To Buy a Home in Florida or Wait Signs Help Decide
Spring signals the traditional start of real estate’s busy selling season, and while that’s all well and fine, when it comes to making your own momentous personal real estate decision—whether to buy a Florida home or to sell your own—trying to decide exactly when to make the move is easier said than done.
It is true that this year national observers are unusually unanimous in expecting that last year’s sales upswing will continue. But if you are deciding whether now is the right time to buy a Port St. Lucie, Stuart or Palm City FL home (or list yours for sale), the reasons behind the quickening sales activity might be an eye-opener. Here are five of the headline reasons why so many will decide to buy a home in Florida in 2014:
A Third Cheaper Than Renting
Web giant Trulia’s national averages show that it is still 35% less expensive to own than to rent. In the 100 largest metropolitan areas, even after mortgage rates rose from 3.75 to 4.50%, the home ownership advantage continued.
Protection Against Rising Rents
Renters are finding it more of a hassle even to find an apartment. In the third quarter of 2013, the U.S. apartment vacancy rate fell to its lowest level in over a decade (4.2%) even as the average effective rent in the U.S. rose by 3%, year over year. With supply of rental accommodation tight and unemployment falling, experts expect even higher rents in 2014.
House Prices Are Still Relatively Low
Again according to Trulia, house prices are still below benchmark value levels. In 91% of the largest metropolitan markets, analysts estimate that homes were 7% undervalued in 2013…and headed up.
It’s Becoming Easier to Qualify for a Mortgage
As interest rates rise, mortgage lender refinance business will suffer. Consequently, lenders will need to compete harder for new home buyers. That’s expected to lead to loosening of lending strictures, effectively increasing the number of prospective buyers.
House Prices Are Expected To Rise
House prices increased by 2% in the third quarter of last year, according to Federal Housing Finance Agency (FHFA) figures. If consensus predictions hold true, house prices will continue to rise by 3% in 2014….making sooner rather than later the optimal way to participate in that upward trajectory.
Whether you are hoping to buy a home in Port St. Lucie, Stuart or Palm City Florida this year or beginning to think it’s time to explore selling, the signs are certainly there. Call me anytime this week—or drop by the office to chat!
Having the right Florida real estate agent means having an agent who is committed to helping you buy your new home with the highest level of expertise in your local market. This commitment level has helped Bold Real Estate Group build a remarkable track record of delivering results.
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About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida. Millie is Vice President of Bold Real Estate Group in Stuart. A boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties. Millie is fluent in English and Spanish with a strong network of real estate professionals worldwide. Other post by Millie Gil