Jose Diaz - Loan Officer
EL MOMENTO DE COMPRAR SU PRIMERA CASA ES AHORA

At the beginning of this year it was thought that property prices could stagnate, however we now know that this is not the case. There’s never been a home buying market like this one.

Mortgage rates are still near record lows, and work-from-home policies mean buyers have more flexibility to choose where they’ll live.

However, high unemployment and an uncertain economy could make it hard for some buyers to get financing.

Interest Rates Are Going Up

In 2021, interest rates reached historic lows, making buying a home a more attractive option. However, the Federal Reserve is now raising interest rates for the first time in 2 years to help combat inflation.

Current projections indicate that the increase in the coming year could be close to 8%. As for mortgage rates, it could increase as the economy continues to recover from the pandemic crisis, and this increase will directly affect the cost to the buyer. Taking the step now can mean long-term savings.

Is it a good time to buy a house in Florida right now?

Right now, fixed mortgage rates in Florida fall between 1.99% and 2.99%. Compared to the 4.66% mortgage rates of 2018, now is the time to scoop up a fantastic mortgage and buy a home in Florida.

Will 2021 be better to buy a house?

As of July 29, 2021, the average interest rate on a 30-year fixed-rate mortgage is just 2.8%, according to Freddie Mac. This year’s homebuyers can take advantage of some of the lowest mortgage interest rates of all time, which can make buying a home more affordable.

Is 2021 a good year to start real estate?

Whether buying a primary residence or an investment property, 2021 could be the year to resume your housing search. With the end of the pandemic on the horizon, price surges and inventory shortages should begin to stabilize this year.

Can I become a first-time buyer again?

If you have not owned a primary residence for at least three years, you could qualify as a first-time homebuyer. Typically, the individual must prove they’ve had no ownership in a principal residence during a three-year period, ending on the third anniversary of the property’s purchase date.

So, if there was any doubt, the decision is clear. The time is now!

 

If you are thinking of buying or refinancing a property in Florida, Jose Diaz can help you, send me a message below or click here, and I will be ready to provide you with a totally free Financial Advice.

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