For those who think they’ve missed out on the best deals in buying a home, there’s some good news: 2014 will be a great year to purchase a home. Although the biggest deals and the deepest discounts have gone by in the past several years, there are plenty of reasons to buy in 2014; and, the earlier the better.
Simply put, a wave of sea changes are coming, and financial experts, as well as real estate analysts agree, on key changes in the market. Procrastination will cost you a lot and you won’t be able to get it back.
Current Real Estate Trends in Orlando
The Orlando area is a key indicator of the real estate market because of its high level of activity. There are no shortages of commercial developments, residential building, and a constant flock of new residences.
The old saying goes that in real estate, the three most important things are location, location, location. But another important element is timing. People always fret about when the right time to buy a home is.
Right now, this market is teeming with activity and there are many neighborhoods from which to choose. You also have a great selection of resale or existing properties and new construction. This makes for a competitive market, which works in a home buyer’s favor. However, what isn’t going to work in your favor is time. As the weeks tick off the new year calendar, your current bargaining and buying power will steadily wane away.
5 Good Reasons to Purchase in 2014
Buying a home is not just about money, it’s about strategy. You want to get a good price, and at the right time. Here are five big reasons to purchase a home this year:
- Prices are rising steadily. Sure, home prices were at bargain basement prices in 2009 and lasted through 2010; but now, the market is healing and that means prices have nowhere to go but up.
- Affordability is the best it’s been in four decades. The last time homes were this affordable goes back to the 1970s, according to the National Association of Realtors. This means you’ll get a bit more for your money if you act now.
- Interest rates are going up. The Federal Reserve is backing away from its bond buying program stimulus known as quantitative easing. That will force banks to raise interest rates on home loans, along with a variety of other debt instrument products.
- There are federal tax advantages. If you buy this year, you can take advantages of some federal tax benefits, which include deductions and credits. Be sure to speak with a tax professional when you’re ready to apply for a home loan.
- Distressed properties are dwindling. Foreclosure and short sale inventory is getting a bit more lean. As it dwindles away, homeowners will have less competition and be able to price their home for more.
When you’re ready to purchase a home and want to see properties in Hunter’s Creek, call us for a free consultation. We can not only assist you in finding a home in this wonderful community, but help you to get the best deal for your money.