Should you buy a home NOW?
The answer to this question is easy. YES. If you can qualify to purchase a home now, you should. Buyers are having a more challenging time and are hunting for homes in a market where we have a shortage of listings. When a house hits the market and is priced right, there is often a bidding war or multiple offers on that home. Even though this is happening, as a buyer, there are ways to thrive in our Marion County market with a good Realtor by your side. So, even though the circumstances, buying a home now if you qualify is a smart choice. Why?
Rents have increased in Marion County at a faster price than home sale prices. Actually, I’ve noticed a slight decrease in house sale prices recently but the rents are still increasing. It is always more favorable to make an investment rather than throwing your money away in rent. A mortgage payment on a home, that you can own and build equity in, will be less than the rent you would pay on that home. For example, a home that would cost $1,400-$1,500 a month to rent would be less than $1,000.00 a month with a mortgage including your taxes and insurance. Always a better option.
Mortgage interest rates are still very low. The biggest purchase someone will make is probably buying a home. A home purchase isn’t anything to take lightly, it is a large financial obligation and buyers should be aware of the financing options available to them. The lower your interest rate, the less your payment will be and the less money you will pay over the life of the loan.
Baby Boomers are no longer the largest age group in our population. Millennials are now the largest group surpassing the Baby Boomers. My 2 boys are Millennials and they are at the perfect ages (22 and 24) and are reaching their first time home buying peak years. What this means is, as the Millennials start purchasing homes, we will see the supply for homes for sale further tighten up. Now is the time to buy as the housing demand is starting to exceed the supply, so if you wait it may be harder to find an ideal home at a price you can afford.
In Marion County and in most counties in Florida, it is still cheaper to buy a home rather than rent, personal income is on the rise, home sale prices are still relatively low and we may be nearing the end of the lower interest rates so I would certainly say YES, you should buy a home now.
As an Owner of Asset Capital Realty and as a Licensed Real Estate Broker my main goal is to help my buyers buy smart and to help them get through the whole home buying process. If you are a buyer and want to purchase a home, NOW is the time! If you are uncertain if you can qualify or don’t even know where to begin, give me a call today. I’d be more than happy to get you started in the right direction.