TARMLS statistics are out and the average sale price in December was $200,000; bad news for sellers but great news for buyers. Even better news for buyers is that interest rates are at all time lows. These two factors present a fabulous opportunity for REALTORS® to market affordability to their buyer clients. Since March, 2006 the average sales price has declined 29%. Combine that with today’s lower interest rates and the affordability has increased 40%. Here’s the skinny.
In March, 2006 when the average sales price in MLS was $281,000 and interest rates were 6.25% the monthly PI payment on a $281,000 loan would have been $1,730. Today with the average sales price of $200,000 and rates at 4.75% the monthly PI payment on $200,000 is $1,043. That’s $687, a 40% difference!
Now is the time to call, email, write, facebook, etc. all your friends, relatives, clients and their kids about this terrific opportunity.