Buy A West Knoxville Home Now 5 Reasons Why
Have you been thinking about buying a West Knoxville home but are unsure whether now is a good time to buy? Consider these 5 GREAT reasons to buy a West Knoxville home now:
1. Affordable home index of 83% — that means 83% of everyone working in West Knoxville can afford to purchase a home.
2. Cheaper to buy than rent – it’s now cheaper to buy a West Knoxville home than rent! Save some of your hard earned money AND own a West Knoxville home. What could be better than that?
3. West Knoxville homes prices at 2005-06 levels — when you purchase a West Knoxville home, you’re paying approx. 2005-06 home prices. How would you like gas, food, and car prices to be at 2005 levels? I don’t know about you, but I’d love to pay only $1.55 a gallon for gas (2005 gas prices). We may never see West Knoxville home prices this low again.
4. Tax benefits — hate paying taxes? Owning a West Knoxville home has a number of tax benefits not available to renters. Here’s 3 great articles on how you can save even more money this year using the tax benefits of home ownership:
5. 4% interest rates — interest rates are near all-time lows. Why should you care? You can save a bundle! Below is a scenario written by a homeowner who purchased a home in 1997 at higher interest rates and how today’s all-time low interest rates can save you $$$ and build equity in your home faster!
“Back in 1997 I bought my first home, it was new construction, I paid $137,000 for a 2040 sq ft home…. that translated to roughly $67 per foot. My interest rate at the time was 8.125% with a total payment of $1,017 per month.
Today, the same home as mine, in my neighborhood, is selling for $249,000 equaling $122 per foot with a total payment of $1,188 per month at a 4% rate. You can see the slightly higher minimal monthly payment quite clearly ($1,017 vs. $1,188) — but with a 8.125% interest rate only 9% of my payment ($89.62) was going towards principal, whereas if a new buyer purchased the same home in my neighborhood at today’s rate of 4% — a whopping 30% ($358.76) would go toward principal. In other words, West Knox buyers who purchase today get 2002 home prices with low interest rates but also gain a SIGNIFICANTLY faster rate of equity. But that’s not all…
Now lets talk interest paid…on the $137,000 loan, the buyer paid a whopping $229,201 just in interest. However, a $249,000 loan at 4% would be $178,956 in interest, SAVING you $50,245 in interest on a loan that’s nearly TWICE as large!
Do you think you still have time to wait? Don’t Give me a call at 865-696-9002 or email me Rick@TheBigOrangePress.com let’s get started!!