ATTENTION HOME OWNERS:
Are you sitting on the fence about selling your home? Home prices continue to remain high because of dwindling inventory? Several market indicators reflect home prices are leveling out most predominantly in upscale and trade up neighborhoods. Which is good news if you are thinking of selling and purchasing a larger, newer or new construction home.
The economy typically reacts to rising interest rates by a narrowing of the number of qualified buyers. Buyers will be less enticed to borrower large, high interest rate mortgages. This will trigger a leveling out and eventual decline in home prices. The decline in home prices is the markets way of continuing to entice these buyers to the market while rates are increasing.
Will it be the next increase in the rate to trigger the purchase slow down? No one has a crystal ball to predict how the consumer or the market will react. When will that increase come? Although, what is certain is that it’s inevitable but no one can predict when.
It’s time to get off the fence. Sellers pay attention because now is a great time to sell while prices are the highest level. If you are trading up or downsizing, now is a great time to take advantage of the low fixed interest rates. Call a professional today and find out how much your home is worth; so you can take advantage of this opportunity before the rates increase.
The average rent in the Central Florida area is above the average mortgage. What that indicates is that buyers are choosing to rent for a variety of reasons:
Why, do potential buyers choose to rent?
- Don’t think they qualify for a mortgage loan.
- 70% lack the funds to purchase.
- Unaware of homes available in their price range.
- Want to remain flexible and mobile in their housing choices.
It used to be that renting was less expensive than buying. The tables have turned for renters. Your rental dollars can now afford a home. Right now is the best time to buy. Rates still remain low, but not for long? All indicators point towards rising interests rates from the Federal Reserve, resulting in the raising of mortgage rates.
If you are residing on the fence; now is a good time to make a move. Interest rates are still at their lowest point as they are right now. Home prices are still affordable and selection is great. Now is a great time to make a move. There are a variety of mortgage products available as well as down payment assistance programs for families making around $80K a year. Call a professional today and find out if you can take advantage of this opportunity before the rates increase.