As you can see from the graph below, the Federal Funds Interest Rates peaked in 2006 to 2007 and crashed after the housing market collapse in 2008. Now, for the first eight years, the Feds are planning on raising the interest rates. How dramatically and how quickly they opt to raise the rates will not be known for a while. However, some policy makers are anticipating the rate could be high as 3%. If that happens, then it will create a dramatic increase in mortgage interest rates in the very near future.
For example, if the amount financed is $150,000 today at 3.8% interest rate, the monthly payment would be approximately $900. However, if the interest rate doubles in the next few years to 7.6%, then the monthly payment will skyrocket to almost $1,300 per month. That’s a $400 increase in the monthly payment.
Although home sales plummeted after the housing collapse in 2008, home sales have been increasing since 2011. An increase in demand means that homes prices will also increase in the coming years. You can see from the chart below, existing home sales have been steadily increasing month over month and is expected to continue. Now truly is the best time to buy your Greensboro home.
Greensboro offers quality homes for sale at affordable prices. The median home price in Greensboro is only $104,700. Plus, Greensboro is ranked as one of the top 100 places to live in the country, has an average commute time of only 20 minutes, an unemployment rate of only 5.8%, and a the cost of living is 12% lower than the national average.
Additionally, if purchasing one of the many homes for sale in Greensboro, NC that are available, you and your family have an abundance of higher education choices available within less than an hour’s drive that include top ranked schools like:
- University of North Carolina
- Elon University and Law School
- North Carolina Agricultural and Technical State University
- Duke University
- Wake Forest University
- North Carolina State University
If you are looking for a luxury home for sale in Greensboro, then now really is the time to buy. Smith Marketing, Inc., is your best resource for homes for sale in Greensboro. We can provide you with the best resources and facts for important home buying decisions. Call us at 336-215-7880 to begin your new home search.
*Source for Graphs, www.forexfactory.com