If you’re considering dipping your toe into the market and that is the right time to buy a home, you’re not alone.
Many people that are currently renting are reconsidering their housing options as rents rise across the country. For Florida residents, the cost of monthly rent can be as high as 30% of their take-home income. A price tag that in some cases would be much higher than a mortgage payment!
It might be a good time to buy a home in Florida, why?
Relatively low mortgage rates, and a slightly more relaxed lending environment than the past couple of years. You might be surprised how easy it is to get a mortgage loan.
If your credit is good, you have a stable work history, and you’ve managed to save money for a down payment, then purchasing your dream home might be closer than you think.
Why buy now?
Many renters reported feeling stressed about the increases in their rents. Florida has few, if any, “rent controlled” areas, so as rent prices rise, people have little choice but to pay more. For locations with desirable school systems or other community amenities, rent prices have increased above the national average.
Home loans are easier to get now than they were a decade ago. As home prices have stabilized, the ability for first-time buyers to enter the market has gotten easier. Interest rates are slightly over 4% now; many experts agree that they will climb closer to 6% by the end of 2019, so now might be the perfect time to secure a home mortgage .
Are you in a position to buy?
Although it’s a seller’s market in many areas of the country, as rent prices continue to rise, you might be smart to purchase a home sooner than later. Many first-time buyers report that rising rent prices make it difficult to begin saving for the hefty down payment that is required to buy a home. Many millennials are instead delaying a home purchase, adding to the overcrowding of the rental market.
If you’re considering buying a home, get in touch with us advice and guidance. We will help you to check your credit and ensure that you are a strong candidate to get approved for a mortgage loan.