Austin TX Real Estate - Hill Country Austin Lakeway Homes for Sale: Interest Rates are Down - Time for Buying a House is Now

Interest Rates are Down - Time for Buying a House is Now

The time to buy a house in the Austin TX area is NOW!  Why? Because rates are down and prices are stable. Austin TX has the second lowest unemployment rate in the country, right behind Washington DC.

refinance or buy larger homeI've talked with several mortgage people and they have all mentioned that they're getting a lot of refinance deals. I turn that around and ask them if they ever ask their customer if they had thought about up-sizing their house while keeping the same mortgage payment?

Most stop and go hmmmm, as they've never thought to ask that.

Say a home owner has a $2000 a month mortgage payment and could refinance it down to $1750, BUT they're very comfortable at the $2000 payment and wouldn't mind continuing to pay that amount.  Let's say this same home owner has two kids who are growing bigger and bigger, and these home owners had thought about buying a larger home with a gameroom and larger backyard once they get older... BUT, if they could buy that larger house RIGHT NOW while keeping that $2000 a month comfortable mortgage payment, doesn't that sound like a better deal?

Why pay upwards of $4000 to refinance when you could invest that money in a new home now instead of waiting in the future and paying that same $4k within the closing costs of a new purchase?

If you're in the Austin TX market and you're thinking about buying or selling AND you want the full truth that other agents don't/won't say, contact me today!!

 

**Are You Packed Yet?**

donna harris Realtor Austin TX blog

Donna Harris, REALTOR®
RE/MAX Austin Skyline
www.DonnaHomes.com
Donna@DonnaHomes.com
austin-texas-homes-for-sale.com

Austin TX Real Estate

and the surrounding areas of Lakeway, Bee Cave, West Lake Hills, Cedar Park, Round Rock, Spicewood, Circle-C, Steiner Ranch, and everywhere in between... Hill Country Austin TX Real Estate and beyond. Whether you're buying or selling an Austin home, I'll be with you every step of the way. 

For real time Austin TX listings,click here.

** Multi-Million Dollar Producer Year after Year **

Copyright© 2011 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
*
Interest Rates are Down - Time for Buying a House is Now * was first published on donnahomesblog.com.

 

Comment balloon 8 commentsDonna Harris • October 11 2011 11:20AM

Comments

Cute picture. I agree this is  a good time to buy a home.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) about 7 years ago

That is a very good reason to buy now Donna.  Prices and rates are great right now and if you can get more house for the same payment then why not :)?!

Posted by Brenda Mullen, Your San Antonio TX Real Estate Agent!! (RE/MAX Access) about 7 years ago

Donna, right you are. If there was EVER a good time to upsize, the affordability is there now with like the lowest interest rates ever....

Posted by Gary Woltal, Assoc. Broker Realtor SFR Dallas Ft. Worth (Keller Williams Realty) about 7 years ago

Yes you are very much accurate in this interpretation. the problem is many dont want to go thrrough the hassle of moving. Depending on the type of loan they have now they might qualify for a reduction in paytment but not a new home and lastly some dont need a larger house with increased utility bills and upkeep. I am not saying that is a carte blanche answer that is a One Size Fits All however good balance and finding the ones who can truly benefit from your good insight is key

Posted by David Shamansky, Creative, Aggressive & 560 FICO - OK, Colorado Mtg (US Mortgages - David Shamansky) about 7 years ago

There has not been such a great time to buy a home like now. Assuming the home-owner purchased their home before the bubble years and they have equity they could put themselvers in a very comfortable position.

 

Posted by Ellie McIntire, Luxury service in Howard County & Catonsville (Ellicott City Clarksville Howard County Maryland Real Estate) about 7 years ago

What a brilliant idea! Have you figured out how much more home a buyer could buy? I mean, say, a person bought a home in 2005 at the median price and prevailing interest rate. What would that same payment buy in Austin today?

Posted by Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents, Put 40 years of experience to work for you (Lyon Real Estate) about 7 years ago

Donna, that kid is even more adorable than the E-Trade baby! 

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) about 7 years ago

Gita, Thank you!

Brenda, Exactly!

Gary, The lowest!!

David, If they don't "need" a larger home, this would never become something they would consider. As for higher utility bills, usually the larger, newer homes have lower bills than the smaller, older homes because of new Federal requirements and the features the home builders in my area use.

Ellie, Bubble? Texas doesn't even know what "bubble years" are since we didn't have a bubble. That was elsewhere across the country.

Elizabeth, If someone is paying approximately $2000 a month, with average taxes and insurance, that's approximately $255,000 house at 5.5% interest. If bought today with a 4.25% with same tax and insurance rates, it's approx $290k for the same $2000 payment. Tax rates are different all over the area, so the number will fluctuate here and there, but $250 up to 300k is a big difference in neighborhood and features.

Pat, It's amazing what you can find on the internet!

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) about 7 years ago

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