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morgan_creek_home_2_400A side effect of the tight inventory of resale homes in Placer County in 2012 was a marked increase in the number of new homes be constructed and sold.

As home buyers found it ever harder to find an elusive resale home to buy, many turned to the new home builders.

They found the process of purchasing a new home preferable to the often tedious task of battling it out for existing resale inventory with multiple offers, drawn out short sale processing periods and other unknowns.

Purchasing a new home allowed them to walk into a model, find what they like, sign a contract, pick their upgrades, set a move in date and then move in after a few short months.

While buying a new home may not always get you the steep discount that may be available on some…

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The California Associtaion of Realtors recently released the following infographic to help put into perspective how great the interest rates are right now.

If you bought an $85,000 home in 1980 with 20% down payment and an average interest rate for that decade of 12.7%, your payment would be the approximately the same as it would be for a $200,000 home at today's rates hovering around 3.5%.

Your principal and interest payment for the $85,000 home at 12.5% in the 1980s would be $900. The total cost over 30 years would be $326,000 with $241,000 in total interest paid.

Your principal and interest payment for a $200,000 home at 3.5% today would also be $900. The total cost over 30 years would be $323,000 with $123,000 in total interest paid.

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