Recently, the National Association of Realtors (NAR) posted these 4 reasons to buy a home now. They are pretty good reasons!
1. The price is right. The median single-family home price hit its lowest in more than a decade when it reached $154,600 in January, according to the National Association of REALTORS®. That was the lowest since October 2001. During the height of the housing market in July 2006, the median home price for a single-family home was $230,900.
2. It’s cheaper to buy than rent. In nearly every major metro market, it is cheaper to buy a home than rent. Rents have been on the rise the last few years and are predicted to continue to rise. Meanwhile, home affordability is at record highs, which means that buying a home is more within reach to the median income family.
3. Inventories of for-sale homes are shrinking. Ned Davis Research estimates that excess inventories of homes to be eliminated by the end of next year. “When excess supply dries up, people start building more new houses, which has the virtuous effect of reducing the unemployment rate and increasing the economy generally,” according to the USA Today article.
4. Mortgage rates are at record lows. Mortgage rates have hovered near record lows for weeks, which have helped pushing housing affordability higher. For example, the average 30-year fixed-rate mortgage, which is the most popular among home buyers, is 3.59 percent, according to Freddie Mac—just above its record low set on July 26 of 3.49 percent average. “It’s conceivable that at some point in the next 30 years, your interest rate would be less than the rate of inflation,” writes Waggoner for USA Today.
- The price is right here too! As of July 2012, the year-to-date median home price in the Naples, Bonita Springs and Estero Market was $199,000.
- It’s cheaper to buy than rent here as well! The median rent cost in Naples, FL is $1500! (hotpads.com)
- Talk about shrinking inventory! Available inventory in the Naples, Bonita Springs, Estero market on August 1, 2012 stood at 6,274 units (3,418 condominiums and 2,856 single family homes). This represents a 14% decline from August 1, 2011, and approximately a seven-month supply.
- The best reason of all? Southwest Florida has pristine beaches, second-to-none weather, world-class dining and shopping, and has wonderful cultural events and attractions!
How do you find your piece of paradise? Talk to a John R. Wood Agent today!
To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.