Wait, at 3.6% would I be better off putting my money in the stock market, which returns 7-10% per year?
Let's look at this scenario. You have $50,000 to invest. If you put it in the stock market and receive a 10% annual rate of return (we're not going to compound the interest in this example - let's keep it simple). In five years you would earn $25,000, or 50% total return on investment (ROI). Pretty good. right?
Let's take that same $50,000 and put it into a home that you will be living in. You put 10% down on a $500,000 home. That home's value goes up in the next 5 years to $595,000. You have just made $95,000 on your $50K investment, a 195% ROI or almost 4 times what the stock market gave you!
What about the money you put into the mortgage payment each month? Doesn't that get deducted from your profit? Well, you would still have to pay a mortgage or rent if you invested that money in stocks, wouldn't you? Where can you get a $500,000 home for less than $1,500/per month? (the interest paid each month on a $450,000 mortgage @ 4.0%). Nowhere in eastern Massachusetts, that's for sure.
I haven't even mention the tax breaks you get as a home owner. All that interest you are paying on your mortgage - it's all deductible on your tax return.
of Making an Offer on a Home With financing in place, a great home located and
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Home Inspector Among the contingencies written into your offer for your
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- North Shore Association of RealtorsPresident, 2014 - present
- Armstrong Field Real EstateBroker/President, 2005 - present
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I have been a resident of the North Shore for most of my life. Born in Chicopee, MA, I moved to Danvers in 1961.
After receiving a degree in Conservation Technology, I worked in Salem in the marine electronics industry before opening a retail store in 1978 - Armstrong Animals Pet Center. I successfully operated the store for 19 years, acquiring vast knowledge & experience in customer service and marketing.
I received my real estate license in 2000, and became one of the top 3 Realtors® in Salem by 2002. I was promoted to manager of the Salem office of Vernon A. Martin, Inc. Realtors in the fall of 2002.
Following in the steps of my grandmother, Lilienne Field, who was one of the most outstanding and respected Realtors® in Salem from the 1940's through 1978, I opened my own office, Armstrong Field Real Estate. Like my grandmother, my focus is on customer service.
Though I lived in Salem for over 30 years, in 2008 found a great deal on a bank owned home in North Beverly that was too good to pass up.
- North Shore Community CollegeEnvironmental Science
- Salem State CollegeBusiness Management