Thursday, October 29, 2020

President MIAAOR comments

Today’s Buyers Save well Into the Future

Susan Ackerson

In today’s economy, many factors influence the decision to buy a home – job status, financial resources, and family considerations among them. But one of the most compelling reasons to consider becoming a homeowner in the current market is the affordability factor, which will benefit today’s buyers for many years to come.

To put this into perspective, a buyer who purchased a median-priced home five years ago with an FHA mortgage requiring a 3 percent down payment would have a monthly mortgage payment of $1,650.00. With today’s interest rates and median home prices, that same buyer would be paying $1,150 per month – that’s a $500 savings every month, and a savings of $6,000 per year.

In today’s market, seven out of 10 home buyers must borrow money to buy a home. For aspiring homeowners who don’t have hundreds of thousands of dollars in savings to buy a home outright, tax benefits like the mortgage interest deduction helps them begin building their future through homeownership.

“It is a good time to buy property on Marco Island.” According to Susan Ackerson, President, Marco Island Area Association of Realtors, “Total new listings all property types on the market month-to-month, from August 2010 to September 2010, increased by 23.36%; however, total active listings all property types in the same month-to-month time period decreased by 2.33%. From August to September 2010 there was a 58.33% increase of pending properties all types and total properties closed all types increased by 25.64% in the same time period.”

Discover Marco Island’s 3.5 miles of white sand beach, golf, tennis, world class fishing and boating. Make home ownership on Marco Island your tropical island paradise.

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