If you’re thinking about purchasing a Florida home, you’re probably wondering what to expect where mortgage rates and the real estate market are concerned. With changing scenarios and a hope for a better tomorrow, people are looking to invest in real estate. To help you better understand what shopping for a home may be like in 2021, we’re going to cover several predictions for the balance of the year and into 2022. Since we’re living in an era with a lot of “what ifs” to ponder, it’s critical to remember that these are predictions and not guarantees.
What to Expect When Shopping a Florida Home
- As the year progresses, the inventory of homes may improve by year’s end – we may see an increase in the number of homes that are listed on the market. Additionally, new home construction will be ramping up again. Consequently, a lot of stunning conveniences have arisen due to the need to adapt during the virus.
- Home buying will be more affordable with new assistance programs developing – with the change in the White House, we may see the creation of new down payment assistance programs that will bolster the real estate market and help many Floridians enjoy the benefits of home buying. Be sure you check into any new programs that may arise in addition to the existing ones.
- Interest rates will increase slightly but still be lower than in the past – if you’ve been thinking about purchasing a home, rental property, or a vacation home, this may just be the year to act on it. Stephen Mcwilliam of Florida State Mortgage quoted “Those lower interest rates benefit real estate investors by creating more investment opportunities. Thus, it is time to invest right.”
- Shopping for a home this year will be similar to how it was last year – 2021 closely resembles 2020 more so than previous years. Now that the COVID-19 vaccine is readily available, we’re seeing elements of the economy that existed before the virus was restored. While there are still a lot of economic losses to recoup, we can expect most pandemic protocols to still be in effect.
- The process of buying/selling a home should be smoother – despite the similarities in-home shopping between this year and last, it appears the process will be easier since it’s more established. As a result, home sellers, mortgage brokers, real estate agents, and others involved in the process are familiar with the routine.
Apply For a Mortgage at Florida State Mortgage Group, Inc.
For more information about home buying in 2021, refinancing your current home, or any of the services we offer, contact Florida State Mortgage Group, Inc. at (954) 359-3000 today or visit our website by clicking here. Call us today and let our experts be of assistance.