If you are on the fence about when to buy a house, now is a great time. The market is in good shape and the snow is still flying up north. We have seen prices go up over the last several years, but homes are still priced relatively well compared to the pre-bust times. The question is whether or not prices will continue to steadily rise over the next several years. Nobody knows the answer to that, but with the amount of people in SWFL this season and with the terrible winter weather throughout the US, the demand sure is here. Here are some points to think about:
Peak season will start to wind down in about a month. We’ll see traffic start to lighten up and snowbirds will start to slowly flock back up north. This creates an opportunity for locking at homes right now. Once the heat kicks on down here, sellers can get a little anxious and want to sell their home prior to summer, which could allow you a better deal.
New construction is booming. I’ve been told that there are upwards of 70+ new construction communities that are being built in both Lee and Collier counties – just drive around and you will see them everywhere. You can have your pick of the litter if a brand new home is your choice. The new homes of the early to mid 2000’s are now about 10 years old, so if you get a brand new house at a great price, then why not?
If you are looking to rent out your property, the rental market is the hottest it’s been in years. Demand is though the roof and there are simply not enough seasonal and annual properties to meet the demand. Seasonal rentals were booked solid this season and I’ve heard of annual tenants having a hard time finding exactly what they want. If you are buying as investment then now is the time to take advantage of the rental demand as rent’s have crept up steadily.
Rates are still extremely low. You can buy your dream home and finance it for a fraction of what it would cost with a higher interest rate. This has allowed buyers to afford a home they never thought possible. Lock in a low rate and enjoy the property for years to come.
Thinking of long term can be the key. I encounter customers daily that are buying property now to rent out for the next several years, thinking that they wont he able to buy at these prices again. Once they finally retire, they will stop renting the home, fix it up and then move into it themselves to enjoy their retirement.
“Don’t wait to buy real estate, buy real estate and wait” as T. Harv Eker said.
This article was written by: Gabe Mellein