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June 7th, 2016 2:00 PM
Barbara's Blog:
There are many good reasons to purchase or build a home now or this year and here are just 7 of them:

1.  Rents are rising at a faster pace than home prices, especially in Central Florida.  The demand is greater than ever before and even the new builds of apartment complexes cannot keep up with the demand.  With great demand comes higher rent prices and mortgage payments are now often lower than monthly rent.
2.  Mortgage interest rates are still favorable.  Not only are interest rates still low, but there are many new mortgage products available that were not offered before.  Down payment amounts are still reasonable and loan requirements have softened a bit.
3.  It is still cheaper to buy than to rent in Central Florida.  With so many diversified loan products, a home buyer can put very little down and still qualify for a lovely home, with mortgage payments often below what rent would be on the same size home. 
4.  We are nearing the end of the era of low mortgage rates and moderate prices.   Mortgage prices will begin to rise in the very near future, possibly after this year's election, as they have remained low for longer than usual.  As more demand for homes increases, so will the prices.
5.  Personal income is beginning to rise once again.  Job growth is becoming more stable; the economy is flourishing, and even minimum wage has increased.  More income will allow more people to qualify for home purchases.
6.  Housing demand still exceeds supply so by waiting, it may be more difficult to find the ideal home at an affordable price.  New construction is on the rise, but still cannot keep up with the influx of new residents and the desire to purchase.  As demand keep increasing, so will the prices, including resale homes.
7.  Millennials are reaching their peak home buying years, which could further tighten the supply of homes for sale.  They are the largest group ever of eligible home buyers that are entering the real estate market, which will help shrink future inventory of homes.

It is always a difficult decision to determine whether or not to purchase property.  There are so many factors to consider and no ones knows what the financial world will be in the future.  But all things point to NOW as being a very good time to jump in and grab that "dream home."   Let us know how we can help!!

Written by Barbara Doeringer

Posted in:Real Estate
Posted by Allen Doeringer on June 7th, 2016 2:00 PMPost a Comment

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