TOM & CYNDEE BROWNER QUAD CITIES REAL ESTATE WITH RE/MAX
SERVING THE ENTIRE IOWA AND ILLINOIS QUAD CITIES ............................................................
DAVENPORT - BETTENDORF - ROCK ISLAND - MOLINE AND SURROUNDING COMMUNITIES
TOM & CYNDEE BROWNER
CRS, ABR, GRI, e-PRO, CRB, MRA.
BROKER OWNERS - RE/MAX BI-STATE
1-563-388-0008 Office - 1-563-388-0083 Fax - 1-866-388-0083 Toll Free - 1-563-570-7629 Cell - 355-1616 Home
Have a question? The answer is just a call or e-mail away. Contact us at tom&cyndee@quadcitiesrealestate.com
We are both Accredited Buyers Representatives (Certified Buyer's Agents) we know you want to make the best decision. You want the best home possible for your investment. We know the market, and we work at your pace and not ours. We will guide you through all the forms, take you through the first time buyer programs and/or financing, inspections and explain everything each step of the way. We take care of all the details and problems before they become a problem to you. Call us on our private line at 570-7629 at RE/MAX BI-STATE or Contact us at tom&cyndee@quadcitiesrealestate.com - LOOKING TO SELL? Check out the services an Certified Residential Specialist can mean to you.
PURCHASE ASSISTANCE PROGRAMS
There is a large misconception amongst renters that it takes a lot of money to get into a home. This is not the truth. The truth is that the price on entry level homes is going up and so are interest rates. Two years ago, 7% interest was readily available, now the rate is 8 1/2 to 8 3/4%. Two years ago nice three bedroom entry level homes were available around $40,000 to $70,000. Now two bedroom are $50,000 and some of the nicer $70,000 homes are now $90,000. Waiting cost you money. Perhaps waiting will prevent you from buying. What you buy is based on what you earn. Saving a $1000 will reduce a payment by $7.69 a month. Waiting the last two years has cost you. A $50,000 home two years ago had a principle and interest payment of $347.62 at 5% down and 7% interest over 30 years. Today that home is a minimum of $63,000 and at 5%n down and 8.5% interest this is a payment of Principle and interest, $416.20 per month. This is an increase of $112.57 a month for the same home. To have kept the payment the same, you would have had to have saved $14,639 dollars to put in the home, just to stay even with payment. If you did not save this amount, you must have had a wage increase of $402.03 per month to qualify for the higher payment if you were just marginal in qualifying two years ago.
You did not save this, did you? Did you get the raise? So you lost! Now if you continue to wait, you may not be able to buy or will be forced to buy a much smaller home in a cheaper neighborhood. What can you do? First, you can make the decision to get into a home now. As this home appreciates, you will be acquiring some equity through payments and appreciation. Renting or living at home are options, but unless you are saving big time, you are just losing opportunities.
Short on money? Here are some programs that are designed to help first time (have not owned a home in the last three years) home buyers get into and afford their first home.