It’s time to BUY!

Dagmer ChewFortune 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

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