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It™s a great time to be buying a new home. Condo prices have dropped about 20% off their highs
in 2005, and mortgage rates remain at historically low levels.
A condo that sold for $400,000 in 2005,
sells today for $320,000. But that is not the whole story. To
finance that condo in 2005 with a 20% down mortgage (30 years at 7%) cost the
buyer $2,130 a month. Today, that same condo financed at 5% costs $1,375
a month. That™s an increase in
affordability of 35%.
Many leading real estate economists
believe that our market (which is in better shape than much of the US) has
œbottomed out. Home sale inventories have decreased and sales of
existing homes are dramatically up. This means that if you™ve been
œtiming the market, now is the time to strike.
Mitch and I are the area™s leading
condo experts and we™d love to help you find the perfect condo/townhouse to fit
your needs. We can take you to see properties this weekend, or whenever
you™d like to get started. Call us today at 973-580-1151
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