5 Reasons to Purchase a Home in Southwest Florida This Year
Have you been weighing out purchasing your first home, or upgrading from your current living situation to a new home that better fits your needs? It actually makes a lot of sense for many people in Southwest Florida, or who want to move to Southwest Florida, to go ahead and make the leap this year. 2017 is off to a great start, and trends are showing that it will be a fantastic year to purchase a home. Consider the following:
#1 Southwest Florida Rent Is Expensive- and Getting Even More So
A study released in October 2016 from Trulia shows that buying a home nationwide is 37.7% less expensive than renting a similar property. In fact, our area has seen such a large spike in rent that it is even more drastically different here. If you’re expecting your rent to stay the same from year to year- you could be in for a big surprise. Rent has increased by $200 or $300 per month or more in some cases published by Florida Weekly, with landlords taking advantage of high demand and recouping losses from lower rents charged during the recent recession.
#2 Home Values Are Up in our Area
Part of the way you gain equity (the value of your home versus what you owe on it) in a home you own is through making the monthly mortgage payments. The closer you are to paying the loan totally off, the closer you are to fully owning your home outright. The other way to see more of a return on your investment is to have your home appreciate in value, which many homes in Southwest Florida finally are. Essentially, the more your property is worth, the more you could expect to get from it in a potential sale. If are still renting, you don’t see the benefits of the equity or your home’s value rising– your landlord does. See the problem?
#3 Mortgage Rates Are Low
Mortgage rates are very attractive right now, and look like they will be for some time to come. While your particular mortgage rate will vary based on a number of factors, rates are in the mid-4% range right now. That’s much better than recent years and should be taken advantage of.
#4 You Can Probably Get a Low Down Payment
If you’re worried about purchasing a home because you don’t have a nest egg saved up, relax! You may not have to put aside as much cash as you think in order to buy the house you really want. While of course there are advantages to making a higher down payment, you certainly don’t have to. The fact is that you can put down as little as 1%, 3%, or 5% in many cases and be able to get a mortgage. Everyone’s financial situation is different, but if you can afford the mortgage, don’t let the concept of a down payment stop you.
#5 The Beattie Realty Team is Here to Help You Through it all
Beattie Development has recently expanded to include a new division- The Beattie Realty Team. Buying a house is a huge financial decision and one that definitely shouldn’t be taken lightly, but with The Beattie Realty Team, you can rest assured that you’re in good hands. Whether you want a condo in Naples or a single-family house in Cape Coral, we can help you find what’s just right.
We want to help you find your dream home. It doesn’t matter if it’s your first home or the home you plan to spend your golden retirement years in, we’ll help you find the perfect spot for you. Contact us today to get started by going to Beattiedev.com or by calling (239) 257-3295.