Now that the Homebuyer’s Tax Credit offer has expired, you may think there’s less incentive to buy a home. But there’s another factor that still makes this a great time to make the decision to buy, and it’s found in the difference between the price of a home and the cost of a home. There is a difference – the price of a home is what you pay to purchase it, while the cost is what you pay every month in the form of a mortgage payment. So the cost is a combination of the original purchase price and the mortgage interest rates you will pay.

According to the Case-Shiller Price Index, an index calculated on repeat sales of single-family homes, home prices are now at the levels last seen in 2003.

But to make it even better for today’s buyer, interest rates are now a full point lower than they were in 2003. While the price is the same, it will cost you less! Take a look at this chart comparing mortgage payment amounts today and in 2003:

After you pay the 2003 price for this home, over the life of a 30-year mortgage you’ll save more than $52,000 in interest costs as well! So even if you didn’t find your next home in time for last weekend’s deadline, don’t wait to lose out when interest rates start to creep up from their historic lows and make the cost of owning a home rise. Start searching for your home now, or give us a call at (864) 225-2503 and we’ll help you get started.