The 2016 Florida Realtors® President, Matey H. Veissi, told the Orlando Business Journal that this year Florida added new jobs, attracted new residents and encouraged economic growth, all while strengthening the housing market.
In fact, from the 2nd quarter of 2015 to the 2nd quarter of 2016, closed sales of single-family went up 1.4 percent.
During that same time frame, there have been over 76 thousand closed sales in the state of Florida!
Also, the median sales price for single-family homes during the 2nd quarter of 2016 was up 10% from the previous year. In fact, from the 1st quarter of 2016, prices rose by $17,000.
And prices will only continue their upward climb, so it’s wise to buy before they do.
With Domain Homes you don’t have to wait. Our new homes in South Tampa are already gaining much more attention, and we are beefing up our inventory quickly to meet the demand.
2. Low Interest Rates on Home Mortgages Could Disappear – Fast!
The Federal Reserve has put off raising interest rates for a record-breaking amount of time. Rumor has it they will break that record very soon.
According to Business Insider, interest rates tend to increase after major U.S. elections. This trend dates all the way back to 1956! After 10 out of the last 15 elections, interest rates increased within 18 months after votes were cast.
Also, the U.S. has seen historically long lows in interest rates after the latest recession. Financial analysts have said again and again that the low tide must turn soon.
So, if history holds true and their predictions are correct, this next year will bring with it higher interest rates and mortgage prices.
In other words, today’s mortgage rates are probably the best we will see for a very, very long time.
3. Rent Prices are Climbing Too!
Believe it or not, in the coming year buying a home might be cheaper than renting.
According to Trulia Housing Economist Ralph McLaughlin, interest rates would have to rise by 6.5% for the cost of buying to equal the cost of renting in today’s market. What are interest rates today? About 3.75% for a home mortgage.
So, for the foreseeable future, buying will still be the better deal. And Fall 2016 is the perfect time to buy a home!
To see what we have to offer or learn more about the many homes we have available now in Tampa Bay and St. Petersburg, contact us today.