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Is It Time To Get Into The Game?
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Is it time to get into the game?  For many families, owning a home in previous years was just not realistic.  Prices had climbed to record levels and owning a home became unaffordable to financially conservative Middle Americans.  But things have changed. 

Prices have come down significantly over the last 5 years and interest rates continue to be historically low.  Many of those who have been sitting on the sidelines and renting are realizing this may be the time to get off the fence.

Here is an example of a home you can get in Huntington Beach, CA.

This home is listed for sale at $489,000.

This Surf City home has 3 bedrooms, 2 baths, and is in very good condition.  What would it cost to own this home?

Assuming you paid $490,000 for this home with 5% down and an interest rate of 5.5%(fixed for 30 years):

Mortgage payment:   $2,643
Insurance                    $123
Property Taxes           $510
TOTAL                      $3,276

This same home would rent for approximately $2,300 a month.  For an additional $976 a month, a renter could become a homeowner and enjoy the benefits of:  Tax write-off’s of interest paid, future appreciation, and $8,000 from the Government(for first time buyer-expires Dec. 09).

Yes, it is possible the market will continue to drop.  No one knows when and if we have “hit bottom”.  But if you can afford the payments and have a found a home you love, it is a great time to buy!

Look historically at the numbers.  10 years from now, it is likely you will be saying, “Remember when you could get a house in Huntington Beach for under $500,000”? 

 
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