Dale Team Atlanta

Latest Real Estate News

If you’ve been kicking yourself for missing the tax credit last Spring, listen to this:

You are actually better off buying now without the tax credit than back then with the tax credit.

How can that be, you ask? It’s all about interest rates. Interest rates have dropped so low – we’re talking historic, all-time lows – that buying now is like getting the tax credit and so much more.

Here’s how it shakes down:

Let’s say you got a $160,000 mortgage last April. Your interest rate would have been about 5.21%. Your monthly payment would have been $880/month. At the end of 30 years, you would have paid $156,644 in interest.

But…

If you bought now and got a $160,000 mortgage, your interest rate would be 4.42%. Your monthly payment would be only $803 per month.  You’d recoup the tax credit you missed in 8.7 years, AND at the end of 30 years, you would have paid only $129,119 in interest. That’s a savings of $27,525. Not chump change.

So if you are still licking your wounds for missing out on the tax credit, stop licking. Turns out you were brilliant to wait. As long as these interest rates stay where they are, the perfect time to buy is NOW.

Comments

Search the Site

Property Search

Find the perfect home with our advanced search specializing in finding you exactly what you are looking for, quickly!

Begin Search

Featured Properties

Preview our hand selected properties offering some of the best location, sq. ft, and friendly neighborhoods around!

What's Your Home Value

If you are interested in having your home evaluated and a free quote given, proceed to our Home Valuation for more information