You might be hearing a lot of noise in the Real Estate arena, could all that noise be opportunity knocking? I read some great information and thought I would share it with those of you who have been on the fence about purchasing real estate here in Central Florida. First time home buyers now has never been a better time. I have said it time and time again. Are you unsure if you can financial afford to buy or maybe people have been telling you to wait til interest rates or prices go down. If so then you need to read my blog about financing your real estate.
This is a Real Buyers Opportunity
We are in a buyer's market today in part because there's a surplus of new homes available. Why? "Investors drove prices to new heights in the first half of the decade, so they could flip purchases for profit. Builders started more and more new homes to meet the increasing demand. Then, as investors found it more difficult to turn an instant profit by "flipping" new homes, they began leaving the market. The result is excess inventory. Once that inventory is absorbed, the market is expected to return to normal - which for Central Florida means strong but sustainable.
But what about those surplus homes?
Builders would like to sell them before they pick up the pace of new construction. That's why now is the perfect time to buy a new home. Builders are currently offering unprecedented opportunities to buyers by discounting homes, giving away options and upgrade packages, adopting creative financing plans, paying closings costs, fees and taxes and much more.
While the surplus certainly plays a large role in today's buyer's market, there are several additional reasons why this is a uniquely advantageous time to buy a new home.
So what's the next Opportunity Buyers have in this market?
A Real Financial Opportunity
Perhaps the first myth that needs shattering about today's real estate market is that interest rates are high and need to come back down to make a new home purchase viable. Nothing could be further from the truth.
Rates are, in fact, comparable to 40-year lows nationwide, according to the National Association of Realtors; comfortably close to their record lows of only a year or two ago.
Plus the more mortgage companies find it necessary to compete - and they really are competing in today's market - the more their efforts will continue to keep mortgage rates as low as is economically feasible.
So waiting today for the market to become even more favorable tomorrow - hoping for lower interest rates and lower prices - could cost you thousands of dollars.
In short, it could be a monumental mistake to predicate your buying decision based on what you think might happen with mortgage interest rates. Even industry insiders can't make those predictions with any certainty. Odds are pretty good that you'll be even less successful than they are.
You're better off buying a home now, taking advantage of very favorable market conditions, and starting out right away to build equity and realize the tax benefits of homeownership.
Yeah that's great but I cant really afford anything!
A Real Pricing Opportunity
In today's buyer's market, homebuilders are faced with the realities of one of the first laws of economics - supply and demand. An increased supply and decreased demand means that something has to give. The days when buyers would actually bid above the asking price, and stand in line just for a chance to enter a lottery to buy a home, are over.
Today builders & home sellers are dealing, presenting homebuyers with more inducements than ever to help increase traffic and sell more homes. Incentives run the gamut from free upgrades to favorable financing packages.
What all this really means is that now is an excellent time to take advantage of an unusual combination of circumstances. Buy now, while the pricing and timing are on your terms. And be aware that this buyer's market is a temporary situation. Once the surplus is gone - and every home that sells brings us closer to that time - there will be fewer discounts. Fewer upgrade deals. And fewer opportunities. Wait too long and that great deal you'd hoped for on the home of your dreams will be gone with the surplus.
The MEDIA ALWAYS AIRS ON THE SIDE OF THE SELLER. So what does this mean? When the market is down for sellers meaning a Buyer's Market they are spreading word of doom and gloom. But remember a year or so ago they were upbeat and saying Real Estate was the most amazing thing around, but for who? SELLERS so keep this in mind when you hear that next news story about the Real Estate market.
If you are looking to purchase Real Estate in Central Florida whether it's new construction, resale home or even preforeclosure, Heather Joubran can help you get that perfect home. I service all of Orange and Seminole County. That includes Lake Mary, Longwood, Sanford, Altamonte Springs, Winter Springs, Maitland, Apopka, Winter Park, Ovideo, UCF, East Orlando, Orlando, Baldwin Park, Lake Nona, Downtown Orlando.
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