Congratulations to our Christmas Trivia winner, Rory Walton of Charles Town!
A stocking full of thanks to all of you who participated! Many of you had the correct answers. Good job! Several people have requested the correct answers, and they appear below.
1) Santa is tracked by NORAD on Christmas Eve.
2) Skipping Christmas was the basis for Christmas with the Cranks.
3) Elves have bells on the tip of their shoes.
4) Miracle on 34th St took place in New York.
5) Cookies or cookies and milk are left out for Santa.
6) "I'll Be Home for Christmas" contains the line "Christmas Eve will find me, where the love-light gleams".
7) In Germany, the mother traditionally trims the tree.
8) Christmas Cove is in Maine.
9) The ox and lamb kept time with the Little Drummer Boy.
10) Eggnog is the drink available at this time of year.
The question on everyone's mind is where housing prices are going to go. At least once a day, we have someone ask us if the market has hit bottom. Unfortunately, we won't know that until the prices begin to go back up. With interest rates so low now, the issue to consider is whether you are better off at today's prices and interest rates, or if you should gamble that prices will decline in 2009. Consider these scenarios provided by Mark Lickteig of Mlend. You'll see that price isn't always the most important factor in determining the best deal.
House 1 is selling for $215,000, has an FHA loan of $212,199 and the rate is 5.000% (5.764% APR).
Principal and interest is $1,139.13 (mortgage insurance, taxes, and hazard insurance extra).
House 2 is selling for $205,000, has an FHA loan of $202,329 and the rate is 5.500% (6.304% APR).
Principal and interest is $1,148.80 (mortgage insurance, taxes, and hazard insurance extra).
Even though the house dropped $10,000, the rate went back up and you will actually pay more per month, and over 30 years, than you would if you had bought the home at the higher price.
Now could be the ideal time to purchase! We're always ready to assist, so give us a call!
Again, we hope all of you have a safe and happy holiday season!