Wednesday, February 10, 2021 / by Bridget Bass
If you're a buyer looking for a home in South Florida, don't wait. Inventory is low with no sign of improvement. Experts say that sales will continue to increase as much as 21.5% by December 2021. If you're a buyer, that means your competition isn't going to go away.
If you're considering waiting until the market cools, all signs say: No! The market isn't going to cool; in fact, it's going to continue strong. Buyers who are financially able to buy now, should.
Here are two reasons why you can't afford to wait:
Let's say you buy a house today valued at $300,000. Same time next year, that house may be worth $331,500 or more!
2. Today's mortgage rates are low which means you can afford more.
Rates are starting to rise - which means the sooner you buy, the more likely you are to take advantage of lower rates. Lower rates means you can afford more of a home. For example, Zillow reports that today’s average mortgage rate is 2.68% for a 30-year fixed loan. With a 20% down payment, that means the monthly mortgage would be $861 per month. However, if home values rise 8% and interest rates climb to 3%, that same house would cost $969 per month. Assume 12% instead of 8% rise in value, and that number jumps to over $1000 per month.
If you have questions or would like to start your home search, contact your Premier Listings associate today or email our general inbox at email@example.com