and why it may cost you more to own your first home!
Temecula First Time Home Buyers and First Time Home Buyers in Murrieta and first time home buyers in Riverside and San Diego Counties may find the cost of homeownership will actually increase.
First Time Home Buyer Dream
How is that possible?
3 Reasons home prices are headed lower!
By Les Christie, staff writerDecember 31, 2009: 6:36 AM ET
Prices have risen more than 3% since May, according to S&P/Case-Shiller.
But most forecasts predict price declines in 2010, with possible losses ranging from anywhere from 3% on up. Fiserv Lending Solutions, a financial analytics firm, forecasts that prices will fall in all but 39 of the 381 markets it covers, with an average drop of 11.3%.
To read the complete article, click here
So waiting until prices get lower is the smart thing? Maybe not!
If you’re looking at houses today at $190,000 with a minimum down payment of 3.5%, you would have a principal and interest payment of $1019.
$8000 First Time Home Buyer Tax Credit
Now fast forward six months and the FED is no longer supporting the mortgage market and interest rates have increased 1%, but your dream home is now worth $171,000. Your monthly payment is now $1025.
Did we mention the $8000 First Time Home Buyer Tax Credit is no longer available?
Still think waiting is a good idea?
Follow the links below, for more information on why waiting may not be the best strategy.
The last unemployment data, shows an improving market, what does that mean for home prices?
Homes are cheap!
Homes are now cheap!
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Tags: murrieta first time home buyer, san diego first time home buyer, temecula first time home buyer