3 Reasons to Buy a Home NOWJune 3, 2016
Low interest rates, stabilizing home prices, rising rents. There are a variety of factors that have us wondering if now, more than ever, is the right time to buy real estate in Fort Walton Beach, Florida, Destin and really, across the United States. In short, yes. Today’s market is rebounding, especially along Florida’s Emerald Coast. Here’s a more detailed look at why now is the right time make moves, literally.
1. Rising Rents:Â Apartment List’s April 2016 National Rent Report noticed that median rents are on a sharp, upward trend. In March alone, the average rent cost rose .4 percent and hasÂ increased 2.7 percent year over year. On average, renters should expect to spend anywhere from $1,100 per month for a one-bedroom apartment and $1,300 per month for a two-bedroom, which in Florida means that it is still cheaper to buy in most places than rent.
2. Favorable Mortgage and Interest Rates:Â The average rate for a 30-year fixed-rate mortgage was 3.64 percent towards the end of May, which is actually down from 2015. A year ago at this time, the 30-year FRM averaged 3.87 percent. Even so, both numbers are historically low and still a good reason to consider buying a home now before these terms creep back up.
3. Demand Still Exceeds Supply:Â Housing inventory on a national level has remained consistently tight. In fact, according to the May RE/MAX National Housing Report, inventory in April 2016 was 15.2% lowers than April 2015. That said, demand for homes is currently at a level higher than one year ago. Combine this with favorable mortgage rates and rising rents and you have three solid reasons to start searching “homes for sale in Destin.”