Heritage Realty is a full service Real Estate company serving Amelia Island, Fernandina Beach and all of Nassau County since 1984. You can trust our experienced team of agents with all your Real Estate needs, residential, commercial or investment...from oceanfront homes & condos to new construction and resales.
Is Now a Good Time to Buy a New Home?
There are positive aspects to every market.
Interest rates are on the rise, but that doesn't mean it's time to hold off. Rates are still much lower than in previous decades. Only five years ago, interest rates were at five or even six percent. If the current trend continues, you may end up wishing you acted sooner. After all, refinancing is always an option if rates drop, but if rates rise, there's nothing you can do to get a lower rate.
In many areas, the market has changed to a seller's market, meaning there is a high demand for homes and fewer homes on the market. In a seller's market, homeowners selling their homes have the advantage. There are usually more buyers willing to pay higher prices and bidding wars can be common.
If you're looking to sell your home, you may be in luck. Now may be the time to get a great price and sell quickly.
Rates aren't the only thing on the rise. The basic principles of supply and demand are driving home prices up in many areas across the U.S. Does that mean you should delay your home purchase? Absolutely not. The sooner you buy a home, the more likely you are to leverage the pricing trend to start building equity.