You are losing money on Rent, you could miss out on the greatest event of a lifetime!!!

By
Real Estate Agent with Top Agents Atlanta Metro

doubtfulA contrarian is a person with a preference for taking a position opposed to that of the majority.  Being a market contrarian is difficult, however, buying when everyone is selling is the hallmark of great investments throughout history.  When the herd is already stampeding to buy, all the opportunities will be gone & the market both in price and interest rates will move higher.  

The market has begun to signal the past 60 days that prices are beginning to stabilize.  The Commerce Department announced today that sales had increased 5.7% in September after 4 straight monthly declines.  This could be the beginning of a trend.

At this point, you should be asking yourself why you are renting???  A typical 4 Bedroom home is on average $240,000 in the Northern Atlanta Suburbs outside of 285.  To rent a 4 Bedroom home right now in the suburbs of Roswell or Alpharetta you are looking at approximately $1700 per month.  To buy a home based on the $240,000 sales price and a 30 year mortgage with todays interest rates of 4.5% with 5% down, your monthly payment would be $1155.24 to Principal and Interest.  Taxes typically would run $250 per month, Insurance $150 per month and even with PMI or FHA mortgage insurance you are looking at a payment of close to the same exact amount that it would cost you to rent plus paying renters insurance on your personal property.

The big difference is if you buy now, the tax laws give you a deduction that should save you on average around 25% or more of your monthly payment since you get to deduct both the interest and taxes from your personal income and do not have to pay income taxes on these amounts if you meet the deduction requirements for ownership.  This is where the real savings begins to step into the picture.

You will want to consult with a great mortgage company and an accountant to review all these figures as they relate to you.  Don't miss out on this opportunity by not being informed.  Call us today to discuss the inventory of available homes and remember that there are some great buys in this market that will not last.  Don't wait to get stampeded by the herd when the news of the market change gets out, it will be too late.

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Rainer
171,989
Lisa Orme
The Master's Key Realty LLC -Windsor, CT - HARTFORD COUNTY - Windsor, CT
Broker/Realtor, ABR, CRS,GRI, PSCS, SFR, Notary Pu

Mary, This is a great post!  Good consumer-focused content and well timed for this time and place in the market...

Oct 27, 2011 01:03 AM #1
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Rainer
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Mary Macy

Top Agents Atlanta Metro
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