Have you ever seen interest rates at low as 4%! I have NOT!
With the market the way it is, the interest rates as low as 4%-and the government giving away enough money to cover mortage payments for the next 6 months OR MORE...ask yourself one question:
Why would I NOT buy today?
Think about it. Did you hear what I said, "the government is giving you enough money to cover the first 6 months of payments OR MORE". I know that sounds wrong and not what they are saying, but let me explain.
If you purchase a house up to $250,000; the total payment (principal and interest) will be approx. $1305 a month. * The government is giving $8000 CASH, not tax credit, to all new home buyers- or people who have not owned a home in the past 3 years. $1305 a month times 6 months is only $7800.. still less than what they are giving you- simply for purchasing a house and increasing the economy.
Of course if you purchase a house for $80,000; with the current interest (4.75% for 30 years) your monthly payment (principal and interest) is $420. With $8000 that is enough money to cover payments for OVER 18 MONTHS!
I might as well be saying.. NO PAYMENTS FOR THE NEXT YEAR!
*(payments calculated on current interest rates of 4.75% for 30 years. Payments do not include taxes, which vary from city to city)