I totally understand how apprehensive buyers are in making the decision to move forward with the purchase of your Mobile, Alabama Metro home, buying your first home or moving to a larger home. In 1968 (in the Olden Days as my children say) when my husband and I purchased our first home, the idea of signing papers committing to pay $110. monthly for 30 years totally freaked us out, we were getting by paying $65 a month for our little 2 bedroom 1 bath home.
The cost to build our new 3 bedroom 2 bath brick home cost us $13,995, financed for 30 years at 8% interest! The lender did not want to give us our loan because he did not feel we could pay nearly twice as much for housing as we were paying in rent, when I pointed out we had paid $125. a month in California the year before, on less income, we got the loan.
When we filed our income taxes, we were able to file a 1040 long form instead of a short 1040A, much to our delight the difference in our taxes was HALF of our house payments for the year! So our home really cost us less than the rent we were paying! Tax laws have changed and your numbers may not turn out with this much difference.
What this means to you, early this morning numbers were running through my head, so I just had to let all of you buyers on the fence know what I was thinking. Number one the low interest rates are HISTORICALLY LOW and all the experts say they will rise and when they do we will have no warning!
I want to tell you about a situation I had with a client buying a Mobile, Alabama home costing $200K, financed at 3.75% interest for 30 years fixed equals a principal and interest payment of $902.75. If the rates rise to 5% the principal and interest payment would be $1,046.43. If they rise to 7% the principal and interest payment will be $1,296.87. I know the first thing that comes into your mind, prices on homes may go down and I will be paying too much, however, if the house goes down to $190K and the interest rate is 7% your principal and interest would be $1,233.20.
A total of $330.55 more a month for a house $10K less! If you have doubts about buying a new home, now is the time to buy.
Showing properties
1 - 5 of 171.
See more city of Daphne real estate.
(all data current as of
2/20/2012)
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5 beds, 4 full baths
Home size: 2,463 sq ft
Year built: 2003
Parking spots: 2
Days on market: 3
Walk Score®: 3
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3 beds, 2 full, 1 part baths
Home size: 2,340 sq ft
Lot size: 18,025 sq ft
Year built: 1993
Days on market: 3
Walk Score®: 20
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4 beds, 2 full, 1 part baths
Home size: 2,671 sq ft
Lot size: 3.01 ac
Year built: 2003
Days on market: 5
Walk Score®: 51
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4 beds, 3 full baths
Home size: 2,300 sq ft
Lot size: 15,000 sq ft
Year built: 2011
Parking spots: 2
Days on market: 5
Walk Score®: 0
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4 beds, 3 full, 1 part baths
Home size: 2,461 sq ft
Lot size: 20,000 sq ft
Year built: 2007
Days on market: 6
Walk Score®: 3
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Looking for something to do this weekend in Gulf Coast AL? Mardi Gras parades are sure to be a fun attraction on Saturday and Sunday Feb 18-19th. Although a few Mardi Gras parades in Mobile and Baldwin Counties originally scheduled for Saturday have been rescheduled, there are still plenty of eye-catching activities planned for Sunday February 19th. The Floral parade will begin at 10:30 a.m. in Mobile on Sunday, Feb. 19th, followed by Knights of Mobile parade and ending with the Order of Angels parade. Other notable parades include the Loyal Order of the Firetruck at 1:59 p.m. in Daphne, the Joe Cain procession at 2:30 p.m. and the Mystics of Time at 7 p.m. in Mobile. This schedule may be updated due to weather conditions, so look for more information on parades and times at al.com.
