The current market conditions bode well for home ownership. The "buyer's market" continues even at a time when mortgage interest rates are at historically low levels. The south Florida residential real estate market seems to continue to let "air out of the housing bubble." These factors are helping to make it more affordable to buy a home in south Florida than to rent. Now is a great time to consider the purchase a home.
Why now?
"Buyer's market"- Taking advantage of a "buyer's market" along with low mortgage rates makes for a compelling case.
Favorable mortgage rates- Rates are currently less than 5%. Each 1% increase in rates can add as much as 19% to the cost of a home. If you qualify for a mortgage, now might be a very advantageous time to buy.
Steady cost- With a low mortgage rate, locked in for a 30-year period, you have a fixed cost related to the monthly mortgage payment-- rents can increase.
Tax deductions- Homeowners also enjoy a mortgage interest deduction, which allows them to deduct all the interest paid up to $1 million in mortgage debts. Tax credits are also available for owners who make certain improvements, such as energy efficiency.
Control- you can change the colors of the walls, landscaping, etc.
Also, your property could build equity and help hedge against inflation.
As a Realtor and Certified Distressed Property Expert (CDPE), I can help assist homebuyers and investors with due diligence, information on communities, determine buying power and negotiate on their behalf.
Please call me if you are thinking of purchasing a home in south Florida.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
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