Wow, what a weekend to look forward to in Coral Springs! Cinco de Mayo festivities will take place tomorrow all around town, the biggest moon of the year is tomorrow night, and home affordability has reached its peak this week in the Coral Springs real estate market!
Real estate news has been centered for a while now on home affordability. Then today, Realtor Magazine posted an article that reiterated yet again how strong home affordability is, and that the historically low mortgage rates this week added another boost to homebuyers!
According to a Freddie Mac survey, 30-year fixed mortgage rate averaged to 3.84 percent this week, which was a new historic low. The previous record was 3.87 percent in February! It’s not just 30-year rates, though. A 15-year fixed-rate mortgage averaged 3.07 percent, another historic low! The previous record was 3.11 percent earlier this month.
Even five-year and one-year mortgages are at unprecedented lows. Last year, a five-year rate was 3.47 percent. This year, it’s averaged at 2.85 percent! The one-year rate also hit a historic low this week, set at 2.70 percent.
This is one reason why CNN Money reported this week that buying a home might never be as cheap as it is right now. That’s party because economists predict home prices will flatten out by the third quarter and start climbing by next year. This prediction is in thanks to a decrease in foreclosures and an increase in jobs.
Other real estate professionals have an even more optimistic outlook! This Trulia article says that home asking prices have already increased 1.4 percent in the first quarter of this year, compared to the last three months of 2011, and that 92 of the 100 largest metro areas have seen an increase in asking price.
This means that if you buy a home now in in Southeast Florida, by next year, the housing market will be in the process of improving and you’ll own a home worth more than what you bought it for!
Still not convinced that now is the time to buy? Aside from the fact that home affordability is at its peak right now, rent prices are also at their peak. It is much cheaper to buy a home in the Coral Springs real estate market than to rent one right now. Why waste your money away when you could buy the home of your dreams in Coral Springs?
As your Coral Springs real estate agents, it’s our job to make sure you understand the conditions of our Coral Springs real estate market right now, so you know that now is a great time to buy. It’s possibly the best time to buy, with affordability factors that we may never see again! Don’t let this opportunity pass you by. Visit our website, check out our listings, read our homebuyer tips and contact us when you’re ready!
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