The housing market on the Space Coast is heating up, with mortgage interest rates beginning to climb. This has many potential homebuyers wondering if now is the right time to buy.
What to consider?
There are a few things to consider when making this decision. First, how long do you plan on staying in the home? If you anticipate moving within a few years, it may not make sense to purchase a home at this time. Second, can you afford the monthly payments at the increased interest rate and the associated costs of ownership? Be sure to factor in things like insurance, property taxes, and maintenance.
Another consideration is the location for your desired purchase and the economy of that location. If the housing demand is high because of an expanding local economy, then this will impact how houses are marketed in that area. For example, if housing is at a premium in an area with a growing economy, the demand for housing may not decrease much, even with the climbing interest rates.
Impact of interest rates on the market
While current mortgage interest rates are higher than the recent past, they are still within reason to justify purchasing, especially since they have caused the market to begin to stabilize from the recent boom in prices. This stabilization lends itself towards more of a buyer’s market, allowing homebuyers to be more selective.
Is now the right time for you?
When it comes to real estate, however, there is no one-size-fits-all answer. If you’re considering buying a house, be sure to talk to a financial advisor to understand how interest rates impact your own finances, so you can make the best decision for your situation. With interest rates on the rise, now might not be the best time for everyone to buy a house. But if you’re confident in your finances and are ready to make the commitment, it could be a great time for you to purchase your new home. Reach out to one of Brevard’s best Realtors, Misty Morrison at 321-574-8119 to discuss how interest rates are impacting the housing market in Brevard County.
