Been waiting for the perfect moment? Afraid the market will keep going lower and you might be buying too high? Well, I’m here to tell you that the better question is WHY NOT buy a house this summer? Now is a great time–and here’s why!
- Mortgage rates are at historic lows. If you are financing your dream purchase, then take advantage of this cheap money. A lot of savvy buyers who can pay cash are actually getting mortgages simply because the interest rates are so cheap. If you can make more money in other investments, you might be better off using the bank’s cash for your house.
- The market has been beaten down. We all know the story of how bad our local market got smoked down 50 to 75% from the highs, but the times they are a changing. Prices aren’t exactly jumping up, but we are seeing moderate increases in some sections of our market. The market is certainly flattening out and that is usually a sign of good things to come.
- Labor is cheap! If you are looking to do any remodeling work, now is a great time. Summer is slow for contractors in general and the downturn in the market has put a lot of people out of work. You can get some very skilled craftsmen willing to do your work for very reasonable prices. Why not take advantage of it?
- Inventory is shrinking. Our inventory continues to go down and the number of new listings coming onto the market is also slowing. The longer you wait to buy, the more likely the sellers will be able to dictate terms to you vs. the other way around.
- Sellers are motivated. Summertime brings out sellers more motivated to give a discount to sell their property. Buyer traffic slows down and sellers tend to be more motivated to make a deal happen knowing this might be their only chance until next season.
Warren Buffet says “Be fearful when others are greedy and be greedy when others are fearful.” In other words, while the market is still in some turmoil, make your move. Don’t wait until it’s all roses and peaches. Unless, of course, you just like to overpay for things. You’d be surprised how many people like to wait until the move upward in pricing has already happened to buy. Don’t be that person! Do it now!
Gabe Mellein was voted a Top Real Estate Agent exceptional in Service and Overall Satisfaction by Gulfshore Life Magazine in 2012. He is the broker of Gulf Pointe Properties, Inc and has over 8 years experience in the SW Florida Real Estate Market. He is a member of The Naples Area Board of Realtors, Bonita Springs – Estero Association of Realtors, Realtor Association of Greater Fort Myers and the Beach, The Florida Association of Realtors, The National Association of Realtors, and is nationally certified in Feng Shui for Real Estate. Please contact Gabe at: 239.825.2234, Gabe@GulfPointeProperties.com or www.GulfPointeProperties.com