Friday, October 16, 2015 / by Tom Nickley
We are often asked by buyers in Orlando if they should pull the trigger and buy a home now, or wait a year or two for the market to change. While there are many decisions and factors that go into buying a home, if you have the ability to buy one today, it’s certainly a good time to consider doing so. Here are three reasons why:
Over the last four years, we have seen healthy, steady increases in property values here in Orlando. They are expected to increase at the same healthy pace for the considerable future. While our property values are 59% higher than they were in the lows of 2011, we are still about 30-35% below the all-time highs we saw in 2006 and 2007.
2. Interest rates
Interest rates for mortgages here in Orlando are still hovering right around 4%, which is historically low in the mortgage market. However, even slight increases in rates, which are expected in the near future, can cause drastic increases in mortgage payments and greatly affect your affordability.
Here in Orlando, it is still a lot more affordable to buy a home than it is to rent. It actually costs you 30% more to rent a home than it does to buy one. You’ve got a great opportunity to buy a home now, and start paying off your mortgage instead of someone else’s.
If you have any questions for us, feel free to give us a call or send us an email. We look forward to hearing from you!