Consider this. Let’s assume that home prices do fall another 15% and interest rates go up.

Current Scenario                                                         Down the Road Scenario

Sales price       $250,000                                             Sales price       $212,500

5% down           $12,500 5% down           $10,625

Loan Amt        $237,500                                             Loan Amt        $201,875

30 yr fixed @ 4.75%                                                       30 yr fixed @ 6%

P & I = $1,238.91                                      P & I = $1,274.04

If we are going to assume prices fall another 15%, we also have to assume interest rates will be higher. Nobody can predict interest rates and nobody can predict the bottom of this real estate market. What we do know is that rates are favorable and real estate is ON SALE. Waiting could cost you money!

The time is now to buy Wilmington NC real estate. There are many homes for sale in Wilmington that are priced below $100 a ft! Unheard of prices! We can send you a detailed list of those homes. There are also some foreclosures and short sales. Fortunately, we do not have the amount of foreclosures that have been experienced nationwide. We were somewhat protected from the mortgage meltdown. North Carolina mortgage laws are some of the toughest in the Nation.

For a detailed list of  our Best Buy Home List in Wilmington, NC., please contact me at kay@cbbaker.com or go to my website and search all homes in Wilmington, NC.

]]> http://wilmingtonncrealestateguide.com/2009/01/17/why-wait-to-buy-wilmington-nc-real-estate/feed/ 0 http://wilmingtonncrealestateguide.com/2008/10/28/what-wait-to-buy-wilmington-nc-real-estate/ http://wilmingtonncrealestateguide.com/2008/10/28/what-wait-to-buy-wilmington-nc-real-estate/#comments Tue, 28 Oct 2008 13:48:54 +0000 wilmingtonncrealestateguide http://wilmingtonncrealestateguide.com/?p=366

Waiting on the side lines for home prices to fall?

Consider this. Let’s assume that home prices do fall another 15% and interest rates go up.

Current Scenario                                                         Down the Road Scenario

Sales price       $250,000                                             Sales price       $212,500

5% down           $12,500                                             5% down           $10,625

Loan Amt        $237,500                                             Loan Amt        $201,875

30 yr fixed @ 6%                                                       30 yr fixed @ 8%

P & I = $1,423.93                                      P & I = $1,481.29

Total cost for 30 years                                              Total cost for 30 years

$512,617                                                                     $533,264

If we are going to assume prices fall another 15%, we also have to assume interest rates will be higher. Nobody can predict interest rates and nobody can predict the bottom of this real estate market. What we do know is that rates are favorable and real estate is ON SALE. Waiting could cost you money!

The time is now to buy Wilmington NC real estate. There are many homes for sale in Wilmington that are priced below $100 a ft! Unheard of prices! We can send you a detailed list of those homes. There are also some foreclosures and short sales. Fortunately, we do not have the amount of foreclosures that have been experienced nationwide. We were somewhat protected from the mortgage meltdown. North Carolina mortgage laws are some of the toughest in the Nation.

For a detailed list of  our Best Buy Home List in Wilmington, NC., please contact me at kaybaker@seacoastrealty.com or go to my website and search all homes in Wilmington, NC.

Many thanks to Alan Efting at Bradford Mortgage for these valuable stats. You may contact him at www.alanefting.com.