I am so excited about the possibilities out there for first time buyers to be able to get a house at an affordable cost.
For many years in the Ashland/Medford area, it has been a struggle to be able to buy your first home.
But I think this winter will be a good time to get a home, and have payments that are comparable to the cost of rent. And in many instances could even be cheaper than rent. Not to mention the tax advantages given to home owners.
I got notice today from a lender friend of mine that the 30 year fixed interest rate has hit 4.5%. With an interest rate that low, a first time buyer who can qualify for a FHA loan at 3% down could buy a house of $150,000 with around $7,000 investment and have Principle and interest payments for under $750 a month.
In Jackson county there are currently 130 properties listed for %150,000 or less.
Currently I have a property listed in Ashland for $175,00 with the sellers contributing up to $10,000 back for closing costs and possibly a rate buy-down.
And lets not forget the $7500 tax incentive for first time buyers.
There are opportunites out there for those who can step out and seize them.