South Florida is a unique place to live and also a special place to make your permanent residence. Its sun, beaches, weather and culture no longer drive travelers here just to vacation. Trusted Advisors, Broker, Patty Da Silva, and Realtor Chris Green joined Inside South Florida to share if right now is a good time to buy a property with the high home prices and varying interest rates.
“We have a lot more inventory. We had about 5,000 single-family homes in Dade, Broward and Palm Beach. Today we have about 7,700,” says Da Silva. “We have more sellers in the marketplace and a lot of sellers are trying to take advantage of the high prices, but we also have more buyers because the interest rates have risen quite a bit.”
Interest rates are a major factor that can affect a buyer’s willingness to make a big purchase. Green says interest rates have changed in recent months.
“In January, interest rates were 3.25%. We've just gone over 6%,” says Green. “I think that the interest rates are going to continue to go up from 6%. They're going to trickle up.”
The answers that we want to know are if it is a buyers’ market, is it a sellers’ market, and if it’s a good time to buy. Da Silva has the answers we’ve been waiting for.
“If you are a buyer and you can afford it, you should buy a home because it's still better than not owning a home. If the interest rates continue to rise you can lock it in now before it goes up even more. That's a great thing for buyers,” says Silva. “Another great thing for buyers is the opportunity to have a better selection of homes because they have more to choose from. If you are a seller, and you're sitting on a lot of equity you might have to readjust your perception just a little bit, but you still can get top dollar for your home.”
Buying a new home can be an arduous task. Green provided the next steps to start with to be proactive.
“Call your lender right away. Get your pre-approval and other documents in order and focus on those homes that you want to spend that particular monthly amount on,” says Green. ‘There's a lot more inventory so go for it and go out there and do it.”
For more information, visit PattyDaSilva.com
This Inside South Florida segment is paid for by Green Realty Properties.