ORLANDO, Fla. – With low prices, low mortgage rates and a deep selection of choices, now is a great time to buy a Florida home, according to Florida Realtors®, the state’s voice for real estate.
“In almost all communities today, it is cheaper to own than rent, often by hundreds of dollars a month,” says Gene Rivers, operating partner, Keller Williams Realty North Florida in Tallahassee. “This is a golden age for buyers with low prices, record low interest rates and many home choices.”
Here’s a closer look at three key reasons to buy:
1. Low prices. Prices for single-family homes and condominiums have fallen dramatically from their peaks in the mid 2000s. “Prices appear to be stabilizing in many local markets across the state,” says 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “This is another positive sign that the housing recovery is gaining strength.”
2. Low mortgage rates. Today, mortgage rates are far below their historic averages. In October, the average rate for a 30-year fixed loan dropped below 4 percent – the lowest rate the 40-year history of Freddie Mac, the national government-backed lending institution.
3. Large inventory. Throughout Florida, there is large inventory of homes and condominiums in all price ranges. However, the number of sales is rising and the number of properties available at any time may gradually decline. “Buyers have a lot of choices throughout the state,” Fitzgerald points out. “It’s a great time to buy a Florida home.”