The last 5 years have definitely changed the market. As a potential Buyer, I am sure you are hearing from everyone what a GREAT time to buy it is. Here are some actually numbers that may put into perspective HOW great of a time it is now….
These stats are based on National numbers and a $400,000 home.
A 30 year mortgage today is 4.13%, in September 2006 it was 6.41%
The monthly payment today (based on the above amount & interest rates) is $1,939.76, in September 2006 it would have been $4,024.02 – a difference of $2,084.26 a month!
Over the term of the loan the total savings for the house purchased today would be $750,333!
The average monthly rent for a 2 bedroom in Seattle is $2,260 a month.
Don’t let this great time to buy pass you up!!