Is it a good time to buy a home in the Tampa Bay Area? Can I really afford to buy a home now?
So much is being talked about regarding real estate values and interest rates. At this time, Tampa Bay is experiencing the highest values that we’ve seen in 10 years. Today the available interest rates quoted, varied from 3.25% to 3.89% APR.
According to NAR, the Tampa-St. Pete median home value for the first quarter of 2006 was $207,300 and the average interest rate, according to Money.cnn.com, was 6.71%. So if you purchased a home in 2006 for $207,300 at the 6.71% interest rate, and put $7300 down; your 30 year mortgage and interest payment would be $1292 each month.
TODAY, the same house with the same terms at today’s interest rate would have a mortgage and interest payment of $942! Saving you $350 every month and saving a total of $125,891 over the 30 year loan!
So IS now a good time to buy? NOW is the BEST time to buy a home. Call us today and beat the spring rush.