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Re: [ Gen. Discussion ] Adolphus Avenue For Sale S
Posted By: McMansion Owner In Response To: Re: [ Gen. Discussion ] Adolphus Avenue For Sale S (Hot East)
Date: Monday, 12 June 2006, at 1:04 p.m.
I actually did the math at one of those online mortgage calculators and, with a 10% down payment (which is the required minimum to purchase a house) the monthly payments would be about $2,560 a month at an interest rate of 6.5%. This figure, however, does not include prooperty taxes and maintance. If the buyer puts down a larger down payment, the monthly payments will be less.
And don't be fooled by some of the asking prices you see. In order to convince buyers to use them, real estate agents will list the house at sky high prices. Not too many people will pay these prices because it is more than what the home is worth and they scare off potential buyers. What usually ends up happening is that the home sits on the market for a long time and the buyer has to keep dropping the price.
I remember seeing one home start off at $1.4 million and went all the way down to $1.1 million.
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