Talk to anyone trying to sell their home and you will undoubtedly hear the woes of how prices have fallen. As a matter of fact, talk to anyone who hasn’t been living in a cave for the last five years, and they’ll tell you the same thing.
Start out by comparing the market from now back to 2006. In Lombard, the median price of a home in 2006 was $291,750, which would require a monthly payment of $2,317.46. In 2010, the median home price in Lombard is $232,250, with a monthly payment of $1,729.17. That means the average homebuyer is saving $588.29 per month on their mortgage payment.
Now, if you’ve been waiting for the right time to plunge in and buy your first home, it’s pretty obvious that the time has come. But what about the move-up buyer? More and more, we’re seeing homeowners take a lower price on the house they own to get a great deal on the home they’ve been dreaming of. With interest rates at historic lows and home prices competitive, it often makes good sense to move now, when buyers are finding they can skip the “move-up house” and go right into the one they plan on staying in for the long run.
Needless to say, every situation is different. But if you’ve been wanting a new home, now might be the time to make it happen.
