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Real Estate fU
Eileen M. Day REALTOR
SOME INTERESTING TRENDS It has become increasingly clear that a family's physical shelter (its home) has become its predominant source of wealth, liven with modest in flation of 5% a year, a typical house will be worth more at the end of a 30-year mortgage than the purchase price plus all interest, taxes, and insurance combined. A house pur chased for $133,400 today would be worth $549. lOO in the year 2016. If prices were to increase over that period by the same average 8% annual rate of the last decade, that same $133,400 would tx* worth $1.18 million in the year 2016.
In an increasingly mobile society, home ownership no longer anchors people to the land as it once did Some buy ers, especially those just en tering the market, move almost as often as renters; sell ing and trading upy after a few years. In such cases, adjusta ble rate loans have become more popular because, in many instances, the holders sell the house and pay off the loan before its term is up
If there is anything we can do to help you in the field of real estate please stop in at El LEEN M. DAY. Realtor, The Clopton House, Washington, Va. 22747 Phone 6753033 We re here to help.
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