Waiting To Buy A New Home In World Golf Village?
This may be the best time to buy a new home in World Golf Village with LOW INTEREST RATES- mortgage payments become more manageable.
If you put down 20% and qualify for an 80% loan, here are your principal and interest payments on the following purchase prices:
- $425,000 sales price, at 8.25% interest, your payment is $2,554.
- $450,000 sales price, at 7.75% interest, your payment is $2,579.
- $475,000 sales price, at 7.25% interest, your payment is $2,592.
- $500,000 sales price, at 6.75% interest, your payment is $2,594.
- $525,000 sales price, at 6.25% interest, your payment is $2,586.
The payments are almost identical. However, the home you can afford to buy a 8.25% is $100,000 less than the home you can afford to buy at 6.25%. If you wait for prices to further decline, the perceived value could be lost due to higher rates. But with Mortgage Rates for our area hovering around 4%. Your buying power nearly doubles.
According to an article in the St. Augustine Record: Home sales increased by 8 percent in 2011 from the year before, the third time in as many years that sales have grown as Florida continues to rebound from the housing crash that ground the state’s economy to a halt, according to statistics compiled by Florida Realtors. READ ENTIRE ARTICLE HERE
We are also seeing JOB GROWTH in North East Florida– Coupled with BARGAIN HOME PRICES in World Golf Village and St. Johns County makes this a great time to buy a home or condominium in our area.
Buyers looking for a home in World Golf Village area and surrounding St. Johns County communities may qualify to finance 100% of their home with financing thru USDA. Complete the form below for additional information on this form of financing.