Fort Wayne Home Buyers, Now is the Time to Act
Do you realize that mortgage rates in the US today are lower than in 1963? In 1963 the average home cost $17,700. You will probably pay more than that despite the low home prices nationwide, but the current 5% average mortgage rate (with no points or fees) is a full percentage point lower than the 6% average of 1963.
During the early to mid 1970s rates ranged from 7.25% to 10% (the norm was 9%), reaching a high of 18% between 1977 and 1981. Today's rates are the lowest in that 47 year history.
When considering purchasing a Fort Wayne Home, the important question to most buyers is simply this: "what will my monthly payment be?" not, "what is my interest rate?" But looking at what one would actually pay over 30 years for a $200,000 house is an eye opener. A good way to look at the savings from a low interest rate is this: on a $200,000 loan, one point in interest rate saves you almost $50,000 over the life of a 30 year loan. That can be college savings for your children.
Just in case you have been in a cocoon or have turned off the news to preserve your sanity, our Federal Government is offering an incentive to home buyers in addition to low interest rates. That incentive is an $8,000 tax credit for first-time home buyers and a $6500 tax credit for qualified repeat home buyers. But you need to find your dream home now. The credits expire on April 30th. Actually, if a binding sales contract is signed by April 30th, 2010, a home purchase completed by June 30th, 2010 will qualify. With the end of April fast approaching, do your research to see if you are eligible for a tax credit. It's well worth your time and not difficult to claim on your taxes. For further information check out federalhousingtaxcredit.com for easy to understand answers to questions about eligibility and more.
Call your Realtor, Courtney Bontempo today to set up home showings for this weekend or to discuss any questions about any Fort Wayne homes for sale. I am also very knowledgeable about the tax credits for home buyers/sellers, as well as the different loan packages available to potential buyers.
Home prices fell again in January of this year. They are even lower than in January, 2009. The supply of homes to choose from is up; the highest in 9 months. What are you waiting for? With a historic indicator of home prices, rent trends, rising for the first time in months and mortgage professionals predicting a jump in rates soon, the stars could not be better aligned to take advantage of the Federal tax credit and buy the home you have been dreaming of.
General Motors (GM) to add 700 new jobs to Fort Wayne Indiana Assembly Plant
Great news this week out of Detroit, General Motors GM will be adding a third shift to our Fort Wayne Indiana Assembly Plant. The creation of the third shift is the result of the Pontiac Michigan plant closure, bringing the production of the Heavy Duty pickup trucks to the Fort Wayne Assembly Plant. Although the jobs won’t be filled locally, it is estimated that this will pump an additional $50 million into the Fort Wayne area's economy. This will also provide a boost to the local housing market in Fort Wayne and surrounding areas. With the possibility of 700 new families coming to the Fort Wayne area this will cause an increase in employment in other areas of service, hence the trickle down effect. Fort Wayne has always been heavily vested in manufacturing and local plants have been immensely affected by the recent decline in the automotive industry. Several news outlets have already reported that multiple suppliers to General Motors will be increasing production and possibly jobs as a result of this decision in Fort Wayne and surrounding cities. General Motors is Fort Wayne’s largest employer and once the 700 new employees arrive in April 2010, the Fort Wayne Assembly Plant will employ 2,800 UAW workers. For those who maybe reading this and coming to the great city of Fort Wayne, we welcome you and expect that you will discover early on why Fort Wayne has been an All-American City multiple times. As a local Realtor for several years, I could'nt be an happier for the great people of Fort Wayne and what great fortune this can bring to the many other local plants that heavily depend upon the Fort Wayne GM Assembly Plant. Hopefully this is just the beginning.
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