Buying A Home In Today's Market
1. Interest rates on long-term, fixed, and adjustable mortgages are at historically low levels. The rate on a 30-year, fixed mortgage is hovering just below 5 percent, while, by comparison, interest rates were hitting 8 percent and higher during the last market downturn in the late 1990s, and were between 10 and 12 percent at the height of the last housing boom in the 1980s. Lower interest rates make it easier to qualify for a loan, and your monthly payments are more affordable.
2. No one can put a price on the intrinsic value of homeownership. Home prices also reflect financial worth and, the good news is, across Florida the median sales price for a single-family home has been consistently rising for several decades. The projected median home price for a single-family home in Florida in 2009, for example, is $220,000. Which is just about even with the National average.
3. The length of time a home remains on the market before it is sold has increased over the past 2 years, as it has anywhere else in the Nation. With more homes on the market for longer periods of time, you have more choices when it comes to selecting a home today.
4. The multiple-offer frenzy that dominated the latest housing boom has subsided, and there is less pressure on today’s home buyers to outbid one another. REALTORS® in Fort Myers reported that in 2008 only 28 percent of homes sold had multiple offers, compared with 57 percent in 2004. (source: F.A.R.)
5. The credit industry crisis that has made securing a home loan difficult for many has led to heightened scrutiny of mortgage lenders. As a result, state and federal agencies have created protections for home buyers that were not in place a year ago.
Buying a home in today’s market may be challenging, particularly for those with credit problems or little saved to put toward a down payment. But there are many factors impacting the current housing market that make buying a home today a viable option.
If you have any questions feel free to contact us at:
| Shane Goushaw |
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| Phone: 239-823-5280 |
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| E-mail: sgoushaw@hotmail.com |
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| Joy Goushaw |
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| Direct: 239-822-9419 |
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| E-mail: joy403@hotmail.com |
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| Sandals Realty |
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| 1567 Hayley Lane # 205 |
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| Fort Myers , FL 33907 |
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| Fax: 239-254-8042 |
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