Fortune Magazine this month mentions “It’s time to buy again”. Their article starts by saying the return of the real estate market is better than gold and stocks. I have to agree Cape May has a fantastic inventory of prices especially now in the $500,000.00 and below price range that so many have asked for.
There are currently on the market in Cape May City 21 residential properties under $500,000.00. There are 44 condos being offered in Cape May all between $255,000.00 – $500,000.00. If you want to buy in West Cape May there are currently 17 residential properties on the market under $500,000.00. With interest rates at an all time low combined with a huge inventory it is…….. time to buy.
Today’s mortgage rate for a 30 year, 0 point fixed rate mortgage is only 4.50% or for a 15 year, 0 point fixed rate 3.75%. This makes buying in the Cape May area market not only affordable but sustainable. If you purchased a home for $500,000.00 you will need a deposit of 20% therefore your mortgaged amount would be $400,000.00 and your principle and interest payment would only be approximately $1,852.00 + taxes and insurance for a 15 year fixed rate product. See below with an estimated yearly property tax of $3,000.00 and yearly insurance of $1,500.00.
Principal and Interest $1,852
Taxes and Insurance 375
Mortgage Insurance 0
Total Payment $2,227
Is this affordable for you and your family? If so we have a huge inventory of homes to meet your budget. Call one of our experienced agents today and find out how you can own a home in the Cape May area.
From the desk of Dagmer Chew, Broker/Owner, GRI, ABR