When the list of things to accomplish in 2020 comes to mind, buying a house is probably not at the top right now. Continue reading to learn why this might change…
After all, perhaps you’ve had to buckle down a bit as the economy has taken a hit, and you don’t want to risk making big purchases. You might think that making such a large investment might be risky right now, but it’s actually a good opportunity to acquire a property according to expert real estate professionals.
One of the biggest reasons to jump into the real estate market right now is that mortgage interest rates have fallen to levels rarely seen before.
In fact, average rates fell to 3.29 percent in early March for a 30-year mortgage. However, the low rates won’t hang around forever. There’s already some evidence that they are rebounding – which can add thousands of dollars over a mortgage term.
Despite the economic slowdown, home prices are still on the rise. That means that the investment in the market you make now is poised to pay off in the future.
A report from earlier in 2020 outlines that U.S. home values had reached $29.2 trillion, which is a new record. Lower interest rates are one of the drivers of home values. It creates more competition in the market and allows potential buyers to qualify for bigger mortgages.
Here at Sabal Homes of Florida, our available homes range from the high 500’s to the mid 800’s. We have three move-in ready houses you can choose from in prestigious neighborhoods.
While home values are continuously rising, there are still a lot of opportunities out there for those looking at picking up a property at bargain prices.
For example, if you’re looking to buy an investment property to rent out, now is a great time. That’s because investors in short-term vacation rental properties, in particular, are looking for liquidity, which means you could score a deal if you look hard enough.
However, there may be fewer properties on the market due to foreclosure. That’s because some big lenders put foreclosure moratoriums in place to help assist homeowners currently financially struggling.
There’s no guaranteed perfect time to jump into the housing market. But buying now is a sound investment that could provide security for an uncertain future, say experts.
It may also be an opportunity to create the home of your dreams. Choosing a design/build option means that you get exactly the home you want now, without having to worry too much about upgrading or modifying an existing property down the road. We specialize in custom homes here at Sabal Homes and will be happy to work with you to create the home of your dreams.
Despite the financial challenges faced by the country (and the world) at the moment, it shouldn’t end your decision about buying a house.
With low-interest rates and rising property values despite the slowdown, it could be the perfect time to invest. Find out more about our available properties by contacting us today.
Did you know that in 2019 more than 5 million existing homes were sold, and nearly 700,000 new houses were built? If you’re among the many people ready to buy or build a home, it’s important to stay on top of industry news and trends. These trends can impact your house-hunting search or even make you consider customizing your dream home from scratch. Continue reading to learn the top five home-buying trends for 2020.
Among recent home buying trends is the reluctance of Baby Boomers to sell their houses. Instead, more and more people in this generation are choosing to stay in their current residences and opting not to downsize or move.
A lower number of homes for sale means that prospective buyers may not be able to find exactly what they’re looking for in a house. Compromises become more important, and it can be beneficial to expand the location where buyers are looking or even change the price range they’re considering.
For example, if you are a buyer and work in Downtown Tampa consider moving to the outskirts of the city. For example, they’re two family-friendly communities called FishHawk Ranch and Hidden Reserve. These two communities are ideal for a short commute to the office while also escaping the high home prices that come along with living in the city.
Another option is to build your own luxury dream home. This gives you the ability to create exactly what you want in a residence, and it leaves you in control of design decisions.
Experts have estimated that home prices will go up 2.8 percent this year. And while that isn’t a huge increase, it does underline the importance of staying on budget for home buyers.
Saving is essential, as is knowing the amount of house you can truly afford. If you’re interested in building a home, one way to make sure you stay on budget is buy picking the perfect lot.
Here at Sabal Homes, we recommend everything from considering the topography of the lot to thinking of the views and traffic levels. Be sure to take everything into consideration while adjusting your budget. We have homes that range from the 700’s to even the 400’s, so we can work with you and pick out a home together that meets your needs and budget.
Interest rates have been declining, and these lower mortgage rates can help buyers purchase their home with a lower monthly payment. In general, the rates have stayed between 3.5 percent and 4.5 percent.
This can help make homes more affordable for a wider range of buyers. We here at Sabal Homes recommend you act now to take advantage of these lower mortgage interest rates. You never know what the interest rates will be in the next couple years so buying a home now can save you big bucks in the long run.
Interested in how millennial home buying trends are shaping the market?
In 2019, 37 percent of home buyers were millennials—or anyone born between 1980 and 1998. That means that if you’re a millennial home buyer, you could face competition when it comes to the perfect house. While there is competition between millennial homebuyers, don’t let it deter your home search. There are so many houses out there, so consider all of your options in many communities before you commit to purchase.
It’s important to know what you’re looking for and to be sure of what your must-haves and deal-breakers are when it comes to houses. If you’re building your own custom home with help from a company, be sure the home builders are credible, have experience and are licensed like Sabal Homes.
As working from home becomes more prevalent, buyers are placing more value on having a viable office space in their houses. When you customize a home with Sabal Homes, easy add-ons such as a home-office or home-gym can be implemented into most floor plan designs. For example, our Westwind 2-story series gives you the option to either add an extra bedroom, bathroom, or even a bonus room.
Being aware of 2020’s main home buying trends can help you stay on top of the industry and make informed decisions about your next home.
For more information about buying or building the perfect home for you, be sure to check out our blog.