When you’re looking into buying or selling a home, you want to look at the housing market. The housing market predicts what’s to come in the future, so you can decide if now is the right time to buy or sell.
Forecasts for Florida show that home prices may be on the decline, which is great news if you plan to make a purchase. The downside is that interest rates are expected to climb, which means that you’ll pay more over time for your mortgage than you would have months ago.
Florida has another problem, which is that it’s a state with a high number of home vacancies. The total number of vacant homes in Florida is approximately 144,000, which makes Florida the state with the eighth-highest vacancy rate in the nation. With more homes on the market, that explains why housing prices will drop, especially with higher-cost mortgages.
How can you decide if it’s time to buy a home?
The way you can decide if the time is right is by looking at your own budget and weighing it against the current market. If the home you want is within budget, you can secure a low mortgage rate and you have room to negotiate on the home’s cost due to it being a buyer’s market, then you’re in a great position to make a good purchase that can become an important investment for your portfolio.
If you’re thinking of buying, remember that your contracts and legal documents have to be in order. Take the time to get to know the process, so you’re ready to buy when you find the right property.