If you’re considering buying a home, ask Sue Gilman of Keller Williams and she’ll tell you that NOW is the time to do it.
The real estate market is changing by the day, and if you want to get a great home for a great price, making a move now is in your best interest. In a year from now you’ll be asking yourself why you didn’t purchase sooner.
Why is NOW the time to make your move?
1. Interest Rates Won’t Stay This Low
The first reason why you should consider your home purchase now is that interest rates are extremely competitive. Did you know that in June of 2015, the mortgage interest rate was 4.47% - in June of 2020, the rate is 3.04%…with the right mortgage broker, you could secure a rate as low as 2.8%!
That will change eventually, however TheMortgageReports.com states that “according to [their] survey of major housing authorities such as Fannie Mae, Freddie Mac, and the Mortgage Bankers Association, the 30-year fixed rate mortgage will average around 3.18% through 2020.” These rates are setting new all-time lows in the mortgage industry; these rates could save you tens of thousands of dollars over the course of your loan, which is why securing a loan now is in your best interest.
2. Competition Is Getting Fierce
Another reason why now is a good time to purchase a home is that housing markets are growing more competitive every day. In June of 2015, there were 11,631 single-family homes available in the greater Orlando area - in June of 2020, there were only 6,557.
Not only are there fewer homes available on the market, the average days on the market (how quickly homes are purchased from their date of listing) decreased an average of 30 days (yes, an entire month) when comparing June of 2015 to June of 2020. The average time a home stays on the market in June of 2020 is 52 - less than two months!
Why would anyone move during a pandemic? Easy. You want to enjoy the home you now have to spend more time in - perhaps you don’t have a home office space and need one, perhaps you’ve never been entirely happy with your home’s layout, design, or features, or you’re not relocating for work anymore because your working remotely so it’s time to decide whether your home truly brings you joy. Either you like your home or you don’t - you decide where you want to spend your socially distanced days.
3. Real Estate Appreciates In Value And Become More Expensive By The Day
Real estate is one of the few areas that appreciate in value - meaning that they become more expensive every day. In June of 2015, the average price of a home was $185,000 - in June of 2020, the average price of a home is $285,000. By waiting five years, you’ll pay almost $100,000 more for that home you’ve always wanted.
4. Now There Are Fewer Home To Choose From
One of the factors in rising home costs is low inventory. When there are too many people who want to buy homes and not enough homes for them to buy, it drives up prices and competition in the market.
We have a huge problem with low inventory now with only 6,557 single-family homes on the market in the Greater Orlando area in June of 2020 - in June of 2015, there were 11,631 single-family homes available in the same area.
Buying a home is a major decision and if it’s a decision you’re considering, now’s the time to make your move. You’ll enjoy lower interest rates and an overall less expensive (and less stressful) experience today than you will if you put it off another year.
Sue Gilman
Sue Gilman has been married to her husband for 38 years and has three grown sons who enjoy her Sunday dinners.
After years of traveling for a corporate media company, Sue decided to pursue her real estate career in 2014. She finds that her clients tend to be either of a certain age and looking to downsize (as she can relate) or first-time buyers. She also has various relationships with investors who are either interested in the fix/flip market or who are interested in building their portfolio.
You can expect that if you’re selling your home, Sue will start you off with a CMA (competitive market analysis) that provides you with an idea of your home’s value. If you’re purchasing a home, expect that she’ll find the right fit for whatever life stage you might be in.
Sue is a proud member of the International Luxury Division of Keller Williams but that’s doesn’t mean that you need to be looking for your $1M mansion just yet - Sue treats all of her clients as luxury clients.
