Florida has one of the trickiest state Markets to keep track of if you aren’t in the business of checking in on the market regularly. For new buyers, the amount of information available can be overwhelming if not just downright intimidating. There are multiple things to consider and the market is always subject to change, for better or worse.
Right now, in Florida, we are what in what is considered a seller’s market. This isn’t necessarily bad, it just means that buyers are competing for homes and in response, the average cost of a home may be higher than it would have been in this past. While they may deter you from looking for a new home right away, the good news is that winter is seasonally the lowest point of the year for home sales and that means competition isn’t as fierce as it is likely to get in the coming spring and summer months. May has traditionally been the point at which home sales peak, so now is a much better time to purchase if you want a decent pick of the options.
Another important consideration is that mortgage rates right now are very low, and locking in that rate before the Market potentially shifts is a boon to every new homebuyer. The average rate in December is 3.7%, which is the predicted average of 2020. Of course, the actual rate is going to fluctuate throughout the year and waiting too long could mean an interest rate of 4% or higher.
Buying a new house or investing in a house to flip is always a big decision, and you’ll have to carefully consider your own financial situation as well as your needs in the future before coming to any conclusion. In our view, however, now is certainly a good time to buy given that interest rates play such a huge role in the overall costs and this season is when you are in the best position to negotiate on terms. Happy hunting!