pull it off.
That means you will have to put some money into the transaction to get to the closing table. We’re seeing this in many cases and are even refinancing some homes where borrowers are having to put some money into the deal to get a great interest rate. A short sale can be considered, but in most cases that means you will not be able to buy again for several years.
Again you have to consider the cash required to buy the new house. You will probably be able to move to the next house at a great price and at a great interest rate. If you are a Veteran or buy in a rural area you may be able to buy with no cash. If you don’t fit one of those categories you may want to go FHA which is 3.5% down. The cost on any of these can be paid by the seller or by the lender. (Ask me how)
If you would like to take a look at some numbers for yourself, give me a call at 615-777-4663 and we can take a look at it for you.
Thursday, December 2, 2010
What better gift could you give yourself than a new home?
What better gift could you give yourself than a new home? It may be one of the best times ever for that purchase. The rates are still really really great. You can probably find a home for 25-50% less than you could have 5 years ago.
The prices around the country seem to still be declining a little, but according to the local Realtors Association they have stabilized in middle Tennessee. In fact the median price is increasing.
Call me at 615-777-4663 and let's discuss your possibilities.
The prices around the country seem to still be declining a little, but according to the local Realtors Association they have stabilized in middle Tennessee. In fact the median price is increasing.
Call me at 615-777-4663 and let's discuss your possibilities.
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