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MarketWatch showing some signs of life mortgage rates at record lows prices have risen slightly all across the nation.
Coldwell banker real estate agent Tim Paula joins us now -- welcomed the program.
Thank you very much -- you sell real estate in new -- I absolutely do and you know that I've been saying that a single family home -- a good neighborhood is the best value investment in America today you know that I agree with -- OK now so -- a single family home and a good neighborhood in New Jersey what are -- -- point.
-- I'll tell you know I think somewhere along the way people lost sight of what the real value of the home -- And the real value of -- home today is it's a place where you build.
Thousands of memories with family friends and neighbors.
It's a place where you believe that we your your -- your daughter I know that now look is prop up prices down 2530%.
In the area where you -- yes I am not yes absolutely and you don't bargain basement price -- slowly and you know what this is the this is the perfect opportunity.
For a buyer.
On I'm one of the largest real state corrections -- we've had started showing up but I know how to wind -- the prices have not gonna go down some more well I don't want London when he closes on gonna -- onto the market down -- approximately 10 let me say this -- For right now we got interest rates about three and a half to three every quarter percent.
If that interest -- with the rise to four.
44 and a half or three quarter percent.
That means that it would -- the -- -- -- 7000 dollars more over the life of the loan.
Don't or are originally the payment would would get 47000 dollars would would cost them and -- -- -- -- decreased.
-- they they would they would say 27000 dollars.
So right now before about affordability factor has never been greater for a homeowner to buy a home.
And you know that's that's the American dream -- -- own a piece of America are it's all about next problem.
I can't get along.
I go to a bank and -- today twist me up and down and sideways they don't give me alone -- less I've got 20% down.
Least 20% down.
I've got a -- -- credit history.
And I've got a really good well paying job and I'm gonna keep for years and years and years.
Not true no no sir.
You made -- -- you think I can get a loan with 10% down absolutely.
Brilliant yes sir not the banks I -- in New Jersey.
No there there there there lending money we do all the time drilling yes absolutely on long as you have good credit.
You can verify your -- what's the credit school that they're looking for.
On what with a 10% down you probably you probably need to let the 680 you -- better yeah okay that's that's getting up that yes company that is HA.
You probably do 64645.
All right now answer this question -- us.
After no aspersions cast and -- -- All people flooding in to buy right now so a lot of violence on where we're -- -- -- -- seen an influx of buyers coming to market the wires right now I I think you need -- -- No it's not -- -- is not not yet is not act and I horrified and I think it's because the real estate industry as a whole.
Has to get the message out to the buying community.
That there is no better time to buy a home and right now -- affordability factors never been better -- right here Tim Wallace ought to thanks very much for joining us we appreciate I think thank -- you -- -- -- well Austin okay.