Real EstatE
as an invesTor, you can look for a home with the features,
amenities, and favorable location you desIRe. by getting
in the market now, you can afford to be parTicular and
take your time finding exacTly what you want.
the buyer makes payments to the seller more affordable. With the national
over time for all or a portion of the average rate for a 30-year conventional
purchase price. Sellers are also more fixed-rate mortgage at around 6 percent,
likely to agree to repairs or improve- a buyer can save thousands over time.
ments requested by a buyer or recom- For example, a $200,000 loan amortized
mended by a property inspector. over 30 years at 5.9 percent interest will
No longer in the driver’s seat, sellers carry a monthly principal and interest
are now agreeable to covering a portion payment of $1,186.27.
of closing costs, buying down the rate,
Let’s say you’re waiting for the price
accepting a trade for the down payment,
to drop, however, and you buy the
or throwing in new appliances and even
property for $190,000. Sure, you’ve saved
furniture in the sale. In short, sellers will
$10,000 initially, but in the meantime the
now negotiate.
interest rate climbs to 7 percent, and your
monthly payment increases to $1,264.07.
No. 4
Favorable interest By missing out on the lower interest rate
rates today, you pay an extra $28,008 over the
Interest rates are down, making housing 30-year life of the loan.
32 I July 08 I Growing Wealth I growingwealthmag.com
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