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.