Is it cheaper to buy a home today than it was in the 70's? Well, no but interest rates are lower. Lower interest rates give buyers more buying power. In Beaumont and Lumberton and all of Southeast Texas home values are up the past few years. Good news, with interest rates at historic lows buyers can afford more home than ever.
Take a look!
Last year a mortgage payment on a $300,000 home at 4.09% would have had a monthly P&I payment of $1,448. Today it is almost $200 less per month. Don't let the fact the home prices in Southeast Texas have gone up stop you from buying today. I don't have a crystal ball to know how long rates will stay under 3% but I don't think we will be seeing them this low next year.
If you have any questions about your buying power or buying a home in Southeast Texas, let's talk. You can contact me here on the blog.
Diane McNelis, Coldwell Banker Southern Homes