FSBO BLOG

With low mortgage rates and reduced house prices, the affordability index to own a home is at an all time high. At the same time, apartment vacancy rates are at the lowest in 10 years, which gives landlords the power to raise rents, reports of 5-10% increases around the country. This direction will only last so long before renters say ‘wait a minute, it’s much cheaper to buy then rent’

Know how much you can afford. Don’t let the lender tell you how much you qualify for. Anticipate additional monthly expenses with your new home, such as; lawn and other maintenance, increases in insurance and property taxes, cable and other utility bills, etc. Also, consider a shorter term mortgage. 15 yr rates are usually 1/2 % less then a 30 yr mortgage and based on the loan amount, this is a considerable savings.