OPINION: Proof It's Time to Buy a Home

Real estate people around Woodinville tell you all the time, "this is a great time to buy." Of course, they're going to say that. But if they had some proof to back it up, you might believe it. There are some facts indicating that the time is right.  Here are some of those facts.

Purchasing a home right now is a bargain compared to historic norms.

According to the most recent S&P Case Shiller price index, residential real estate values have returned to 2003 1Q PRICEs. That, in itself, says something. However, when you factor in mortgage rates, the case for buying a home today becomes attrractive if not compelling.

In 2003, 30-year mortgage rates stood at 5.88%. Today, they are 4%. How does that impact the actual COST of a home? Let's say your loan amount is $250 thousand. 

That means you save $285.30 a month, $3,423.60 a year and $102,708 over the life of a 30 year mortgage! You buy the home for the same PRICE but the COST is over $100,000 less.

Please check the chart we include with this post.

Many financial advisors - not just real estate brokers wearing rose colored glasses - are saying that this may be one of the greatest times in history to purchase a home.

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