Marsha VolchoffcloseAuthor: Marsha Volchoff Name:
Email: mvolchoff@reinhartrealtors.com
Site: http://reinhartrealtors.com
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The real estate market was going gangbusters before the homebuyer tax credits expired April 30, but has slowed down since. If the tax credit was the motivation, people need to realize they can probably save just as much or MORE if they buy now, because there has been another drop in interest rates. The difference in interest paid over the life of the typical 30-year mortgage when rates drop just 1/4% is over $5,000 for a $100,000 loan. Home prices are bottoming in Ann Arbor and Washtenaw County and interest rates haven’t been this low in at least 40 years. Waiting to buy could be costly.