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4/16/2014

Don't Overlook a Home's Potential--Cosmetic Issues are Easy to Remedy

You’re searching for just that “perfect” home. You drive to the perfect neighborhood that you’ve always dreamed about. You pull up to the house with your Realtor®, and the house looks fantastic from the curb. You are getting very excited and hope this is the one. Your Realtor® opens the front door for you and you get that first look inside the house. Then BAM! All your hopes and dreams disappear and your heart drops. There’s no way you can get past the orange shag carpet in the living room or the avocado green kitchen appliances. And that wallpaper in the bathroom is so outdated! But the floor plan of this home is awesome and it’s just what you were searching for in the right location. And that new roof and furnace were just installed. Maybe there IS hope for this “perfect” house after all. Don’t overlook a Home’s Potential – Cosmetic Issues are Easy to Remedy! The real estate market in Omaha, Nebraska is moving fast. We are seeing brand new listings hit the market and some are being sold within days, sometimes with multiple offers. Don’t lose out on the home you want to purchase by hesitating over issues that can be remedied.  MORE

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Why now is such a great time to buy in the market and interest rate affordability

With all this talk about record low mortgage rates and interest rates, it is very important to know what this means for you. Lets talk about monthly savings on your mortgage payment.

If you were to buy a $100,000 home today and get a 30 year mortgage rate at 4% (with only 3.5% down payment) your principal and interest payment would be $460.71. If you decide to wait a year or two and interest rates went up to 6% (same scenario 30 year mortgage, 3.5% down payment) the principal and interest payment would then jump up to $578.57. This is a savings of over $117.86 a month.

Same scenario on a $150,000 home you would save over 176.79 a month and on a $300,000 home you could save over $353.58 a month.

There are some other factors that also play into my thoughts on why now is such a great time to buy with record low interest rates and that is that the PMI (Private mortgage insurance) rates keep increasing and are set to increase again on April 1, 2012. Home prices have been at record lows for the last few years and those are also only expected to rise over the next few months and years. So if you are thinking about waiting a year or so to buy, you may want to think again.

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