Buying a home in South Florida can be very tough because of how erratic the housing market is. Buying a home is a huge investment. Some people think there is a right and wrong time to buy a house. To a certain extent, this is true, but there are also other factors to consider as well. There are many factors to take into account when deciding when the right time to buy a house. The options are great, so buy a home in South Florida today.
Buy a Home in South Florida, Rising House Prices
The real estate market is doing extremely well right now. Home prices around the country are on the rise. House prices around the nation went up on average 5.8%. South Florida and more specifically the tri-county area even beat the national average. In South Florida, prices went up 6%. The tri-county area is made up of Broward, Miami-Dade, and Palm Beach County. Rising home prices should make people in the market for a house buy now. Some people will ask why buy a home in South Florida now if the prices are going up? Although house prices obviously can not continue to increase forever, it is hard to tell when exactly they will stop. Index committee chairman at S&P, David M. Blitzer, said: “While prices cannot rise indefinitely, there is no way to tell when rising prices and mortgage rates will force a slowdown in housing.”
Buy a Home in South Florida, Do Not Wait
Technically the best month to buy a house in South Florida would be January. However, the margin that makes buying a home in January is less than 1%. This statistic is important to know. If you want to purchase a home in July or August, waiting until January will end up costing you money. If you wait till January to buy a home and home prices rise by about the same average they are now you will spend more money than if you had bought the house initially. The price of the house will increase substantially in those six months you waited for the right month to come around. However, that does not mean you should buy a home in South Florida at the first thought. This just shows that you should not wait multiple months purchase a home because you heard it was better to buy a home in one month as opposed to another.
Buy a Home in South Florida, No Right Answer
The problem with having someone tell you the best time to buy a house is that it is just a prediction. Choosing when the best time to buy a house is not an exact science. If you ask one person, they might tell you to buy now before housing prices rise even more. However, if you ask someone else, they could tell you to wait because they think the market is going to dive soon. Florida’s housing market has a history of being one of the most volatile and unpredictable in the nation. Florida’s housing market has a history very high peaks and very low bottoms. This inconsistency makes it tough to know who to listen to because it is all purely speculation.
Buy a Home in South Florida, Where You Are Coming From
Where you are moving from can also have an impact on whether or not it is the right time for you to buy a home in South Florida. Recently, foreign buyers have been doing very well buying homes in South Florida. There are a few factors that have significantly contributed to this. International buyers know that Miami and the greater South Florida area home prices compare favorably to the other main cities. However, the biggest contributor to foreign buyers doing well when buying homes in Sout Florida is because the dollar has been relatively weak. The dollar has made a strong comeback recently. Currently, one Euro is worth one dollar and twelve cents. This twelve cents might not seem like much bet if a house is $100,000 for a foreigner using the euro that is a $10,714 discount. Imagine if the Euro is stronger than the dollar by twenty or even twenty-five cents. These small differences in the dollar and Euro or any foreign money can cause huge differences when you start talking about large sums of money.
Buy a Home in South Florida, Buy A House When You Want To
Buy a home in South Florida when you want to. Waiting around purchase a home because someone tells you to wait can work in your favor, or it can backfire completely. However, if you purchase a home when you want there is no one for you to point your finger at. Also, buying a home is an investment. If you end up overpaying for a house but live there for seven or more years then over that time period the price difference becomes marginal. Once you have done your due diligence and buy the right home, you will be able to soak up the famous South Florida sun.