What the what now?...............

We are back at 2002/2003 pricing.  Pre-Boom pricing and we are beginning to see in some markets some appreciation. Rates then were at about 7% in 02-03.  Rates last year were about 4.5%.  Today in the mid 3’s.

So what’s the impact?  Here are a few examples w principle and interest:

$100k mortgage per month         2003…$665                   Last year…$507            Today…$449

$300k mortgage per month         2003…$1,996                Last year…$1,520          Today…$1,347

$500k mortgage per month         2003…$3,326                Last year…$2,533          Today…$2,245

$1m mortgage per month            2003…$6,653                Last year…$5,066          Today…$4,490

All I can say is WOW!   Same house and 48% less on payment.

So let's look at the numbers in reverse…how much more house can they buy as opposed to years past.

$1,000 payment                        

 2003…$150,000+-mortgage                  

Last year…$197,000+- mortgage            

Today…$222,694 +- mortgage

$3,000 payment                        

2003…$450,922 +-mortgage                 

Last year…$592,083 +- mortgage           

Today…$668,084 +- mortgage

$5,000 payment                        

2003…$751,000 +- mortgage                 

Last year…$986,000 +- mortgage           

Today…$1,113,000 +- mortgage

Bottom line…they can buy 48% more house today than years past for the same payment.

Time to Call Adrian GoAdrian.com Tridel 917-796-2332
North Jersey and NOW.... Manhattan!!