Typically this is the best time of year to buy a home because most home buyers buy homes between April through August. Many families base their home buying decisions around the school calendar and don’t want to move during the school year.
This year is especially tempting to buy a home because prices are down and interest rates are at an all time low. The crazy bidding wars have lessened since the Summer of 2012 but could start up again in April.
With low interest rates, you can get much more home for your money. For example, if you want to buy a home priced at $250,000 the PI (Principle and Interest) on a 30 year note, the monthly payment would break down as follows:
$250,000 at 8% would be $1834.41
$250,000 at 7% would be $1663.26
$250,000 at 6% would be $1498.88
$250,000 at 5% would be $1342.05
$250,000 at 4% would be $1193.54
$250,000 at 3% would be $1054.01
Many people that had a short sale a couple years ago can now qualify to purchase a home again. The better your credit, the better interest rate you receive. Good credit can save someone as much as $780.40 per month depending on their interest rate of 8% or 3%.
If you are curious as to what your monthly payment would be on a home based on the interest rate you qualify for; go to my website at https://dreamhomesinaz.com/calculators You might be surprised at what a great deal you can get right now!