Cape Cod Real Estate, Time to Buy!!

Cape Cod real estate is heating up on the Cape and we are finally seeing buyers pull the trigger and investing in homes and condos for sale. With interest rates at an all time low how could you not!!Interest rates continue to dip with a 15 year fixed currently at 3.85%, by the time you are reading this possibly lower. With lower rates you are able to afford a little larger or more expensive home. It was not that long ago when I had clients come to Cape Cod, Ma and know what they want but unfortunately it usually cost $50-$100k more than they wanted to spend. Interest rates were around 6%. Now with interest rates so low, you can now afford a little more home. To give you an example, If you were to purchase a home at $300k with 20%down you would have a mortgage of $240k. At 6% on a 15 yr fixed rate you are looking at a $2025 month mortg. and a through the lifetime of the mort you are paying $425k for the loan. The same loan with todays standards you are going to pay a monthly of $1757 per month and only $316k over the lifetime. Thats a savings of $3000 per year and over $100k over the life of the loan. The same rate you would be able to afford approximately $40k more than before. Not only are rates offerring you fantastic deals, home values have also come down over the past few year. All of this is creating a perfect storm for real estate. The good news is that you don't have to rush out and buy something today, however, be careful how long you wait to invest. Rates fluxuate daily and could go up at a moments notice. The market should remain flat for the next year but if you seem something out there you like you should make a move. You should always consult a local realtor to get the most intimate knowledge of the area in which you are interested in. If you would like to search all homes and condos for sale on Cape Cod for free you can go to www.capecodrealestatebydan.com and click on search the Cape MLS. Good luck and feel free to contact me anytime.