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On the Fence? – Historic Time to Buy Santa Fe Real Estate

June 26, 2012

If you are still “on the fence” about purchasing your new home in the Santa Fe area, consider this: Interest rates continue to be available at historic all-time lows, inventory continues to fall in response, and sale prices still remain competitive.

Los Alamos National Bank is reporting a 30-year fixed mortgage for 3.565% on their website today. Here’s an example to explain the costs savings of this low of a rate:

Today, an individual can purchase a $300,000 home with 20% down and have a monthly payment of $1086. In 2009, with the going interest rate of 5%, the monthly payment for the same priced home with the same down payment would have been $1288. This same priced home in 2006, with an average 6.5% interest rate, would have a monthly payment of $1517. So purchasing a home today, with values and interest rates as they are, could save you $5,000 per year in mortgage payments on the same priced home, as opposed to if you purchased it in 2006. That is more than $155,000 savings over the period of the 30-year loan!

This is just a general example, and you should consult a financial professional to determine your particular situation. But if you are potentially in the market for buying a new home in the Santa Fe area, this is definitely the time to jump off of the fence. Contact me if you would like to see some of the great homes still available in wonderful Santa Fe.

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