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Essential Do’s and Don’ts if You’re Buying a Home This Summer

06/13/2023

High mortgage rates, fears of inflation, and increased uncertainty throughout the Florida real estate market have many people wondering if buying a home this year is a good idea. Industry expert forecasts about home prices, lending rates, and housing supply vary. Still, most agree sales for the rest of the year will be down. They also expect homes will likely remain on the market for a long time before selling but don’t expect home affordability to change dramatically.

If buying a home this summer is on your to-do list, experienced real estate brokers say waiting for lower interest rates, more inventory, or decreased prices isn’t necessarily the right strategy.

The agents at Bee Realty Corp under the leadership of Bee Powell will guide you through the ins and outs of finding and negotiating a deal on the perfect property. Our extensive knowledge of the DeLand area real estate market makes us your most trusted partner for buying a central Florida home. We’re dedicated to making your home-buying experience as smooth and successful as possible.

Buying a Home This Summer? Here’s What to Know

Many buyers we talk with say it’s the high-interest rates that have them most hesitant about buying a home this summer. That’s understandable, but interest rates are only one factor to consider. Plus, today’s higher rates do have a silver lining.

Here are a few factors to contemplate when deciding if now’s the time to buy:

  1. Mortgage rates will likely hold steady and might even drop as the year goes on.
  2. Home buyers currently outnumber home sellers, so prices will probably keep rising.
  3. Fewer sellers are reducing their prices and they’re offering fewer concessions.

All things considered, 2023 is still an excellent year to invest in real estate.

  • Long-term appreciation. Florida home values have increased by about 80% over the past five years. And while higher interest rates are likely to restrict house price increases, buyers still seem to worry about losing out, which continues to fuel the market.
  • The Federal Reserve is hitting the brakes on interest rate hikes. When interest rates are stable, it stimulates the housing market and encourages more people to invest in real estate. It also makes it possible for you to secure a mortgage at a more affordable rate.
  • Strong signals from the overall economy. Strong economies usually mean more job security, increased wages, and a healthy real estate market. They also tend to increase demand for housing, which can lead to increased long-term appreciation. Lastly, a strong economy typically stimulates new construction, providing more options for home buyers.

Do’s and Don’ts Of Buying a House This Summer

When buying a house this summer, following several do’s and don’ts can help you make an informed decision:

  1. Do spend some time on research. Thoroughly researching the local real estate market gives you a better understanding of current market trends and conditions.
  2. Do set a budget. Besides the actual sales price, you want to think about what you need for a down payment, your estimated monthly mortgage payment, and closing costs.
  3. Do get pre-approved for a mortgage. Lender pre-approval gives you a clear idea of your borrowing capacity and demonstrates your seriousness to sellers.
  4. Do work with an experienced broker. Engaging a reputable local broker ensures you have access to a wide range of listings as well as lenders, home inspectors, appraisers, and other professionals.
  5. Don’t rush a decision. You don’t want to miss out on your dream property, but take your time to explore various options and compare properties. You’ll thank yourself later.
  6. Don’t ignore future plans. Does the property you’re considering align with your long-term goals?
  7. Don’t neglect to negotiate. Even if it’s still a seller’s market, there’s always room for negotiation. Your real estate agent can work with you to make competitive offers and negotiate for a fair price based on current market conditions and property values.

Find a Trusted DeLand Real Estate Brokerage

Summer can be a great time to buy a home. In fact, this year’s Florida housing market could be shaping up as a better one than expected. That said, we’ll probably continue to see market fluctuations in the coming month. But as long as inflation keeps in check, mortgage rates should see a downward trend.

Overall, the Central Florida housing market is strong and appears to be in good shape for the foreseeable future. That makes now a great time to capitalize on market possibilities.

When you decide to buy a DeLand area home, nothing compares to working with a brokerage with expertise in the local real estate market. Bee Realty Corp understands that economic conditions can change in a flash. Our knowledgeable real estate agents have up-to-the-minute information on where and when to buy based on your priorities.

Looking to buy a Central Florida home this summer? We invite you to talk to one of Bee Realty Corp’s agents. You’ll soon discover the benefits of working with a professional brokerage that can represent your interests, navigate complex negotiations, and strive to secure the best possible deal on your behalf.

Contact Bee Realty Corp online or call us at 386-279-7522 to learn more.

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