Friday, January 4, 2013

Downsize Your Payment by Getting a Bigger New Home

We are literally having people come into our models right now and buying a bigger new home and having a lower payment than they had on their 20 year old home.
You might be as sick of hearing about "All time lowest interest rates" as we are sicking of saying it, but nonetheless it is truly mind-blowing how much house you can buy for every dollar of monthly payment right now.  Last year when we were saying "Low interest rates" we meant 4.5%, but today we mean 3.25%.  So you might be asking what that equates to in regards to purchasing power, so we ran the numbers for you.
If you were going to buy a $250,000 home one year ago, your payment on an FHA loan with a 3.5% down payment your monthly PITI payment would have been $1,800.77.  If you were going to buy that same home today with the exact same down payment, then the PITI payment would be $1,628.32.  That is an overall difference of $172.45 per month.
Or... another way of looking at it is that you can buy a $277,331 home today for the same payment as you could buy a $250,000 home last year at this time.  Combine that with that fact that the Greater Tulsa Association of Realtors just reported that the average days on market to sell a home in November 2012 was 47 days and it makes now as good a time as any to get a new home in Tulsa. 

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