When calculating what you can
afford in a house, don't just look at the list price. The amount you pay for a
house is important when you consider your ability to re-sell the house. Today's
mortgage options are increasing the possibilities for home buyers, so you should
also take a close look at what it will cost you to live in the house.
Your monthly housing cost is the second figure to
consider, and that cost is very much determined by current interest rates.
Today's real estate market is very price-driven. Homes which are in the best
condition and have the most attractive price tags are the ones that sell.
Diverse financing options and competition among
lenders are giving many buyers the opportunity to buy a more expensive house or
condo than they thought they could afford--and sooner. There are many creative
ways to get into a home with a relatively small amount of money. Ask your
Realtor to help you look at today's numbers--you may be pleasantly surprised.