What better way to explain how you can benefit from purchasing a home in today's market than a real life example?
Subject property:5 beds/4 baths and 3600 sq. ft.
Location: Henrico County, 23229
Days on market: 180+ days.
The following scenario assumes good credit and minimum 20% down payment.
Scenario #1 - October 2008
Original list price: $689,000
30 yr. fixed rate: 7.875%
Monthly P&I payment: $3,997
Scenario #2 - April 2009
Current price: $619,995
30 yr. fixed rate: 4.75%
Monthly P&I payment: $2,587
Real Money Savings =
$69,005 on purchase price
$13,801 on down payment
$16,920 $1,410 savings per month x 12
$99,726 REAL MONEY SAVINGS
Impressive, huh? Remember, it is impossible to predict the bottom of the market and many local experts are predicting that we are near or currently there. As soon as we hit bottom, home prices and interest rates will begin to tick upward and you may have lost your opportunity. Bottom line: ACT NOW!
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About Us
- Mary Davenport and Jill Plageman
- Richmond, VA
- Mary Davenport and Jill Plageman work at Joyner Fine Properties and were awarded RAR’S Top 10 Teams in 2007, based on sales production within Metro Richmond. They have consistently received Distinguished Achievers recognition for the past several years. Additionally in 2007, they were presented with the Service to Law Enforcement award. It is their impressive sales numbers and personal characteristics that have earned them these honors.
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