If you’ve been going back and forth about whether or not right now is a good time to buy real estate in Florida, the answer is yes. Just last week, mortgage rates saw one of the most significant declines that they’ve seen since 2008, dropping from 4.28% to 4.06%. Home buyers that are paying attention are taking advantage of this unexpected plunge and buying the homes of their dreams.
The average 30-year mortgage declined by 22 basis points in the last few weeks, and many economists are crediting the slowing economic growth to the recent drop in mortgage rates. Economists predict that these reductions will save buyers around $15 a month for every $10,000 they borrow. Looking at it annually, buyers can expect to pay about $487 every month for every $10,000 they spend, compared to the $503 they would have had to pay last week.
Of course, these reduced rates will probably drive up home sales, making the competition a little tougher for prospective buyers. The mortgage rate reduction combined with the spring selling season is a good combination for sellers, as it means motivated buyers will be actively looking for homes in the next few months.
A majority of the buyers taking advantage of this sudden mortgage rate reduction will be first time buyers. These buyers may have been sitting on the fence, deciding whether or not now was the right time for them to buy their first home. In Winter Garden, many first-time home buyers are looking for low-maintenance homes in areas like Tucker Oaks, Daniel’s Landing, and Sterling Pointe, while others are looking for brand new developments that they can customize for their lifestyle and their family. Either way, this surprise drop in mortgage rates in making their dream a reality.
While a slowdown in economic growth has been pinpointed as the reason why mortgages have fallen across the nation, Orlando does not seem to be hurting for growth. Orlando’s population continues to grow, and our tourism industry brings 1.4M jobs to the area every year. Many of the people who work in the Orlando area call Winter Garden, Apopka, Ocoee, and Clermont their home. Orlando has a significantly lower unemployment rate than other major metropolitan cities in the country, meaning people want to work here and want to live here.
When you combine the strong economy, the drastic reduction in mortgage rates, the steady population growth, and the desire to live in an area such as Winter Garden, it is no surprise that this spring and summer will be an active time for home buyers.
If you’re ready to decide to call Winter Garden, or any of the other surrounding areas, you’re home, call Erica Diaz and her team today. Not only can they find the right house and then right neighborhood for you, but they can connect you with their extensive network of Industry professionals, such as lawyers and lenders, to help you through every step of the home-buying process.
If you were waiting for a sign to buy a house in Winter Garden, this is it.