It may be challenging to consider buying a property with all of the negative news about the real estate market. When you consider the facts, it is really a great time to purchase real estate. The following are reasons to buy Florida real estate in 2012.
Reasons To Buy Florida Real Estate In 2012
Favorable Mortgage Rates
Interest rates are extremely low. Many buyers secured fixed rates below four percent in the first half of 2012. Interest rates have a significant effect on recurring mortgage payments. By receiving a low rate, home buyers spend less money on a home or are able afford a higher prices property. Rates may not remain low for the long term, so buyers may want to act sooner rather than later to ensure a low rate.
Real Estate Price Trends
The downturn in the real estate market means that properties are priced much lower than they were at the peak of the market. Similar to stocks, it is better to buy at a low price than a high one. Real estate in the usually appreciates over extended periods of time. By buying low, there is also more potential for price increases.
The Potential to Upgrade to a Bigger Home
When property prices decline, it is really the best time to upgrade to a more expensive home. Buyers can lose money in selling an existing property, but the savings on the new home should be more than that loss. Many buyers are realizing that the declined prices offer a rare opportunity afford a dream home.
A Smaller Gap Between Renting and Buying
The cost of rent remain high even though housing prices have dropped, resulting in less of a gap between renting and buying. Buying offers tax advantages as well for loan interest, property taxes, and other expenses. When you include the benefit of building equity over time, home buying offers both savings and long term growth potential.
Help With Purchasing a Property for the Florida Area
There are many reasons to buy Florida real estate in 2012. If you are ready to benefit from decreased prices, low mortgage rates, and the other benefits of buying a property, start by finding a mortgage professional and real estate buyer agent. Contact Sonny Solomon at The Keyes Company (561-247-1047, sonny@sonnysolomon.com) for additional details on the real estate market and help with your property buying needs.
