Interested in buying a home? High interest rates and high demand for homes in Florida can feel overwhelming for prospective buyers wary of starting. But fear not. We're here to take the guesswork out of your home purchase.
Here's the great news.
Interest rates are at recent highs, but they're not as high as you think.
According to data from Freddie Mac, the average interest rate for a 30-year fixed-rate mortgage has been 7.76% since 1971— higher than it is today. If you're planning to buy a home, now is still a great time.
Today's high rates are simply the cost of a less competitive real estate market. Fortunately, home buyers have more power in negotiations than they did before, so they can get more bang for their buck when it comes to monthly payments. As real estate prices slowly decrease, home buyers can enjoy comparable (or even lower) mortgage payments now versus when homes were selling thousands of dollars over the asking price between 2020 and 2021.
Are you looking to buy a new home? We have a team of real estate experts available to help you get started here. Give us a call at (813) 340-6223 or start an application here to see exactly what you can afford.