fbpx
Skip the Starter Home
For generations, people have begun their homeowner experience with a “starter” home. Part of the logic may be that by beginning with a smaller home, they can learn what it takes to run the home and discover some of the unexpected costs that come along with it. A slightly longer view into the future could […]
Skip the Starter Home
For generations, people have begun their homeowner experience with a “starter” home. Part of the logic may be that by beginning with a smaller home, they can learn what it takes to run the home and discover some of the unexpected costs that come along with it. A slightly longer view into the future could […]

76VthBM3-UiZkHv_kWVXow.jpg

For generations, people have begun their homeowner experience with a “starter” home. Part of the logic may be that by beginning with a smaller home, they can learn what it takes to run the home and discover some of the unexpected costs that come along with it. A slightly longer view into the future could suggest a different strategy.

As of March 4, 2021, the average 30-year mortgage rate according to Freddie Mac was 3.02%; up .37% from the week of January 7th this year. At the same time, in 2020, the rate was 3.29% and in 2019, it was 4.41%. That is a difference of 28 and 139 basis points.

The principal and interest payment on a $300,000 mortgage would have been $236 higher two-years ago and $44 more one-year ago. Today’s low mortgage rates are saving buyers lots of interest especially when you factor in the median tenure for sellers is approximately ten years. Even though prices have increased over the last two years, some people may be able to afford more now with the lower rates.

Anticipating the future wants and needs now may present some opportunities for preparing for the inevitable. By purchasing a larger home today, a buyer can lock in today’s low rates and prices to allow themselves room to grow without the expenses of moving.

Each time you sell and purchase a home, there are expenses associated with each side of the transaction. Purchase costs could be 1.5 to 3% while sales expenses could easily be 2.5 times that much. These expenses lower the value of your equity.

Instead of looking at the low mortgage rates as generating a savings from the payment you might normally have to make, consider it an opportunity to purchase more home that will possibly meet your needs for a longer time while eliminating the cost of selling and purchasing in the transition.

LIST OF BLOGS

1031 exchange tax deferred advantages are difficult to overlook

1031 exchange tax deferred advantages are difficult to neglect Area 1031 of the Internal Revenue Code includes perhaps among the most effective arrangements of the tax code genuine estate financiers ... the 1031 tax exchange. Numerous extremely effective investor have...

Lease Options or Rent to Own?

Lease Options or Rent to Own? Discovering a rent-to-own home is among the numerous methods somebody with bad or no credit can purchase a home. You will frequently discover them called names like lease/options, lease with alternative to purchase, rent purchase, lease 2...

Wave “Goodbye” To Uncle Sam’s Taxes

Wave "Goodbye" To Uncle Sam's Taxes There exists an extremely effective wealth-building method that has actually been around given that 1921, and is still utilized by the nation's most smart investor. Incredibly, the IRS made this tax deferral possible. In other...

Bottom Line Is That You Want It Sold – Tips To Get It Done

The realty market has actually been depressed in a lot of locations of the nation for the last couple of years. Noting your home for sale in today's market needs you to evaluate just how much similar homes in your location are costing and make modifications based upon...

Excellent Tips For Buying Real Estate In Today’s Market

Purchasing a home can look like a challenging procedure, however that is just real if you do not have the requisite understanding to deal with the procedure like a pro. This post consists of various pointers that will assist you effectively browse the home purchasing...

Painting and Decorating

Painting and Decorating Painting, embellishing and other methods to make certain your home remains in an excellent condition to offer. Home selling has actually ended up being an extremely competitive market, and though individuals are desperate in some locations to...

assistance selling home

assistance selling home Somebody you understand is offering a home? If you believe you can assist offering a home, it typically indicates you've had sufficient fulfillment doing it before, and is ready to do it once again. The majority of home owners will stumble even...

Should You Buy A House As A Student?

Should You Buy A House As A Student? You're still in school and you're not sure if you're all set to purchase a home. Here's the genuine truths on home ownership for trainees. It's a great deal of obligation Home ownership may not be for you if you are the type of...

When Hiring A Real Estate Agent, you Should Follow These Tips

Purchasing a home must be an enjoyable and amazing experience. Do not let yourself get benefited from however throughout the procedure as you are too delighted to see plainly what you are truly purchasing. Let this post offer you some concepts on the very best method...

RECENT POSTS

Painting and Decorating

Painting and Decorating Painting, embellishing and other methods to make certain your home remains...

assistance selling home

assistance selling home Somebody you understand is offering a home? If you believe you can assist...

ABOUT  TWENTY
THREE HOMES

The Twenty Three Homes are one of the premiere real estate groups locally, nationally and internationally, specifically dealing with high-end properties and exclusive clientele. Partner with Keller Williams Twenty Three Homes are full service real estate experts whose clients benefit from the custom tailored, hands on service while receiving all the exclusive amenities and resources of one of the most established and respected firms in the business.

GET IN TOUCH