Everyone has heard that “now” is the time to buy, which could have some validity based on different variables at the time. Now though, the truth is that almost all market factors are actually incentivizing anyone who is considering the sale or purchase of real estate to make it happen as soon as possible. A lot of hype was made about when and or if the Fed would finally raise interest rates as the market strengthened, and some wondered if the next generation would prefer homeownership or just settle on rentals. Now it seems to have all culminated in one of the best real estate markets in a factor of ways.
As the jobs market continues it’s upswing, and some supply of qualified employees starting to dwindle with lower unemployment, inflation has picked up once more. In response to the changes, the Federal Reserve has begun to slowly but surely increase borrowing rates. As mentioned in a recent article by the Florida Realtors®, rates have now crept up to 4.22% in some cases. And that’s also before borrowers pay any of the additional lending fees like points, stamps, and more. And on top of that, many major players are under the belief that rates will increase again in March.
The last home buyer that Trey Malowany helped only put down 3.5% on a home and ended up spending less on her mortgage escrow than she would’ve been throwing away to renting. Another couple invested in a house in a popular neighborhood that could benefit from a modern touch here and there, and will use it as a stepping stone to get their dream place down the road. With Pinellas County, specifically St. Pete, becoming ever more popular and getting rave reviews nationally, and prices still relatively attainable, now truly is the time to make your move. Contact us today to kick-start your homeowning future!
Image courtesy of Flickr
