Will things get better or will they get worse? Consider these Real Estate fundamentals.
1. Mortgage Rates have dropped again hovering 4.5% 30 Yr. fixed
2. You can now get great deals Mandeville real estate
3. $250,000 home purchase is less than $1,600 a month
When we buy a home we stay in the property for a minimum of 4 years. Couple that with a fixed mortgage rate around 4.5% and it's obvious that houses are on sale. Buying a home now is when you get a deal. The fact is that Short Sales and Foreclosures in St. Tammany are at an all time high.
People look at price of big ticket items and wonder if they will go down; boats, cars, houses but in all actually less than 10% of my homes sales are for cash. Mind you getting a good price is important but we must factor in super low interest rates, lower payments.
Price is important and our monthly budget mortgage factor is 90% of consumers price.