As a homebuyer, you're always faced with the same tedious decision: should you buy now or wait for prices to come down and possibly watch them increase innstead? Your answer will vary depending on your current situation and future aspirations, but there are certain advantages to buying soon that every homebuyer should consider.
1. Prices are rising quickly and so are rental prices. Be on the winning side of appreciation and inflation. Don't get caught in the renting cycle forver.
2. Take advantage of rapid appreciation while it lasts. Normal appreciation rate is near 3%, last year we saw near 20% in some parts of South Florida. We are expecting the appreciation rate to cool off in 2022 near 7-10%. A lot lower than last year's crazy 20%, but still more than double of the normal 3% rate.
3. Lock in a fixed interest rate for the life of the loan. If prices continue to increase and interest rates rise, you are set in the long run. Fight against inflation.
4. Owning a home may provide greater mobility than you think. If you want to move, you have plenty of options: rent your home, sell your home, pull some equity out and purchase another home, and a few more.
Knowing your purchasing power is a big factor in understanding if you are in a position to to purchase a home. Many People think they cannot afford a mortgage but in reality it may cost less than they think.
However, if you’d like to learn more about the benefits of homeownership and purchasing power, let’s connect so you can make a confident, informed decision and have a trusted advisor along the way.
