It's the best time to buy Real-Estate in years

It’s the best time to buy Real-Estate in years

Bottom Line: It’s rare that pretty much all forces are aligning while make something as significant as buying a home such a great opportunity. But that’s exactly where we are today. It’s almost impossible to have near record low unemployment, record high wages, well above average income growth and near record low mortgage rates available with a buyers' market for those looking to buy – yet that’s exactly what’s going on right now. 

With the recent revelation that inflation is low,and the fed might even be able to cut interest rates, mortgage rates have been diving. In fact, the average 30-year fixed rate mortgage has hit 3.8% this week for the lowest rate since 2017. To put this a different way. Your average mortgage payment today is about 12% cheaper than a year ago. That’s literally hundreds of dollars of savings per month on the average mortgage in South Florida over a year ago. Add in the buyers' market with about half of South Florida having flat to lower home prices over a year ago and it’s not a good time to buy a home if you’re in the market. It’s truly the best it’s been since the end of the housing crisis. 

If you’re intending to be in place for a minimum of three years, it’s nearly a no-brainier to be looking at buying if you’re renting or if you’re interested in move-up buying. There’s no telling how long this string of great factors will remain intact but since I’ve never seen it – I wouldn’t count on it being too long.

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