Why You Shouldn’t Wait To Buy A Home in Orlando
As a Realtor in Orlando, I’m constantly being asked by potential buyers whether or not they should wait to buy a home in Orlando…They ask me things like “Should I hold out for a great deal?”… “Am I better off renting?”. The truth is that no one can predict what the future holds and all we can do is see what’s happening now and see where things are going. In my opinion, people who are thinking about buying a home in Orlando, FL shouldn’t wait. Here are some reasons why…
1- Higher than normal rent prices- The rent prices in Orlando are getting higher and higher, even faster than median home prices. This is especially true with homes in Orlando and other parts of Central Florida. This means that if you’re able to buy now you’ll probably be paying less on a mortgage payment than you would in rent.
2- Mortgage rates are still low– If you have a decent credit score and a steady job, you’re probably in good shape to get favorable terms on a home mortgage.
3- Cheaper to buy than rent- If you can qualify for a mortgage loan and you can get a payment that’s less than you’re paying in rent, then it’s a no-brainer. This is especially true if you’re a first-time home buyer and can qualify for down payment assistance.
4- Low mortgage rates won’t last– Unfortunately, we are arriving at the end of an era of lower than normal mortgage rates combined with moderate pricing on Orlando homes. Home prices are expected to rise soon as are the mortgage rates.
5- Personal income levels are on the rise– Florida’s economy is strong which means unemployment rates are low and people are making good steady incomes. Studies show that Floridians are staying at their jobs longer which means they understand the importance of holding on to a steady job.
6- Demand still exceeds supply- This means that Orlando home prices will continue to rise. By waiting it will be more difficult to find the ideal home at a price that’s affordable to you.
7- Millennials are arriving at their home-buying years- Millennials represent a huge group of Floridians and now that they are entering their peak home-buying age it will surely tighten the supply of Orlando homes on the market.
RIGHT NOW THESE ARE SOME OF THE
HOTTEST ZIP CODES BASED
ON SUPPLY AND DEMAND
32708 Winter Springs
32905 Palm Bay
32907 Palm Bay
THESE ZIP CODES ARE PREDICTED TO BE THE
FASTEST GROWING OVER THE NEXT FIVE YEARS
32081 Ponte Vedra 19%
34211 Bradenton 18%
32163 The Villages 17%
34484 Oxford 16%
32162 The Villages 16%
33473 Boynton Beach 16%
34747 Kissimmee 16%
32227 Jacksonville 16%
32544 Hulbert Field 16%