Well that seems to be the buzz going around. In the Sunday Honolulu Advertiser June 8, 2008 issue Section R tells it all...
What if waiting doesnt pay off?
Still waiting for prices to come down? Consider this: Even if prices fall 10 percent in the next year, a 1 percent rate increase means the samehouse could potentially cost you more money.
Example:
Buy Today
Purchase Price: $600,000
Interest rate: $5.50% *based on a 20% down, 30 year loan.
Monthy payments: $2,725
Cost Next Year
Purchase Price: $540,000
Interest rate at 6.5% *based on a 20% down, 309 year loan.
Monthly Payments: $2,730
The advantage today there are more homes for sale! Inventory is high and you have more to choose from. So why not buy now and own your Dream Home In Paradise!
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