Is 2014 the year for you to purchase a home?
Prices are going up and interest rates have just started to creep up also. If you wait take a look at the difference in payment and how it affects your buying power. It can be a few dollars to hundreds a month and completely change the game plan on the type, style and area of a home you want to live in. I know there are always very good reasons that buyers have to wait, and we all need to have a bit more patience in general, but, if your just waiting because you feel the worst is not over and houses are going to take a dive again I can assure you it is not happening any time soon here in Snohomish and South King County. Homes for sale are very scarce and are going so fast with multiple offers. If you don’t get out there now you will soon be paying more in rent than a house payment and you can’t deduct any amount from rental payments on your taxes.
But, your landlord can.. Ouch!
| Interest Rate | 3.25% | 4.25% | 5.25% | 6.25% | 7.25% | ||||
| 200,000 | |||||||||
| Monthly Payment | $1,266 | $1,377 | $1,496 | $1,620 | $1751 | ||||
| Monthly Income | $3,246 | $3,542 | $3,835 | $4,155 | $4,489 | ||||
| Hourly Pay | $18.73 | $20.37 | $22.12 | $23.97 | $25.90 | ||||
| 250,000 | |||||||||
| Payment | $1,572 | $1,712 | $1,860 | $2,015 | $2,179 | ||||
| Income | $4,032 | $4,389 | $4,768 | $5,168 | $5,586 | ||||
| Hourly | $23.26 | $25.32 | $27.51 | $29,81 | $32.23 | ||||
| 300,000 | |||||||||
| Payment | $1,879 | $2,046 | $2,223 | $2,411 | $2,606 | ||||
| Income | $4,817 | $5,246 | $5,701 | $6,181 | $6,683 | ||||
| Hourly | $27.79 | $30.27 | $32.89 | $35.66 | $38.55 | ||||
| 350,000 | |||||||||
| Payment | $2,185 | $2,380 | $2,587 | $2,806 | $3,034 | ||||
| Income | $5,603 | $6,103 | $6,634 | $7,194 | $7,780 | ||||
| Hourly | $32.33 | $35.21 | $38.27 | $41.50 | $44.88 |
Jen Murrweiss RE/MAX Elite 