You make the decision every month when you write the rent check that renting is the best decision for today. But what was a good decision last month may not be the best answer this month. As a Builder and Realtor, I see the dynamic market conditions that are changing the answer for many people. I invite you to review the information below and to call me for a personal assessment of your options for purchasing a home.
nFacts to consider:
nBetween 2002 and 2007 the average home in Huntsville increased 30.6%. This means that a 200,000 home increase in value to $261,392. That $61392 increase corresponds to an average increase of over $1,000 per month.
nThe inflationary increases in Huntsville housing prices continued in 2008, an average of 4.5% based on November data.
nIf you are saving less than $1000 per month, you will probably not be able to buy the same house next year with the same loan amount.
nThe Federal Government is offering down payment assistance of $7500 through June 2009 for home purchasers who have not owned a home in the last three years..
nInterest rates are at or near 50 year lows, currently ranging between 4.5 and 5 percent,
nIf interest rates rise to a modest 6.5 percent, a 200,000 home will require an additional down payment of 39,673 for the same monthly payment. Are you saving an additional $3300 per month?
nAdding all of the increases described about could require an additional 66,000 next year to purchase the same home with the same payment or increase the payment 32%.
nThere are currently 1245 properties below $200,000 for sale in Madison County,
nThere are currently 229 properties below $200,000 within 5 miles of your rental location.
nThere are currently 652 properties within al price ranges within 5 miles of your rental location.