Monday, May 4, 2015 / by Tom Nickley
If you've been thinking about purchasing a home in Orlando, then now may be a perfect time to do so. It doesn't matter if you're a first-time buyer, an investor, or if you're about to retire - right now is an absolutely perfect time to buy.Sky-high affordability is allowing a lot of people to buy homes this year. Interest rates for most loan programs are below 4%, which is an unbelievable rate for borrowers. However, they are on the rise, and a 1% increase in interest rates will affect your purchasing power by 10%. This means if you don't buy soon, you may not be able to afford a home later. For example, you can afford a $200K home now, but if rates rise by 1%, you'll only be able to buy a home that is worth $180K.
Home prices in Orlando are also about 30% lower than what they were when the market peaked in 2006 and 2007, so this makes homes even more affordable in our area. This also means you can look forward to some healthy appreciation after you buy your home.
Lastly, it is still much cheaper to buy a home than it is to rent one. Per my own estimates, it's almost 25% cheaper to own a home in Orlando than to rent one. Plus, when you pay a mortgage your money is going towards an investment. When you pay monthly rent, you'll never see that money again.
If you're thinking about buying or selling in Orlando, please don't hesitate to contact me. I'm always willing to assist you!