5 Reasons to Make Your Next Real Estate Purchase Now | Valrico Real Estate Agent

The last two years have certainly seen a whirlwind of activity in the housing market. A year ago, houses were flying off the shelves across the US, and a year later, we’re still seeing a busy market topped with record-high rental prices and creeping interest rates. 

Then, we add in the Florida factor. Record numbers of people and businesses have relocated to our Sunshine State. We like it here, so we understand why others would want the good weather, vacation lifestyle, and no state taxes. 

It’s been busy in our Florida market to say the least. With so many hairpin economic twists and turns post-pandemic, it’s understandable why many people may feel hesitant to make their next property decision. However, I’d like to offer you a few reasons to make your next real estate purchase now. 

• While the median home price is up, employment is stable. Additionally, the housing inventory shows signs of opening up with active inventory up considerably higher than we saw a year ago. As a result, homebuyers have more options if they’re willing to lock in a higher interest rate. 

• Speaking of interest rates… Although no one likes to see the hikes, the higher rates cool the market and increase the chance you’ll find your dream home. Many had to be less selective to get in on the housing action a year ago. Now is the time to take advantage of more property options.

• If you are renting in Tampa or Brandon, it’s a good time to do your research. First, figure out how much house you can afford. You might find that the amount of your mortgage would be less than your monthly rental payment. Also, remember that your rental cost may rise again, and a mortgage rate can offer you peace of mind of a predictable payment. Then, you can refinance to find some savings when the rates fall in time. 

• If you buy now, you start building equity immediately and get in a home before another likely interest rate hike. 

• Remember, that no one has a crystal ball for the housing market, and a home (whether a primary or secondary residence) is a long-term investment. History has shown rates to rise and fall several times over the last few decades, so we must keep a long-range view of the market. 

Buying a home is never a whim decision for most. The market will always ebb and flow. However, if you have good credit, have done your financial homework, and are reasonably sure you’ll be staying in a home for a good period of time, now could be the right time to make your next real estate purchase.
If you want to open up a comfortable conversation with a trusted agent, I’m here for you. VIP services mean I’ll guide you to the right professionals to help you make the best decision to buy or wait. Then, when you’re ready to buy, I’ll bring my resources and expertise in the Tampa Bay market to help you find a great place to call home. Contact Elena VIP Homes today to turn your real estate dreams into your reality.