NOW is the Time to Purchase a Florida New Home
If you have been waiting for the right time to purchase a new home in Tampa, Orlando, Lakeland or Winter Haven, NOW is the time you have been waiting for. Home prices have been rising for several months (but are still affordable) and mortgage rates have risen to the highest level in over a year, which means the bigger risk for buyer’s affordability is waiting to purchase a home.
Home price increases in March 2013 represented the fourteenth consecutive monthly rise and the seventh consecutive quarterly increase according to the National Association of Home Builders (NAHB). Increases were seen throughout the nation, including the South region and the state of Florida which rose to a median home price of $165,000 in April 2013 (up 14.2 percent from the previous year). While prices have not fully returned to pre-bust peak, they have returned to a fundamental balance between house prices and incomes.
So as the balance between home prices and incomes starts to even out, what does that mean for buyers trying to decide when to buy? The most recent Case Shiller Pricing Index revealed that nationwide home prices have increased by 10.2 percent over the last 12 months, and Florida real estate market is rising at an even faster pace. If price increases continue, then it is safe to say that homes will become less affordable and if you were waiting for the bottom of the housing market, you missed it so don’t delay your purchase any longer!
Mortgage rates are also on the rise and expected to continue to increase. Freddie Mac’s Weekly Primary Mortgage Market Survey showed that the 30-year mortgage rate increased to 3.93 percent as of June 20th. That is the highest level in over a year and predictions are that rates are expected to increase more over the next 18 months, or longer.
Purchasing a home can be a scary and big decision to make, but waiting to purchase a home may be even scarier. At Highland Homes our new homes are still affordably priced from the low-$100,000s and to make purchasing a home even more affordable, qualified buyers can buy with just $99 down. With more than 25 communities throughout Central Florida and Tampa Bay and over 30 floor plans to choose from, we have the perfect home for you in the location you are looking for.
Don’t miss out on your opportunity to purchase your dream home. For more information on our beautiful Florida homes and communities, visit the Highland Homes website today.