Market Update - Housing Inventory At Historic Lows
1. Low supply
The number of homes available on the market is still extremely low causing a sharp increase in home prices. Home prices will continue to rise until we add to the supply of homes on the market either from homeowners listing their homes or from new construction.
2. Even with rising prices, buying a home is very affordable
Demand hasn't been higher for homes and that's because of relaxing mortgage regulations and still record low interest rates. These conditions are allowing for more first time homebuyers and it's a perfect time to cash in on current equity to trade up into your next home.
3. Even with high prices buying is still cheaper than renting
You should be very encouraged to find out if you qualify for a mortgage in these market conditions. Lower interest rates are allowing more and more people to qualify for a mortgage.
4. Most homeowners have 20% equity (significant equity) or more in their homes
According to CoreLogic, 73.6% of Florida's homeowners have significant equity. Homeowners, again, it's a great time to explore cashing in or moving up into your dream home.