Lower Home Prices Don't Always Equate to Lower Mortgage Payments

Our first inclination is to assume that lower home prices will equal to smaller home payments.  Here is one point to consider.  Even if you believe that home prices will continue to decline, it's very difficult to believe that interest rates will remain at these low levels.

Did you know that even if home prices were to decline 10% but interest rates available for home loans were to increase by 1.00% during that time, your monthly principal and interest payment would actually be higher?  It's true.  So, if you are thinking of buying, get busy and get in the game now.  To quote Warren Buffet, "If you wait for the robins, spring will be over."

There will be plenty of debate when Federal Reserve Officials meet in mid September to determine whether to hike interest rates for the first time since the end of the Great Recession.  After months of forewarning by Federal Reserve officials that they are preparing to raise short term interest rates, some international officials say to "get on with it".  Many things to consider with low inflation, market turmoil, job growth and the impact of China's devaluation of it's currency, the decision is no slam dunk.

Waterfront Living....Oh, the Views!

Magnificent Water Views, Everyday, All day long!  Large expansive glass doors and the open floor plan allow for a never ending view of the Intracoastal waterway from inside or outside of 4881 Soundside Drive, Gulf Breeze, Florida, 32563.

 

 The cathedral ceiling in the great room, kitchen and dining area expands the open and airy feel of the home.  This 3 bedroom/2 bath home also boasts a desirable split bedroom floor plan with tile throughout.  The kitchen features beautiful granite countertops with a breakfast bar, stainless steel appliances and a pantry for convenient storage.  All windows and doors have been custom fitted with steel, Accordion Hurricane Shutters. The essence of water front living is enhanced with a 200 ft dock w/Trex decking and covered 10,000 lb boat lift complete with running water, electric and breaker box. Additionally, all stairs, the covered front porch and the full length veranda are composite maintenance free Trex decking with clear view porch railing to not obstruct the view. The fully enclosed lower level is accentuated with 3 garage doors for cars and boat storage, an enclosed storage area and is designed with blow out walls. The lawn pump for the sprinkler system is 3 years old. Make an appointment today to view this great property located on scenic Soundside Drive in Santa Rosa County, Florida.  $679,900.00   #Waterfront 

 

 

 

 

Call Carla Encarnacion, 850.910.5841,  Keller Williams Realty for your appointment to view!

Step 1. Purchasing a Home.....Mortgage Pre Approval

We all know that buying a home is one of the most important purchases in a person's life and deciding on a particular house requires thoughtful planning and decision-making.

The first step is to get pre-approved by a local lender.  By doing so you will have knowledge of the following.

• What your approximate monthly house payment will be
• The price range of the home you can purchase
• How much down payment, if any, that you will need or want to put down
• What are your approximate closing costs
• That you can confidently go out and search for homes and put an offer in if you want
• What kind of loan program will be good for you based on your wants, needs and desires

So, get your finances in order first.  Most real estate agents won't even show homes to prospective clients who don't have a mortgage pre-approval.   

As a real estate agent my job goes far beyond finding you the right home for your lifestyle.  In fact, it's after the house hunt that you will need me most to structure and present your offer and then troubleshoot any issues that erupt between contract and closing.  Having your pre-approval letter to include with the offer is good practice because it shows the seller you can likely afford what you are offering.