Is It Time To Buy a Home Yet?
It’s no secret, the Grand Rapids’ housing market is hot. it’s a definite seller’s market. Inventory is low (if you are thinking of selling, contact me right now). Homes and condos across the board are selling quickly, provided they are priced reasonably well and are in good condition. In many cases, the downtown Grand Rapids condo market for example, we are seeing situations with multiple offers and homes selling at full price or even more.
Get Your Home’s Value in Minutes
Why Buy a Home?
Inflation:
The longer you wait, the more expensive your home will be. Homes in Michigan increased over 6% last year and it is expected to continue at this pace.
Interest Rates are on the Rise:
Even though interest rates are still at 20 year lows, many experts are predicting that rates will be 1% higher by this time next year.
Tax Advantages:
Don’t give your landlord your tax deductions. This can be a significant savings to you.
Build Equity:
In addition to your home’s appreciation, part of your monthly mortgage payment goes towards the balance of your loan.
Purchase Comparison
In the comparison below, $164.25 goes towards the principal and grows each month.
BUY NOW: (5% down)
Price: $120,000
Rate: 4%/4.311 APR
Total Payment $824.72
(includes taxes and insurance)
BUY IN 1 YEAR
Price: $127,200 (with 6% inflation)
Rate: 5%/5.311 APR
Total Payment: $948.91
SAVINGS: $124.19/month
Information provided courtesy of Scot Veneklase at Mortgage One. If you have any mortgage related questions about getting pre-qualified or refinancing your home, give Scot a call. 616-575-9808.
Grand Rapids Real Estate Quick Home Search
Thinking of buying a home? Check out our easy-to-use search tool. Unlimited access to every home, condo or vacant lot in South West Michigan. Save your searches, save your favorites. Sign up for Email Alerts and schedule showings online.
