I have questions for anyone who has ever purchased a home.
- When did you purchase your first home?
- Do you remember what the interest rate was at the time?
- What was your motivation to buy a home back then?
My twin sister Patty and I purchased our first home in our mid 20's. The newspaper clipping to the right, is the townhome we purchased in the early 80's as first time buyers when we relocated to Northern Virginia from Upstate New York.
Below is a graph from Money Cafe, that shows you what the current interest rates are doing. Believe it or not mortgage rates are at historically low rates.
Find more information at Money Cafe
Bottom line, interest rates will rise and fall and yet throughout history people still buy and sell homes. Back in the 1980's we were waitresses making a minimum wage of $3.10 an hour plus tips and yet we knew we wanted our own home. We purchased for just under $100,000. We lived in that home for many wonderful years. Today even with the economy the way it has been, that home has more than doubled in price and the current market value is over $250,000! The reality is, if we had kept that home it would be paid off by now.But that's a whole other blog post!
At what interest rate did you buy your first home and what motivated you to purchase a home?
If you are thinking it is time to consider buying a home, the first step is to learn what your buying power is. Markita Aldridge-Woods of Westar Mortgage here in Lake Ridge Virginia has helped many of our clients with getting a home loan Read more here
Don't hesitate to call me 703-851-3085 or contact me by email
Contact Peggy James or Erick Blackwelder of Erick and Company - Exit 1st Choice Realty,14029 Crossing Place,Woodbridge Virginia 22192. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's,